Stock Market

Colombo Stock Exchange Hits Record Highs as ASPI Surpasses 17,000 Points

The Colombo stock market continued its bullish streak yesterday, setting new records as key indices surged, primarily driven by banking stocks.

The benchmark All Share Price Index (ASPI) climbed 197 points, or 1%, to close at 17,025, while the S&P SL20 gained over 36 points, or 0.7%. Both indices have posted year-to-date growth exceeding 6%.

Turnover for the day reached Rs. 9.78 billion, with 304.3 million shares traded. Hatton National Bank (HNB) led the turnover chart with Rs. 831 million. Speculation surrounding a potential share split propelled HNB’s stock to Rs. 360.50, up Rs. 11.25 or 3% from last week’s Rs. 327.75 and significantly higher than its 2024 closing price of Rs. 301.50.

Other top turnover contributors included Melstacorp (Rs. 587.5 million), Ambeon Capital (Rs. 537.4 million), Browns Investments (Rs. 482 million), and Dipped Products (Rs. 417 million).

According to First Capital, the market’s bullish sentiment was further boosted by the recent drop in Treasury Bill rates. Positive sentiment was observed across all investor segments, including high-net-worth individuals and retail participants. Leading contributors to the index included HNB, Ceylinco Finance (CFIN), Hayleys (HAYL), Singer Finance (SFCL), and LOLC Holdings. The market saw some volatility in the first half of trading, followed by a strong upward trend across sectors.

The Banking sector emerged as the top contributor to turnover with a 20% share, followed by the Food, Beverage & Tobacco and Capital Goods sectors, which collectively accounted for 36%. Despite the bullish sentiment, foreign investors recorded a net outflow of Rs. 565.6 million.

NDB Securities reported significant participation from high-net-worth and institutional investors in Melstacorp, CIC Holdings, and John Keells Holdings. Meanwhile, mixed interest was observed in HNB, Ambeon Capital, and Browns Investments, with retail investors focusing on Dialog Axiata, Lanka Credit and Business Finance, and SMB Leasing.

The Banking sector, driven by HNB, gained 0.38%, with HNB’s share price climbing by Rs. 11.25 to Rs. 360.50. The Food, Beverage & Tobacco sector followed closely, with a 0.90% sector index gain, although Melstacorp’s share price dipped by 50 cents to Rs. 123.50. Browns Investments, however, saw an increase of 20 cents, reaching Rs. 8.80.

Among the other leading contributors, Ambeon Capital’s share price rose by Rs. 5.50 to Rs. 32.30, while Dipped Products appreciated by Rs. 1.90 to Rs. 60.