The stock market rose on Thursday, lifted by stronger-than-expected earnings and low interest rates, hit an 18 month high with a 1.1% percent (65.88 points) increase to 6,287.00. S&P index increased by 0.9% (33.03 points) to 3,531.37.
Market turnover reached Rs.1.9bn, out of which 62% was accounted by crossings.
7.2mn shares of Aitken Spence changed hands among foreign investors at Rs.132.60 per share in two crossings. Moreover, 9.8mn shares of Piramal Glass at Rs.6.90, 5mn shares of Dialog Axiata Rs.9.50 and 0.9mn shares of Commercial Bank at Rs.115.50 changed hands in off-the-floor deals.
Top contributors to the turnover were Aitken Spence (Rs.1.0bn), Commercial Bank (Rs.153mn) and Piramal Glass (Rs.76mn). Retail activity was seen in counters such as Janashakthi Insurance, Regnis Lanka and Overseas Realty. Janashakthi Insurance (Rs.14.10,+12.8%) and Overseas Realty (Rs.17.00,+6%) reached 52 week high on better-than-expected earnings. JINS quarter profits increased by almost 7 times compared to the same quarter last year.
Cash map for today was 55%.
Foreigners were net buyers with an inflow of Rs.85mn. Foreign participation accounted for 66% of the turnover. Net inflow was seen counter such as Piramal Glass, Dialog and John Keells while outflows were recorded in Commerical Bank and Environmental Resources.
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