CSE continues momentum above 17,500 with strong investor activity

By Almas Equities Research 

The Colombo Stock Exchange (CSE) continued its upward momentum, surpassing the 17,500 mark on the All Share Price Index (ASPI). The ASPI closed at 17,657.60, recording a gain of 157.36 points, or 0.90%. Furthermore, the S&P SL20 Index ended the trading session at 5,286.16, reflecting an increase of 77.21 points, or 1.48%.

Total market turnover amounted to LKR 5.681 billion, with 283.045 million shares traded. Market breadth reflected a positive sentiment, with 126 gainers and 87 losers contributing to the overall movement of the ASPI.

John Keells Holdings PLC (JKH.N) emerged as the top contributor to the ASPI, adding 23.19 points, while Ceylinco Holdings PLC (CINS.N) was the largest detractor, subtracting 7.98 points. The Capital Goods sector led sectoral turnover with LKR 1.37 billion, accounting for nearly 25% of total market turnover.

Crossing transactions were involved today trading session, contributing approximately LKR 662.460 million roughly 12% of the day’s turnover. The largest crossings were recorded in shares of  Royal Ceramics Lanka (RCL.N), totaling LKR 193.117  million with 4.89 million shares traded.

On the macroeconomic front, the Public Utilities Commission of Sri Lanka (PUCSL) has announced a 15% increase in electricity tariffs, effective from tomorrow, 12 June. This follows a proposal by the Ceylon Electricity Board (CEB), which had requested an 18.3% tariff hike for the period from June to December. The CEB justified the proposed increase as necessary to address escalating operational costs and to meet debt obligations, including the repayment of prior borrowings. However, the PUCSL approved a lower rate than requested, settling on a 15% adjustment.