The Colombo stock market rebounded yesterday after experiencing its steepest decline in over two years, during which Rs. 188 billion in market value was erased.
The benchmark All Share Price Index (ASPI) rose by over 50 points (0.3%), while the more active S&P SL20 gained 25 points (0.5%). Market turnover stood at Rs. 5.2 billion, with 177 million shares changing hands.
According to First Capital, the ASPI showed resilience, reversing its downward trend from early February. Although the index initially dropped by over 100 points, it rebounded later in the session, driven by bargain buying. Positive contributors outweighed negative ones, signaling renewed investor confidence.
The banking sector showed signs of recovery, with key players such as Sampath Bank (SAMP), DFCC Bank, and Seylan Bank (SEYB) among the biggest positive contributors, alongside Ceylon Tobacco (CTHR) and John Keells Holdings (JKH). However, Ceylinco Insurance (CINS), Aitken Spence (SPEN), and Dialog Axiata (DIAL) exerted downward pressure on the ASPI.
The banking sector led market turnover, contributing 26.8%, followed by the capital goods and food, beverage, and tobacco sectors, which collectively accounted for 37.1%.
NDB Securities noted strong interest from high-net-worth and institutional investors in Amana Bank, Access Engineering, and Teejay Lanka. Meanwhile, mixed investor sentiment was observed in Browns Investments, Hatton National Bank, and LOLC Holdings, with retail activity centered around LOLC Finance, Waskaduwa Beach Resort, and Dialog Axiata.
Hatton National Bank and Amana Bank drove the banking sector’s performance, with the former’s share price edging up by 25 cents to Rs. 334.25, while Amana Bank’s share price dipped by 10 cents to Rs. 25.
In the capital goods sector, Access Engineering saw its share price rise by Rs. 1.10 to Rs. 40. Browns Investments and Teejay Lanka were also among the top turnover contributors, with Browns Investments gaining 10 cents to Rs. 8.60, while Teejay Lanka’s share price remained stable at Rs. 54.80.