Colombo Stock Exchange Market Review – 17th Nov 2016

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Colombo Stock Exchange Trade Summary 17-Nov-2016

Colombo Equities ended Thursday’s session in red, extending its post-budget losing streak to four sessions. ASI closed at 6,344.28 down by 4.75 index points (-0.1%) in a session marked by thin volumes and the S&P SL 20 index declined by 4.82 points (-0.1%) to 3,527.10.

Price appreciations in Lion Brewery (LKR 485.00,+7.8%) and Commercial Bank (LKR 143.00,+1.4%) failed to lift the index performance and the index edged lower driven by the price dip in John Keells Holdings (LKR 145.00,-1.4%), Ceylon Tobacco (LKR 870.00,-0.6%) and Nestle Lanka (LKR 2,050.00,-0.8%).

Market turnover reached LKR 284mn supported by activity in John Keells Holdings (LKR 50mn), Asiri Hospitals (LKR 47mn) and Hatton National Bank – nonvoting (LKR 19mn). No crossings were reported today.

Losers outweighed the gainers 83 to 36 reflecting the overall bearish sentiments. Most of the activity was concentrated around John Keells Holdings, Access Engineering and First Capital Holdings.

Access Engineering share price dropped 0.8% in todays’ trading session amid the concern on the increase in corporate tax. However, First Capital Holdings managed to close 5.9% higher today driven by favorable earnings report. Today’s earnings batch was mostly negative with the exception of Citrus Leisure group companies, First Capital Holdings and Dunamis Capital.

Foreign investors were net buyers with net foreign inflow of LKR 12mn. The foreign activity accounted for 32% of the market turnover. Top net inflows were seen in Ceylon Tobacco (LKR 5mn), Commercial Bank (LKR 2mn) and Ceylon Cold Stores (LKR 2mn) while top net outflow was seen in John Keells Holdings (LKR 1mn).
Source: LSL