CSE ends on positive note, recording Rs. 18 Bn in turnover

By Almas Equities Research 

The Colombo Stock Exchange (CSE) closed on a positive note today, marked by a significant increase in market activity. The highlight of the day was the exceptional turnover, which reached a yearly high of LKR 18.709 billion. 

This remarkable performance was primarily driven by a landmark transaction in which Ceylon Steel Corporation acquired a 9.99% stake in Hatton National Bank PLC (HNB) from Browns Investments PLC, with a crossing valued at LKR 13.995 billion. The acquisition significantly contributed to the day’s robust market performance.

The All Share Price Index (ASPI) continued its positive momentum throughout the session, ultimately inclining 161.39  points (0.98%) to close at 16,657.63. Similarly, the S&P SL20 index inclined by 70.13 points (1.45%) to end the session at 4,909.07.

Total market turnover amounted to LKR 18.709 billion, with 249.85 million shares traded. Market breadth reflected a positive  sentiment, with 110 gainers and 96 losers contributing to the overall movement of the ASPI.

Hatton National Bank  PLC (HNB.N) emerged as the top contributor to the ASPI, adding 43.75 points, while Carson Cumberbatch PLC (CARS.N) was the largest detractor, subtracting 4.58 points. The Banking sector led sectoral turnover with LKR 15.198 billion, accounting for nearly 81% of total market turnover.

As the earnings season nears its conclusion, financial results from 111 listed companies have been released so far. These companies have collectively reported a Net Profit After Tax (NPAT) of LKR 113.96 billion, reflecting a 24.12% year-on-year (YoY) increase. Approximately 170 more companies are yet to report their financials, which will provide a more comprehensive picture of overall market performance for the quarter.