Colombo stock market rebound on Wednesday where both indices witnessed positive returns. Main index bagged 25.20 index points or 0.35% to end at 7,263.50 while 20-scrip S&P SL index gained slightly by 6.58 index points (+0.16%) to close at 4,069.75. Price inclines in Commercial Leasing (closed at LKR 4.70, +9.3%), Dialog Axiata (closed at LKR 13.50, +2.3%) and Nestle Lanka (closed at LKR 2,100.10, +0.1%) lifted index performance.

Daily market turnover was LKR 3.8bn. Market turnover was mainly driven by a single crossing of 17mn shares of DFCC Bank at LKR 208.00.  The crossing accounted for 92% of the total turnover.

Accordingly DFCC Bank emerged as top contributor to the turnover with LKR 3.5bn followed by John Keells Holdings (LKR 52mn) & Access Engineering (LKR 30mn) respectively.

Out of 221 counters traded, 114 advanced, 53 declined while 54 remained unchanged. Cash map advanced to 49% from 41%. 6 counters touched 52wk low prices while 2 counters managed to reach 52wk high prices.

Access Engineering, Union Bank & Browns Investments attracted heavy investor preference. Amana Takaful right shares were among heavily traded counters for the second consecutive day.

Meanwhile Central Finance announced that the company has purchased the remaining shares of Isuru Leasing Company Limited (ILCL) for a consideration of LKR 5.6mn. Subsequently ILCL became a fully owned subsidiary of Central Finance.

Foreign investors were net buyers for the second consecutive day with net inflow of LKR 11mn. Foreign participation was 1%. Net foreign inflows were seen in Renuka Holdings (LKR 10mn), Nestle Lanka (LKR 8mn), Sampath Bank (LKR 6mn) while net foreign outflow was mainly seen in Access Engineering (LKR 5mn).

Further at the extraordinary general meeting of East West Properties, shareholders have approved the proposed purchase of 36mn ordinary shares of Weligama Hotel Properties for a consideration of LKR 324mn.

Lanka Securities Research