The Colombo stock market rebounded yesterday with investor sentiment buoyed by falling Treasury Bill yields.
With 126 counters ending in green against 84 in red, the ASPI ended up 0.33% or 69.47 points at 21,395.11 and the active S and P SL20 ended up 0.2% or 11.75 points at 5,995.25.
Turnover was over Rs. 2.4 billion on over 118.1 million shares traded. Foreign investors were net buyers on a net inflow of Rs. 68.3 million.
The top contributors to the ASPI was CINS, HAYC, RCL, DIPD and AEL and negative contributors were JKH, BIL, BREW, HNB and CARS.
First Capital Research said declining T-Bill rates helped boost investor confidence. The bourse gained momentum supported by buying interest following the decline in T-Bill yields at the weekly auction, alongside increased participation from both retail and HNW investors compared to the previous session. Investor interest was evident in export-oriented and materials sector companies.
The food, beverage and tobacco sector led the daily turnover with a share of 26%, followed by the materials and diversified financials sectors collectively contributing 41%.
NDB Securities said high net worth and institutional investor participation was noted in Renuka Foods, Dipped Products and John Keells Holdings.
Mixed interest was observed in Vallibel Finance, Haycarb and Alumex whilst retail interest was noted in UB Finance Company, Browns Investments and Softlogic Capital.
The food, beverage and tobacco sector was the top contributor to the market turnover due to Renuka Foods whilst the sector index gained 0.85%. The share price of Renuka Foods decreased by 60 cents to close at Rs. 25.90.
The materials sector was the second highest contributor to the market turnover due to Dipped Products and Haycarb whilst the sector index increased by 2.93%. The share price of Dipped Products moved up by Rs. 3.50 to close at Rs. 61.60 and Haycarb appreciated by Rs. 12.50 to close at Rs. 215.50.
Vallibel Finance and John Keells Holdings were also included amongst the top turnover contributors. The share price of Vallibel Finance lost Rs. 4.20 to close at Rs. 86.80 and John Keells Holdings closed flat at Rs. 19.50.