Monday 16 January 2017

Colombo Stock Exchange Market Review – 16th Jan 2017


Colombo Bourse closed lower on Monday after consecutive days of gains despite high volumes. ASI lost 16.07 index points or 0.3% to close at 6,201.65 while S&P SL 20 index declined 15.61 index points or 0.4% to 3,508.79.

Among blue-chips, Melstacorp (closed at 67.00, -2.6%), Commercial Bank (closed at LKR 140.00, -1.4%), John Keells Holdings (closed at LKR 141.00, -0.6%) led losers while Carson Cumberbatch (closed at LKR 180.00, +3.5%) and Hemas Holdings (closed at LKR 101.00, +1.0%) managed to gain ground. Overall sentiments remained bearish with losers outweighing gainers 77 to 42 while 68 scripts remained unchanged.

Market turnover was LKR 912mn. Nearly 56% of the turnover came from Summit Finance as a result of the change in major shareholding as announced earlier. Accordingly, Sarvodya Development Finance Ltd sold aprox 17mn shares of Summit Finance in a single crossing to Prime Lands (Pvt) Ltd at LKR 30.00 per share. Apart from Summit Finance (LKR 511mn), Royal Ceramics (LKR 88mn), Commercial Bank-nonvoting (LKR 57mn) and Seylan Bank (LKR 46mn) made notable contributions to the turnover.

Negotiated deals accounted for 80% of the market activity and the crossings were seen Overseas Realty (1.9mn shares at LKR 20.00), Commercial Bank – nonvoting (0.5mn shares at LKR 113.50), Hatton National Bank – nonvoting (0.2mn shares at LKR 190.00) and Royal Ceramics (0.7mn shares at LKR 125.00).

Overseas Realty was heavily traded on its renunciation date along with National Development Bank (LKR 151.90, -0.1%) and Melstacorp.

Foreign investors were net buyers in today’s session with a net inflow of LKR 79mn. Top net inflows were seen in Royal Ceramics (LKR 88mn), Seylan Bank non-voting (LKR 7mn), Hemas Holdings (LKR 5mn) while top net outflow was recorded in John Keells Holdings (LKR 16mn). Foreign investor activity accounted for 23% of the turnover.

Source: LSL

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