Colombo equities concluded the weekly operations with mixed results on Friday as main index gained 22.08 points (+0.31%) to end at 7,252.60 while S&P SL 20 index marginally lost 6.30 points (-0.15%) to end at 4,068.57.

During the week the core index gained 16.23 points or 0.2% while S&P SL 20 index lost 12.35 points or 0.3%. So far in the month of December All share price index gained 98.70 points (+1.4%) and 20-script S&P SL index gained 91.67 points (+2.3%).

Daily market turnover was LKR 661mn. Panasian Power topped the turnover list with LKR 111mn followed by   Asian Alliance Insurance (LKR 82mn) and Commercial Bank (LKR 65mn).

Several Crossings were recorded in Asian Alliance Insurance (0.6mn shares at LKR 149.70 per share), Panasian Power (26.4mn shares at LKR 3.00 per share), Commercial Bank (0.2mn shares at LKR 168.00 per share), Dialog Axiata (2.4mn shares at LKR 13.40 per share), Union Bank (closed at LKR 1mn shares at LKR 24.00 per share) and People’s Leasing (0.9mn shares at LKR 24.00 per share). Total crossings accounted for 46% of the market turnover.

Gainers surpassed the losers 128 to 51 while 41 counters remained unchanged.  3 counters reached the 52wk low price levels while only Panasian Power touched the 52wk high price level. Cash map improved to 66% from 57%.

Further shares of Renuka Holdings (voting & non-voting), Browns Investments and Panasian Power traded heavily during the session.

Most of the banking sector counters advanced today. Nations Trust Bank (closed at LKR 95.40, +3.6%), Pan Asia Bank (closed at LKR 24.50, +1.7%), Sanasa Development Bank (closed at LKR 94.00, +0.8%), Union Bank (closed at 24.80, +3.3%) and DFCC Bank (closed at LKR 220.00, +1.8%) advanced while Commercial Bank (closed at LKR 165.00, -2.4%) and National Development Bank (closed at LKR 241.00, -0.4%) declined.

Foreign investors were net buyers for the day after two consecutive days of net foreign outflows. Net foreign inflow was LKR 14mn while foreign participation was 21%. Foreign net inflows were seen in Commercial Bank (LKR 65mn), People’s Leasing (LKR 35mn), Dialog Axiata (LKR 33mn) while net foreign outflow was mainly seen in Gestetner of Ceylon (LKR 7.5mn).

Foreign investors were net sellers for the week with a net outflow of LKR 209mn. Weekly net foreign participation was at 34%. Net foreign outflow was mainly seen in John Keells Holdings (LKR 240mn) whereas net foreign inflow was mainly seen in Lion Brewery (LKR 145mn). Consequently, the net foreign inflow during the year is LKR 21.7bn.

Pan Asia Bank positioned at the top of the contribution list of the weekly turnover with LKR 643mn followed by Lion Brewery (LKR 592mn) and John Keells Holdings (LKR 569mn).

Moreover SMB Leasing non-voting share emerged as the top gainer for the week while Malwatta Plantation non-voting share emerged as the top loser.

Meanwhile Alliance Finance Debenture was oversubscribed after hours of opening and the issues were closed today.

Lanka Securities Research