ECONOMYNEXT – Improved market sentiment saw the Colombo Stock Exchange close up on Wednesday, data on its site showed.
The broader All Share Index closed up 0.66 percent, or 77.50 points, at 11,905; while the S&P SL20 Index closed up 0.38 percent, or 13.17 points, at 3,495.
Turnover was at 2.5 billion.
“Buying interest was coming into the small caps from the retail front,” market participants said.
The ASPI was up mostly due to interest in LOLC group companies; Browns Investments Plc (up at 6.20), LOLC Finance Plc (up at 7.40), LOLC General Insurance Plc (up at 7.00). LOLC Holdings Plc was also up at 445.25.
“There was a run on penny stocks, possibly because banking stocks had slowed down,” market participants said.
“There was also interest in index heavyweight Hayleys.” Hayleys Plc is one of six companies that had expressed interest in the acquisition of SriLankan Airlines Limited, the state owned enterprise restructuring unit said. Shares of the bluechip conglomerate closed up at 84.90.
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Top contributors to the APSI included Cargills (Ceylon) Plc (up at 370.00) and Hatton National Bank Plc (up at 189.75).
There was renewed foreign activity as well, they said, with the market registering a net foreign outflow of 5 million. (Colombo/Apr24/2024)