Colombo equities closed the final trading day of 2016 with losses amid thin-trading. ASI lost 17.45 index points (-0.3%) to close at 6,228.26 while S&P SL 20 index lost 6.69 index points (-0.2%) to close at 3,496.44.
The highlight of the day was Melstacorp which commenced trading after the share swap with Distilleries. The counter started trading at LKR 65.00, below the indicative price of LKR 69.00 and witnessed heavy trading throughout the session. The counter closed at LKR 59.30, down 14.1%.
The drop in price of Melstacorp affected the broad index performance along with Lion Brewery (LKR 465.00, -3.0%), Ceylon Tobacco (LKR 806.50, -0.6%) and Dialog Axiata (LKR 10.50, -0.9%). Market breadth was equally divided where out of the 198 counters traded today, 68 declined while 66 managed to record gains.
Market turnover was LKR 202mn with the absence of negotiated transactions. The biggest contributions came from Melstacorp (LKR 43mn), John Keells Holdings (LKR 20mn) and Nations Trust Bank (LKR 20mn).
Apart from Melstacorp, relatively heavy trading was seen in Softlogic Life Insurance (LKR 20.70, +3.5%) and Chevron Lubricants (LKR 157.10, -1.2%). Property Development managed to gain some interest after the announcement of the LKR 15.00 per share interim dividend. The counter closed at LKR 104.50, up 33.8%.
Meanwhile, Overseas Realty increased its shareholding in Mireka Capital Limited to 100% by acquiring remaining 40% shareholding at a total consideration of LKR 3.9bn.
Foreign investors were net sellers with net foreign outflow of LKR 6mn. Top net outflows were seen in Melstacorp (LKR 25mn), John Keells Holdings (LKR 7mn) and Seylan Bank (LKR 5mn) while top net inflow was seen in Nations Trust Bank (LKR 16mn). Foreign investors accounted for 33% of the market turnover.
Source: LSL
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