The All Share Price Index closed above 21,000 on Thursday for the first time, rising 589.18 points — or 2.87% — to 21,130.30 as the Colombo Stock Exchange extended its recovery into a third consecutive session.

The S&P SL20 gained more strongly still, up 3.34% to 6,029.88, reflecting participation from large-cap counters, the Daily Mirror reported, citing research by Almas Equities.

The session

Turnover strengthened to LKR 5.43 billion on 258.33 million shares traded.

The Banks sector led activity with roughly LKR 1.10 billion in turnover. Sampath Bank recorded the highest individual counter turnover at LKR 691.83 million.

Crossings accounted for around 20% of total equity turnover, led by Lanka Milk Foods, Cargills Bank, Tokyo Cement and Royal Ceramics.

Market breadth was unusually wide: 227 gainers against only 32 decliners, an advance-decline ratio of 7.09.

Commercial Bank was the largest positive contributor to the index, followed by Dialog Axiata, Hayleys, LOLC Holdings and Overseas Realty. Ceylinco Insurance was the largest negative contributor.

The qualifier

One indicator ran against the rally. Foreign investors remained net sellers, with an outflow of approximately LKR 227.93 million — meaning the buying that drove the index came from domestic participants while offshore money continued to leave.

The combination of a 589-point gain, turnover above recent levels and strong breadth points to a marked strengthening in short-term momentum, according to the cited research. With the index now above 21,000, that level becomes a near-term support area, while continued foreign selling remains a factor to watch.

A note on sourcing

This report rests on a single filing, and readers should weigh what kind of filing it is. The Daily Mirror’s report is bylined to Almas Equities Research — a market participant’s research note carried by the newspaper, not independent newsroom reporting. The index levels, turnover and breadth figures are matters of exchange record and are reproduced as such; the interpretive commentary about momentum and support levels is the research provider’s view.

No other verified newsroom had filed on Thursday’s close at the time of writing.

Not reported

The filing does not give the prior session’s closing level or the index’s year-to-date move, and does not state how long the three-session rally has run in points or what prompted it.

It does not report the domestic buying categories offsetting the foreign outflow, cumulative foreign flows for the month or year, or whether the previous all-time high for the ASPI has been surpassed.