The Colombo Stock Exchange (CSE) showed a strong performance in September 2024, with the All Share Price Index (ASPI) increasing by 9.1% month-on-month (MoM) to reach 11,855 points, reflecting a significant growth of 986 points. The S&P SL20 index also registered a notable increase of 12.9% MoM, closing at 3,453 points. Despite these gains, a net foreign outflow of Rs. 638 million was recorded, suggesting mixed sentiment among international investors.
Key Highlights:
- Strong Market Growth: The ASPI rose by 9.1% MoM, while the S&P SL20 index surged by 12.9% MoM.
- Increased Turnover: Average daily turnover jumped to Rs. 1,653 million in September, compared to Rs. 704 million in August 2024.
- Top Contributors: Hatton National Bank, Commercial Bank of Ceylon, and John Keells Holdings led the turnover with significant share volumes.
- Foreign Investment Movements: Net foreign selling was observed, amounting to Rs. 638 million, a reversal from the net inflow of Rs. 83 million in August.
- Debut of PickMe (PKME): PickMe’s shares rose by 8.3% on its first trading day, marking a positive start for the company on the CSE.
- Sector Performance: The Banking sector contributed 26.8% of the daily turnover, followed by Diversified Financials and Capital Goods sectors.
The Colombo Stock Market recorded a robust performance in September 2024, supported by gains in the ASPI and S&P SL20 indices, as well as a surge in average daily turnover.
Major players like Hatton National Bank, Commercial Bank of Ceylon, and John Keells Holdings led the market with high trade volumes. However, despite the overall positive trend, a net foreign outflow of Rs. 638 million was recorded, with selling pressure observed in key stocks like East West Properties and United Motors Lanka.
PickMe’s impressive debut with an 8.3% share price increase brought fresh optimism to the market. Going forward, the market is likely to face volatility as external factors continue to influence investor sentiment.
Last modified: October 4, 2024
