The Colombo Stock Exchange (CSE) witnessed a significant surge yesterday, marking a positive start to the week. The benchmark All-Share Price Index (ASPI) climbed over 100 points for the first time in over three months, closing at 10,805. This positive movement was driven by investors reacting favorably to the equal value Expolanka exit offer by SG Holdings.
The market witnessed a substantial increase in value, reaching Rs. 4,279 billion, a rise of Rs. 64 billion compared to the previous day. The active S&P SL20 index also experienced a rise of 1.5%, reflecting the overall market optimism.
Trading activity was brisk, with a total turnover of Rs. 1.7 billion involving over 94.6 million shares. The positive sentiment was reflected in the broader market, with 114 companies experiencing price gains compared to only 69 facing declines.
LOLC emerged as the major contributor to the ASPI’s rise, with its share price surging by 37 points. Other notable contributors included JKH and BIL, with gains of 16 and 10 points, respectively.
Despite the positive performance, foreign investors remained net sellers, recording an outflow of Rs. 83.4 million. However, certain sectors witnessed specific investor interest. High net worth and institutional investors actively participated in Nations Trust Bank, John Keells Holdings, and Royal Ceramics, while retail investors focused on LOLC Finance, Vallibel Power Erathna, and Co-Operative Insurance Company.
The Capital Goods sector, led by Royal Ceramics’ 2.78% rise, emerged as the top contributor to the market turnover. The Diversified Financials sector, driven by LOLC Holdings’ 4.56% growth, followed closely behind.
This positive start to the week highlights renewed investor confidence in the Sri Lankan market, potentially marking a turning point after several months of subdued activity.