Stock Market Soars: Record Turnover Powers CSE Momentum

Stock Market Soars: Record Turnover Powers CSE Momentum

News Today: Exceptional Turnover at CSE

The Colombo Stock Exchange (CSE) witnessed a remarkable trading session, closing on a strong positive note with a record-breaking turnover of LKR 18.709 billion—the highest so far for the year. This surge was primarily fueled by a landmark transaction involving Hatton National Bank PLC (HNB) and Ceylon Steel Corporation.

The standout moment of the day was the acquisition of a 9.99% stake in HNB by Ceylon Steel Corporation from Browns Investments PLC, executed through a crossing valued at LKR 13.995 billion. This transaction alone accounted for the lion’s share of the day’s total turnover, contributing significantly to the market’s upward trend.

Market indices reflected this positive energy:

  • The All Share Price Index (ASPI) gained 161.39 points (0.98%), closing at 16,657.63.

  • The S&P SL20 index rose 70.13 points (1.45%), ending at 4,909.07.

The day’s activity involved 249.85 million shares traded across the board, with 110 gainers and 96 losers, indicating a positive market breadth. Unsurprisingly, the Banking sector led the day’s activity, generating LKR 15.198 billion in turnover—approximately 81% of total market volume.

Hatton National Bank PLC (HNB.N) was the top contributor to the ASPI, adding 43.75 points, whereas Carson Cumberbatch PLC (CARS.N) was the top detractor, subtracting 4.58 points from the index.

As the earnings season draws to a close, 111 listed companies have already disclosed their financials, posting a combined Net Profit After Tax (NPAT) of LKR 113.96 billion, a 24.12% YoY increase. Another 170 companies are expected to release their earnings soon, which will provide greater clarity on the overall financial performance of the market.