The Colombo Stock Exchange recovered on Wednesday, with buying across large and mid-cap counters lifting both benchmark indices and a pair of heavy block trades pushing turnover to nearly three times the previous session’s level.

The All Share Price Index rose 84.86 points, or 0.40%, to close at 21,166.94. The S&P Sri Lanka 20 Index added 8.15 points, or 0.14%, to end at 5,945.09.

The ASPI climbed sharply in the morning before giving back part of its intraday gain into the close, while the S&P SL20 held positive territory throughout.

Crossings dominate the session

Total turnover rose to Rs. 8.48 billion, against Rs. 2.96 billion in the previous session, on roughly 82.30 million shares, the Daily Mirror reported. EconomyNext put the day’s turnover marginally lower, at Rs. 8.47 billion.

Crossings — negotiated block trades — accounted for Rs. 6.17 billion, or about 73% of equity turnover.

Cargills (Ceylon) PLC drove most of that. Three crossings in the counter generated a combined Rs. 4.07 billion from about 6.46 million shares. Cargills recorded the session’s highest individual turnover at Rs. 4.08 billion and gained 5.12%, closing up Rs. 32 at Rs. 657, according to EconomyNext. Hayleys PLC also saw sizeable crossing activity.

The Food and Staples Retailing sector consequently led market activity with Rs. 4.09 billion in turnover, almost all of it from Cargills.

“There’s active interest from high net worth and institutional investors, with investors taking positions,” Ranjan Ranatunga, Assistant Vice President – Research at First Capital, told EconomyNext.

Breadth positive, foreigners still selling

Market breadth favoured gainers, with 124 securities advancing against 86 declining.

Cargills was the largest positive contributor to the ASPI, adding 15.20 points. Colombo Dockyard (up Rs. 3.50 at Rs. 123.50), Ceylon Grain Elevators (up Rs. 20.50 at Rs. 480.50), RIL Property and Melstacorp also supported the index.

Ceylinco Insurance was the heaviest drag, cutting 7.86 points from the ASPI. Commercial Credit and Finance, Commercial Bank, Central Finance and Richard Pieris also weighed.

Foreign investors remained substantial net sellers despite the rebound, recording a net outflow of Rs. 4.87 billion — pressure channelled largely through the day’s high-value crossings.

Rupee firms marginally

The rupee appreciated slightly against the US dollar on the same day. Central Bank indicative rates showed the dollar buying rate easing to Rs. 331.08 from Rs. 331.14 on Tuesday, and the selling rate to Rs. 340.13 from Rs. 340.21.

Sources: Daily Mirror, EconomyNext, Daily Mirror.