October 05, Colombo (LNW): The Colombo Stock Exchange (CSE) saw positive momentum in September 2024, with the All Share Price Index (ASPI) rising 9.1% month-on-month (MoM), closing at 11,855 points, an increase of 986 points. The more liquid S&P SL20 index also recorded a significant 12.9% MoM rise, reaching 3,453 points, a jump of 395 points, according to CT CLSA Research’s monthly market review.
Average daily turnover surged to Rs.1,653 million in September 2024, compared to Rs.704 million in August 2024. Key contributors to the monthly turnover included Hatton National Bank-Voting (HNB-N, Rs.4,706 million from 27 million shares), Commercial Bank of Ceylon-Voting (COMB-N, Rs.3,071 million from 35 million shares), and John Keells Holdings (JKH, Rs.2,478 million from 15 million shares).
However, the bourse saw a net foreign outflow of Rs.638 million in September, reversing the Rs.83 million net inflow recorded in August. Despite this, there was net foreign buying in companies like John Keells Holdings (+Rs.229 million), Richard Pieris and Company (+Rs.203 million), and Sampath Bank (+Rs.43 million). On the other hand, East West Properties (-Rs.519 million), United Motors Lanka (-Rs.136 million), and Commercial Bank of Ceylon-Voting (-Rs.126 million) faced net foreign selling.
In early October, the market experienced profit-taking. The ASPI dipped slightly to 11,930 points, losing 4 points or 0.04%. The major contributors to the index’s decline were HNB, Sampath Bank (SAMP), Commercial Bank of Ceylon (COMB), Hayleys (HAYL), and John Keells Holdings, with notable selling pressure on banking stocks. However, Ceylinco Insurance (CINS) made positive contributions to the index.
October 4 also marked the debut of PickMe (PKME), whose shares rose by 8.3% on the first day of trading. Market turnover for the day stood at LKR 1.3 billion, down 41.8% from the previous day, with the Banking sector leading with 26.8% of the turnover, followed by Diversified Financials and Capital Goods sectors contributing 34.9%. A net foreign outflow of LKR 18 million was recorded, indicating continued interest in external investments.
