Market sees Wednesday surge

The Colombo Stock Exchange (CSE) rallied up by 144.8 points last week to close at 5,834.7 (+2.5% WoW), while the more liquid S&P SL20 also improved 111.0 points and reached 2,866.4 (+4.0% WoW).

articularly noteworthy was the spike in the CSE on Wednesday (9). The all-share price index (ASPI) of the Colombo Stock Exchange (CSE) rose 70.69 points or 1.23% higher to close at 5,809.59, while the S&P SL 20 index rose 68.49 or 2.45% to close at 2,862.05. Total turnover for the day was Rs. 951 million.

The day’s performance was attributed by market analysts to Sri Lanka Podujana Peramuna (SLPP) presidential candidate Gotabaya Rajapaksa officially securing the support of the Sri Lanka Freedom Party (SLFP), which is seen as crucial to his victory.

Active foreign interest was evident on Hemas Holdings and Dialog Axiata while local investor appetite centred on Access Engineering and Tokyo Cement (Non-voting), Softlogic Stockbrokers noted.

The average weekly turnover stood at Rs. 755.7 million ($ 4,188.3k) whilst average weekly volume stood at 44,279.3k shares. Furthermore, foreigners were net sellers for the week recording a net outflow of Rs. 644.3 million ($ 3,570.7k).

Hayleys Fabric, Asian Hotels & Properties, Tokyo Cement, and ACL Plastics reached their 52-week high price levels this week while RIL Property, Nestle Lanka, and United Motors slumped to their 52-week low price points.

Softlogic Stockbrokers said it anticipates the market would witness similar sentiments in the coming week whilst the anticipated political events are likely to drive the market.