Colombo stock market started its weekly operations on a mixed note where main index failed to maintain the momentum gained on last week. Main index marginally shed 1.03 index points or 0.01% to close at 7,251.57 while 20-scrip S&P SL20 index slightly increased by 0.82 index points (+0.02%) to end at 4,063.61. Price declines in Ceylinco Insurance (closed at LKR 1,330.00, -4.9%) & John Keells Holdings (closed at LKR 251.00, -0.1%) negatively affected the core index performance while price inclines in Cargills (Ceylon) (closed at LKR 155.00, +2.0%) & Lion Brewery (closed at LKR 612.00, +0.3%) contributed positively to the S&P SL20 index performance.

Daily market turnover was LKR 868mn. Commercial Bank topped the turnover list with LKR 253mn underpinned by several crossings of 1.5mn shares at LKR 165.00. Turnover from the counter accounted for 29% of the total turnover. Chevron Lubricants and Pan Asian Power were next best contributors to the turnover with LKR 107mn and LKR 52mn respectively.

Several crossings were recorded in Cargills (Ceylon) (0.17mn shares at LKR 155.00), Panasian Power (10mn shares at LKR 3.00) and Chevron Lubricants (0.22mn shares at LKR 399.00). Aggregate value of crossings represented 45% of the total turnover.

Out of 222 counters, 93 advanced, 77 declined while 52 counters remained unchanged. Cash map declined to 51% from 66%. 2 counters reached 52wk high price while 2 counters touched 52wk low prices.

Panasian Power was the most favored counter for the day. Counter reached 52wk high price of LKR 3.20 and closed at LKR 3.10 (+3.3%). Access Engineering, Renuka Holdings and MTD Walkers were among heavily traded counters.

Most of the banks such as DFCC Bank (LKR 224.00, +3.0%), Sampath Bank (LKR 235.10, +0.1%), Sanasa Development Bank (LKR 94.70, +0.7%), HDFC Bank (LKR 66.00, +0.8%), Nations Trust Bank (LKR 96.00, +0.7%), Pan Asian Bank (LKR 25.00, +2.0%) and Amana Bank (LKR 5.10, +2.0%) advanced while Hatton National Bank (LKR 196.00, -0.3%) declined during the day. National Development Bank (LKR 241.00), Commercial Bank (LKR 165.00) & Seylan Bank (LKR 94.00) remained unvaried.

Foreign investors were net sellers for the day with LKR 179mn. Foreign participation was 37%. Net foreign outflows were seen in Commercial Bank (LKR 252mn), Commercial Bank non-voting (LKR 10mn), Hatton National Bank (LKR 10mn) while net foreign inflow was mainly seen in Chevron Lubricants (LKR 85mn).

Lanka Securities Research