By Shenal Fernando
The Colombo bourse continued its bull run for the second consecutive week, as strong buying interest overrode any negative sentiments regarding the future of the banking sector following President Ranil Wickremesinghe’s revelation that the Government was considering restructuring the domestic sovereign debt as well.
On Monday (8), despite an early shaky start as short-term investors attempted to exit banking counters, the Colombo Stock Exchange (CSE) managed to recover fast, boosted by the rally observed in Lanka IOC PLC (LIOC) and ended the day on a positive note.
Accordingly, the benchmark All Share Price Index (ASPI) fell to an intraday low of 8,311.70 points before recovering to settle at 8,422.97 points by market close, up 89.60 points (1.08%) compared to the previous day’s close of 8,333.37 points.
The blue-chip Standard & Poor’s Sri Lanka 20 (S&P SL20) index ended the trading session up 66.01 points (2.41%), reaching 2,794.15 points from the previous day’s close of 2,728.14 points. However, daily turnover was down 11% at Rs. 3.3 billion, with over 85.6 million shares traded compared to Rs. 3.7 billion during the previous day.
The CSE recorded its ninth consecutive positive trading session on Tuesday (9), as bulls continued to override the bears. The ASPI was up by over 120 points during the first half of the trading session before slight profit-taking was observed across the board.
Accordingly, the ASPI reached an intraday high of 8,554.78 points before settling at 8,500 points, up 77.03 points (0.91%) compared to the previous day’s close of 8,422.97 points. A similar movement was observed in the S&P SL20 index which ended the trading session up 9.73 (0.35%), reaching 2,803.88 points from the previous day’s close of 2,794.75.
Daily turnover was up 60% at Rs. 5.3 billion with over 151.1 million shares traded compared to Rs. 3.3 billion during the previous day. The offboard deals on Watawala Plantations PLC (WATA), Citizens Development Business Finance PLC (CDB), Hunas Holdings PLC (HUNA), and Commercial Bank of Ceylon PLC (COMB) contributed Rs. 792.3 million or 15% of the turnover.
Wednesday (10) marked the tenth consecutive positive trading session in the CSE as better than expected earnings from Hayleys Group companies and the announcement of a share purchase by Expolanka Holdings PLC (EXPO) parent company SG Holdings led to a surge in bullish sentiment in the market.
Accordingly, the ASPI ended the day up by 206.17 points (2.43%), reaching 8,706.17 points by market close from the previous day’s close of 8,500 points. Similarly, the S&P SL20 index was up by 125.08 points, reaching 2,928.96 points from the previous day’s close of 2,803.88 points.
However, daily market turnover was down by 16%, reaching Rs. 4.5 billion with over 115.8 million shares traded compared to Rs. 5.3 billion during the previous day.
CSE Highs and Lows
14 Aug 2022
CSE Highs and Lows
14 Aug 2022