Colombo equities continued the optimistic momentum on Friday to conclude the weekly operations in a positive note.  Main index gained 28.02 points or +0.39% to end at 7,234.92 and 20-script S&P SL20 index gained 29.38 points or +0.74% to end at 4,018.98.  Price progression in counter such as Bukit Darah (closed at LKR 725.00, +2.7%), Hemas Holdings (closed at LKR 58.40, +4.7%) and Commercial bank (closed at LKR 159.00, +1.3%) contributed positively to the index performance.

Price movements in sectors such as Footwear & Textiles, Construction & Engineering and Oil Palm affected favorably to the index movement.

Daily market turnover crossed the LKR 2bn mark for the fourth consecutive day and reached LKR 2.5bn. Chevron Lubricants topped the turnover list with LKR 271mn whilst Access Engineering (LKR 178mn) and Citizens Development Business Finance (LKR 146mn) attained second and third positions respectively.

A number of negotiated deals were recorded in Access Engineering (3.4mn shares at LKR 28.30-28.50 per share), Seylan Bank (0.4mn shares at LKR 54.00 per share), Citizens Development Business Finance (0.9mn shares at LKR 90.00 per share), John Keells Holdings (0.5mn shares at LKR 258.00 per share), Commercial Bank (0.2mn shares at LKR 157.00 per share) and DFCC Bank (0.2mn shares at LKR 195.00 per share). Negotiated deals represented 15% of the daily turnover.

Out of 285 counters traded, 146 advanced, 76 slipped while 63 counters remained unvaried. Cash map marginally declined to 54% from 56%. 38 counters reached 52wk high price level while only George Steuart Finance and Serendib Engineering touched 52wk low price level.

Meanwhile shares of Richard Pieris & Company, Access Engineering and Hayleys MGT Knitting Mills managed to attracted heavy investor attention during the session.

Foreign investors were net buyers for the fourth consecutive day with a net inflow of LKR 196mn. Foreign participation was 29%. Net foreign inflows were seen in John Keells Holdings (LKR 59mn), Hemas Holdings (LKR 57mn) and Chevron Lubricants (LKR 20mn) while net foreign outflow was mainly seen in Access Engineering (LKR 60mn).

Lanka Securities Research