ECONOMYNEXT – The Colombo Stock Exchange closed up on Monday after the new cabinet of ministers was sworn in, data on its site showed.
The broader ASPI closed up 0.24 percent, or 32.21 points, at 13,231; while the more liquid S&P SL20 Index closed up 0.17 percent, or 6.71 points, at 3,983.
Turnover was 5.5 billion. Most of this came from interest in banking sector stocks (Rs1.8 billion) and capital goods (Rs1.1bn).
Other sectors that saw high activity were food, beverage and tobacco (Rs652mn) and diversified financials (Rs469mn.)
“There’s positive sentiment from the new government winning a two-thirds majority, the same trend continued,” market participants said.
“There’s mainly interest in banking, and some momentum into hotels.”
There were crossings in big companies, in big volumes, they said. “This is likely from high net worth individuals and institutions.”
The market rose steeply, by 230 points, in the opening, indicating some possible profit taking as the market was up by about 28 percent, they said.
Top contributors to the ASPI were Commercial Bank (up at 124.00), Hatton National Bank (up at 235.75), Aitken Spence (up at 125.00), Sampath Bank (up at 96.80), and Melstacorp (up at 109.00).
There was a net foreign outflow of 761 million rupees.
Distilleries Company of Sri Lanka announced a first interim dividend of one rupee for the financial year 2024/2025.
The share closed up at 32.90. (Colombo/Nov18/2024)