Wednesday 11 January 2017

Colombo Stock Exchange Market Review – 11th Jan 2017


Colombo bourse regained lost grounds on Wednesday despite foreign outflows. All Share index gained 31.95 index points (+0.5%) to close at 6,184.54 while high cap constituent, S&P SL20 index closed at 3,503.07, with a gain of 40.76 index points or 1.18%.

Price gains in blue-chips namely, Melstacorp (closed at LKR 65.10, +6.9%), John Keells Holdings (closed at LKR 141.90, +1.0%) and Commercial Bank (closed at LKR 142.00, +1.4%) contributed positively to the index performance. Gainers outweighed the losers 79 to 50, while 84 stocks remained unchanged.

Daily market turnover touched two week high of LKR 1.1bn. John Keells Holdings (LKR 879mn) led the turnover list along with Lanka Hospital (LKR 74mn), Melstacorp (LKR 19mn) and Nestle Lanka (LKR 16mn) respectively. Single negotiated deal was recorded in Lanka Hospital where 0.8mn shares changed hands at LKR 63.00.

High investor activity was seen in Melstacorp, Commercial Credit & Finance and John Keells Holdings.

Subsequent to disclosure on land sale by Hayleys Fibre to Alumex, share price of Hayleys Fibre increased to LKR 89.90 but closed at LKR 88.50 with a gain of 10.5% while Alumex share closed at LKR 20.60 (+1.5%).

Access Engineering invested LKR 2.3bn in ‘Hotel 10’ (Private) Limited, a joint venture between Mustafa’s Pte Ltd, China Harbour Engineering Company (Lanka) Limited and Access Engineering. ‘Hotel 10’ signed a supplementary agreement with BOI to set up a mixed development project comprise of 250,000 sq. ft of commercial & recreational areas and approx. 1,000 dwellings units. Total development cost is estimated at approx. LKR 10bn. Share price advanced to LKR 25.40 (+2.4%).

Foreign investors stood on sell side with a net foreign outflow of LKR 903mn. Foreign participation was 44%. Net foreign outflows were seen in John Keells Holdings (LKR 845mn), Lanka Hospital (LKR 74mn) and Nestle Lanka (LKR 16mn). Net foreign inflow was mainly seen in Marawila Resorts (LKR 10mn).
Please note Colombo Stock Exchange will be closed tomorrow (12th January 2016) due to public holiday.
Source: LSL

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