Tuesday 18 October 2016

Colombo Stock Exchange Market Review – 18th Oct 2016


Colombo stock market concluded the trading session in a strong support level on Tuesday despite the lackluster investor activity. All Share index started the session with a gain of 17 index points but failed to sustain the momentum and the benchmark index closed with a loss of 9.82 index points (-0.15%) at 6,442.87. High caps constituent, S&P SL20 index shed 6.70 index points (-0.19%) to close at 3,591.74.
Blue-chips namely, John Keells Holdings (closed at LKR 150.00, -0.7%), Sri Lanka Telecom (closed at LKR 36.20, -1.6%) and Ceylon Beverage Holdings (closed at LKR 600.00, -7.4%) pinned the index in negative territory. Gains were recorded in Lanka Orix Leasing & Company (closed at LKR 81.50, +1.8%) and People’s Leasing & Finance (closed at LKR 18.40, +1.7%).

Daily market turnover reached LKR 390mn, supported by crossings in selected high caps. Negotiated deals were recorded in John Keells Holdings (0.36mn shares at LKR 151.00), Hatton National Bank (0.2mn shares at LKR 227.00) and Dialog Axiata (2mn shares at LKR 11.50). Aggregate value of crossings represented 32% of the turnover.

Accordingly, John Keells Holdings emerged as the top contributor to the turnover with LKR 70mn followed by Central Finance (LKR 60mn), Hatton National Bank (LKR 50mn) and Dialog Axiata (LKR 36mn).

Losers outweighed the gainers 69 to 58, while 81 scripts remained unchanged. John Keells Holdings, Commercial Credit & Finance, Teejay Lanka and Ceylon Grain Elevators were the most traded stocks during the session.

Meanwhile, Lee Hedges announced an issue of shares by way of a sub-division in the proportion of one into five. Nevertheless, stock declined by 3.4% to LKR 407.00 with thin volumes.
Good Hope advanced by 13.4% to LKR 1,476.10, subsequent to share repurchase announcement made by four companies namely, Good Hope, Indo Malay, Selinsing and Shalimar. Price of Indo-Malay remained unchanged at LKR 1,429.60 while Selinsing and Shalimar ended the day without trades.

Foreign investors stood on the buy side with a net foreign inflow of LKR 98mn. Foreign participation was 38%. Net foreign inflows were seen in Hatton National Bank (LKR 46mn), Dialog Axiata (LKR 32mn) and ACL Cables (LKR 13mn). Net foreign outflow was mainly seen in CIC Holdings (LKR 12mn).
Source: LSL

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