The Colombo stock market yesterday recovered from a bear-run to close on the up with turnover exceeding Rs. 8 billion.
The ASPI ended up 0.4% or 84.86 points at 21,166.94 and the S and P SL20 was up 0.14% or 8.15 points at 5,945.09.
Market turnover was nearly Rs. 8.5 billion on over 82 million shares traded. Foreign investors remained net sellers, posting a net outflow of Rs. 4.9 billion.
First Capital Research said easing concerns over global energy prices and renewed buying interest in selected blue-chip counters, lifted the market during the session. HNW participation remained high, while retail participation was at average levels. Main positive contributors to the ASPI were CARG, DOCK, GRAN, RIL, and MELS.
The Rs. 8.5 billion turnover marked an increase of 337.8% over the monthly average of Rs 1.9 billion. The food and staples retailing sector led the daily turnover with a share of 48%, followed by the capital goods, and diversified financials sectors collectively contributing 40%.
Asia Securities Research said the day’s turnover was largely supported by large crossings, which accounted for 73% of the total. CARG (Rs. 4.1 billion) and HAYL (Rs. 2.2 billion) recorded the highest traded values during the session.
The net foreign outflow was led by CARG (Rs. 4.1 billion), while market breadth turned positive with 124 positive contributors and 87 negative contributors.