ASPI gains momentum following Presidential election

The Colombo Bourse closed positive in September 2024, with the benchmark All Share Price Index (ASPI) rising +9.1% MoM to 11,855 points (an increase of +986 index points MoM).

Meanwhile, the more liquid S&P SL20 index increased +12.9% MoM to 3,453 points (an increase of +395 index points) says CT CLSA Research in their monthly review.

Average daily turnover increased to Rs.1,653mn in September 2024 (vs. Rs.704mn in August 2024). Top contributors to monthly turnover were Hatton National Bank-Vot (HNB-N, Rs.4,706mn, 27mn shares), Commercial Bank of Ceylon-Vot (COMB-N, Rs.3,071mn, 35mn shares) and John Keells Holdings (JKH, Rs.2,478mn, 15mn shares).

A net foreign outflow of Rs.638 mn was recorded in September 2024, following a net foreign inflow of Rs.83 mn in August 2024. During the month, net foreign buying was seen in John Keells Holdings (JKH, +Rs.229mn), Richard Pieris and Company (RICH, +Rs.203mn) and SampathBank (SAMP, +Rs.43mn), whilst net foreign selling was seen in East West roperties (EAST, -Rs.519 mn), United Motors Lanka (UML, -Rs.136 mn) and Commercial Bank of Ceylon-Vot (COMB-N, -Rs.126 mn).

Meanwhile, yesterday the bourse experienced another day of profit taking, as the ASPI fell to 11,930, losing 4 points and marking a 0.04% decline from the previous day.

The most significant contributors towards the negative index were HNB, SAMP, COMB, HAYL, and JKH, reflecting low participation from HNW investors. Additionally, CINS was responsible for positive contributions towards the index. Selling sentiment dominated the market, where banks predominantlyexperienced increased selling pressure.

Yesterday marked the inaugural day of trading for PickMe (PKME), with shares rising by 8.3%. Turnover saw a decline, standing at LKR 1.3Bn, marking a 41.8% decrease from the previous day, where the Banking sector led turnover by 26.8%, followed by the Diversified Financials, and Capital Goods sectorsjointly contributing to 34.9% of overall turnover. There was a net foreign outflow of LKR 18.0Mn signaling interest in external investments.

First Capital Research

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