Colombo Stock Exchange Market Review – 28th Oct 2016

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Colombo Stock Exchange Trade Summary 28-Oct-2016

PM’s economic policy statement failed to uplift the sentiments in Colombo Bourse on Friday and the equities marked another lackluster trading session with indices closing in red. ASI edged lower by 13.65 index points (-0.2%) to close at 6,6424.85 while blue-chip S&P SL 20 index closed at 3,572.36 down by 11.70 index points (-0.3%). 

Resilience shown in Commercial Leasing (closed at LKR 3.70, +2.8%) and Ceylon Tobacco (closed at LKR 850.00, +0.4%) failed to negate the effects of losses in index-heavy Commercial Bank (closed at LKR 144.60, -1.1%), John Keells Holdings (closed at LKR 149.10, -0.4%) and Sri Lanka Telecom (closed at LKR 36.60, -1.1%).

Market breadth was negative where out of 204 counters traded, 83 slipped, 50 advanced while 71 remained unchanged. Among the losers were Piramal Glass (LKR 5.30,-3.6%) and John Keells Hotels (LKR 11.50,-1.7%). Both companies reported drop in profits in the earnings reports released yesterday.

Market turnover was mere LKR 288mn. Crossings each in Hatton National Bank - nonvoting (0.3mn shares at LKR 190.00) and Cargills Ceylon (~0.2mn shares at LKR 173.00) contributed 31% to the turnover. Accordingly Hatton National Bank - nonvoting (LKR 57mn), Access Engineering (LKR 39mn) and Cargills Ceylon (LKR 33mn) made the biggest contribution to days’ turnover.

Retail investor activity was mostly concentrated around John Keells Holdings, Access Engineering and Colombo Dockyard.

Foreign investors were net buyers today with a net foreign inflow of LKR 72mn. The top net inflows were seen in Hatton National Bank non-voting (LKR 57mn), Ceylon Cold Stores (LKR 19mn), Hemas Holdings (LKR 11mn) while top net foreign outflows were seen in Richard Pieris (LKR 16mn) and Colombo Dockyard (LKR 4mn). Foreign investor activity accounted for 21% of todays’ turnover.
Source: LSL