Colombo shares witnessed lackluster trading session on Wednesday, as both indices closed with negative returns. Core index marginally dropped by 0.28 points (0.00%) to end at 6,293.36 while S&P SL 20 index dropped by 6.32 points (0.18%) to end at 3,477.80. Price declines in Bukit Darah (closed at LKR 630.00, -3.1%), Carson Cumberbatch (closed at LKR 401.00, -2.4%) and Commercial Leasing & Finance (closed at LKR 4.00, -1%) affected adversely to the index performances.

Market turnover reached nearly three week high of LKR 1.41bn with the support of several negotiated deals recorded in John Keells Holdings (2.5mn shares at LKR 234.50 per share), Commercial Bank (0.3mn shares at LKR 131.50 per share) and DFCC Bank (0.2mn shares at LKR159.00 per share). Aggregate value of crossings represented 46% of the total market turnover. John Keells Holdings (LKR 769mn) topped the turnover list followed by Commercial Bank (LKR 98mn) and Distilleries (LKR 55mn).

Meanwhile shares of Adam Investments continued to attract heavy investor interest followed by Trade Finance & Investments and MGT Knitting Mills.

Cash map inclined to 57% from 48%.

Foreign investors were net buyers with net inflow of LKR 263mn. Foreign participation was 55%. Foreign inflows were seen in John Keells Holdings (LKR 324mn), Hemas Holdings (LKR 19mn) and Commercial Bank (LKR 17mn).

Aitken Spence made an announcement to CSE informing that Aitken Spence Hotel Managements South India Private Limited has purchased 143 roomed five start hotel in Chennai for a consideration of USD 25mn.

Lanka Securities Research