The Colombo Stock Exchange closed higher on Monday, with the All Share Price Index gaining 291.72 points, or 1.37 percent, to finish at 21,531.37 on turnover of Rs. 3.33 billion.

It was the fifth consecutive session of gains, the Daily Mirror reported. The index moved towards 21,600 during afternoon trading before mild profit-taking trimmed some of the advance before the close.

Banks led the turnover

The S&P/CSE Banks Industry Group led activity with Rs. 667.76 million in turnover, EconomyNext reported. Dipped Products recorded the highest turnover of any individual counter at roughly Rs. 322.56 million.

Commercial Bank of Ceylon was the strongest positive contributor to the index, closing up 2.86 percent at Rs. 216.00. It was followed by Hatton National Bank (up 1.52 percent at Rs. 399.75), Asiri Hospital Holdings (up 12.86 percent at Rs. 31.60), Tokyo Cement Company (up 5.22 percent at Rs. 84.70) and Access Engineering (up 3.93 percent at Rs. 81.90).

Working against the index were Carson Cumberbatch (down 4.24 percent at Rs. 712.00), Richard Pieris and Company (down 2.43 percent at Rs. 28.10), LOLC Holdings (down 0.62 percent at Rs. 400.00), Renuka Holdings (down 2.63 percent at Rs. 37.00) and Chevron Lubricants Lanka (down 0.61 percent at Rs. 204.25).

Breadth was strongly positive, with 178 gainers against 63 decliners and 144.43 million shares changing hands.

Crossings and the foreign flow

The session saw heavy crossings — pre-negotiated block trades — accounting for about 8 percent of total equity turnover. Significant blocks were recorded in Hemas Holdings, Prime Lands Residencies, Hatton National Bank, Ceylon Tobacco and Commercial Bank.

Raynal Wickremeratne, Head of Research and Strategy at NDB Securities, put the larger crossings at HAS Holdings (Rs. 41.5 million), Prime Lands (Rs. 40.5 million), Hatton National Bank (Rs. 39.5 million), Ceylon Tobacco Company (Rs. 35.6 million), Commercial Bank (Rs. 32.4 million), Sunshine Holdings (Rs. 30.6 million), Distilleries Company (Rs. 27.7 million) and Keells (Rs. 23 million).

Foreign investors remained net sellers, with an outflow of about Rs. 63.13 million. That continues a pattern this desk has tracked on the debt side, where foreign holders reduced their rupee bond positions for a third straight week.

The rupee eased marginally

The rupee weakened slightly against the US dollar compared with Friday, according to Central Bank daily exchange rates carried by the Daily Mirror. The Central Bank buying rate moved from Rs. 328.05 to Rs. 328.09 and the selling rate from Rs. 337.00 to Rs. 337.05.

At Commercial Bank the buying rate rose from Rs. 326.38 to Rs. 326.58 and the selling rate from Rs. 336.30 to Rs. 336.50. At People’s Bank, buying moved from Rs. 328.35 to Rs. 328.48 and selling from Rs. 336.49 to Rs. 336.59. The movements are a few cents in each case.

A discrepancy in the SL20 figure

The two filings do not agree on the more liquid S&P SL20. EconomyNext puts it up 1.67 percent, or 100.96 points, at 6,146.34; the Daily Mirror puts it up 97.77 points, or 1.62 percent, at 6,143.15. The two accounts agree exactly on the ASPI close, the points gain, the percentage, total turnover and the banks sector figure, so the divergence is confined to the second index. This desk reports both rather than choosing between them.

Readers should also note that the Daily Mirror item is published under the byline “Almas Equities Research” — a research-house note carried by the paper rather than reporting by its own staff. Its forward-looking remarks about momentum and support levels are that firm’s market commentary, not a finding of fact.

Not reported

Neither filing explains what drove the five-session run, and neither reports whether the Securities and Exchange Commission or the exchange has commented on the pace of the rally. In corporate news on the same day, EconomyNext noted Hayleys Retail Holdings’ partnership with supply chain software provider Blue Yonder, reported separately by this desk.