Colombo Stock Exchange Market Review – 27th Dec 2016

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Colombo Stock Exchange Trade Summary 27-Dec-2016

Colombo Bourse slipped back to negative territory on Tuesday in another weak trading session. All Share Index fell back to eight-month low of 6,202.83 with a loss of 13.73 index points or 0.2%. S&P SL 20 index fell 5.19 index points (-0.2%) to 3,477.02.

Out of the 171 counters traded, 52 declined and 41 gained while 78 remained unchanged. Ceylon Tobacco (LKR 800.20, -1.8%), John Keells Holdings (LKR 143.30, -0.9%) and Ceylinco Insurance (LKR 1,249.20, -6.5%) led the losers while Seylan Bank (LKR 92.90, +8.3%), LOLC (LKR 73.00, +1.4%) and People’s Leasing (LKR 17.90, +1.7%) managed close positively.

Market turnover stumbled to one-month low of LKR 111mn. Seylan Bank (LKR 28mn), John Keells Holdings (LKR 19mn) and Hayleys Fabric (LKR 18mn) made the largest contributions to the turnover. No crossings were witnessed today.

John Keells Holdings dominated the trading activity. Further, Lanka IOC, Seylan Bank voting and nonvoting were among heavily traded stocks.

Foreign investors were net sellers today with a net foreign outflow of LKR 10mn. Top net outflows were seen in John Keells Holdings (LKR 11mn), Seylan Bank (LKR 3mn) and Hayleys (LKR 1mn) while top net inflow was seen in Commercial Bank (LKR 3mn). Foreign participation accounted for 19% of the market activity.
Source: LSL

Sri Lankan shares hit more than 8-mth closing low; turnover slumps

Reuters: Sri Lankan shares closed at their weakest in more than eight months in typical year-end holiday-thinned trading on Tuesday, with turnover slumping to a near 33-month low as investors stayed away.

The Colombo stock index ended 0.22 percent lower at 6,202.83, its lowest close since April 6. It has shed around 2.1 percent in the 10 sessions through Tuesday.

Turnover stood near its lowest since March 17, 2014, at 111.2 million rupees ($745,308), around a seventh of this year's daily average of 735.4 million rupees.

"Most of the investors and brokers are on holiday. We may see little price adjustments in shares, but the trading volume will be very low," said Hussain Gani, deputy CEO at Softlogic Stockbrokers.

Foreign investors sold a net 10.2 million rupees worth shares on Tuesday, but they have been net buyers of 611.3 million rupees worth equities as of Tuesday this year.

Top conglomerate John Keells Holdings fell 1 percent, while large cap Ceylon Tobacco Company closed 1.8 percent lower, dragging down the overall index. 

($1 = 149.2000 Sri Lankan rupees) 

(Reporting by Shihar Aneez; Editing by Biju Dwarakanath)