Stock market rebounds, supports Rs. 1b plus turnover

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The Colombo stock market rebounded into positive territory and supported the rupees. More than a billion in revenue in an apparent sign of improving investor sentiment.

Both indices posted gains of 0.6-0.8% and turnover was Rs. 1.04 billion involving 56 million shares.

Foreign investors also remain optimistic, resulting in a net inflow pushing the figure so far in July to Rs. 777 million.

Asia Securities said the indices returned to positive territory after four sessions of declines on) mainly driven by price gains in EXPO (+3.6%), LIOC (+4.8%), RICH (+6, 7%), CICX (+4.1%) and BIL (+1.4%) while plantation stocks had a strong session led by KOTA (+14.5%), BALA (+22, 7%), MASK (+15.9%), AGAL (+9.3%) and TPL (+6.8%) . Likewise, activity in TJL (+0.9%) picked up during the session thanks to steady retail and HNI buying.

Revenue was supported by LIOC (Rs. 141 million), EXPO (Rs. 113 million), TJL (Rs. 63 million) and KOTA (Rs. 56 million). ASPI opened trading with a gap of 45 points (+0.6%) at 7,672 and moved towards the 7,700 level during the first hour of trading. After hitting an intraday high of 7,701 (+1.0%), the index moved into the 7,670-7,700 range for the rest of the session. Market breadth turned positive with 101 price increases and 69 price decreases.

Asia also said foreigners saw a net inflow of rupees. 22.9 million while their participation remained stable at 2.6% of turnover (24.7% the day before). Net foreign purchases exceeded RICH at Rs. 23.9 million and the sale exceeded TJL at Rs. 3.6 million.

First Capital said the stock market rebounded into green territory as investors rallied confidently mainly in the plantation sector while talks with the SLFP and the president regarding the formation of a multi-party government brought a boost. greater positivity in the market.

The index opened higher and continued higher throughout the session as selling pressure eased as higher than expected results fueled investor confidence and closed the day at 7. 680, gaining 53 points. Revenue was mainly driven by the joint 50% contribution from the Food, Beverages & Tobacco and Energy sectors.

NDB Securities said high net worth and institutional investor participation were noted in Teejay Lanka and Printcare. Mixed interest was seen from Lanka IOC, Expolanka Holdings and Balangoda Plantations, while retail interest was noted from Kotagala Plantations, Browns Investments and Lankem Developments.

The Food, Beverage & Tobacco sector was the largest contributor to market revenue (thanks to Kotagala Plantations and Browns Investments) while the sector index gained 1%. Kotagala Plantations’ share price recorded a gain of 80 cents (14.55%) to close at Rs. 6:30. Browns Investments’ share price rose 10 cents to close at Rs. 7.20.

The energy sector was the second largest contributor to market revenue (due to Lanka IOC) while the sector index increased by 4.03%. Lanka IOC’s share price rose by Rs. 3.90 (4.81%) to close at Rs. 84.90.

Expolanka Holdings and Teejay Lanka were also among the top revenue contributors. Expolanka Holdings’ share price gained Rs. 6 (3.57%) to close at Rs. 174.25. Teejay Lanka’s share price rose 40 cents to close at Rs. 45.



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