Monday Markets: CSE’s ASPI sets new all-time high
The All Share Price Index (ASPI) of the Colombo Stock Exchange reached its all-time high index tally today closing the 10th trading day of 2021 on 7922.66 points. The previous highest points figure recorded was 7811.80 points on 14 February 2011. The ASPI gained 188.09 points today recording the eighth highest points gain in CSE’s 35 year history.
The S&P SL20 index which features the largest and most liquid stocks listed on the exchange also continued its upward momentum crossing 3000 points today reaching its highest point since market close on 4 December 2019, gaining 100.32 points today to end the day on 3,003.30 points.
The market continued to showcase increased investor interest with the turnover crossing Rs. 12 Billion for the second consecutive day recording Rs. 12.18 Billion today. The consolidated turnover recorded 10 trading days into 2021 is Rs. 83.6 billion which is 21% of the full year aggregate turnover figure recorded in 2020 and 48% of the aggregate turnover recorded in 2019.The total number of trades recorded today topped the previous record with 67,153 trades carried out within the day.
Since the turn of 2021 the CSE ASPI has also been among the best performing primary indices globally on a year-do-date basis. As of today, CSE is the best performing primary index listed on Bloomberg on YTD basis with a 16.95% YTD return. However, the bourse suffered net foreign outflows (NFOs) for the sixteenth consecutive market day, with yesterday’s figure being Rs 178.12 million. Subsequently, the bourse, in the calendar year to yesterday has suffered an NFO of Rs 1.64 billion. In contrast, in the comparative period last year, the bourse had suffered an NFO of Rs 781.97 million only, ie less than half of the NFOs it has suffered this year, an indication of the increased fear besetting foreign investors.
Nonetheless, the benchmark ASPI made a pyrrhic gain of 2.43 per cent to 7,922.66 points and the more sensitive S&P SL 20 Index by 3.46 per cent to 3,003.30 points on a Rs 12.18 billion turnover and on a 506.32 million share volume, yesterday.