Colombo bourse continued the positive momentum for the fourth consecutive session on Monday to start the weekly activities in green territory. The benchmark All Share Price index crossed the 7,200 mark to end at 7,202.11 with a gain of 23.11 points or 0.32%. S&P SL 20 index gained 10.71 points (+0.26%) to close at 4,064.16 points.

The gains were mainly led by the price appreciations in counters such as Distilleries (closed at LKR 260.00, +3.8%), Ceylon Tobacco (closed at LKR 1,010.00, +0.70%) and CT Holdings (closed at LKR 135.00, +5.1%).

Daily market turnover crossed the LKR 1bn mark after a nearly 3-week to record LKR 1.1bn. John Keells Holdings positioned at the top of the turnover list with LKR 156mn underpinned by single crossing where 0.3mn shares changed hands at LKR 206.90 per share. Other crossings were recorded in Nestle Lanka (0.1mn shares at LKR 2,299.00 per share), Hayleys (0.1mn shares at LKR 325.00 per share) and National Development Bank (0.1mn shares at LKR 270.00 per share). Total crossings represented 21% of the market turnover.

Further Commercial Bank (LKR 117mn), Nestle Lanka (LKR 115mn) and Laugfs Gas (LKR 68mn) recorded next best contributions to the turnover.

Reflecting the positive momentum, gainers surpassed the losers 134 to 69 while 51 counters remained unchanged. Cash map marginally increased to 59% from 57%. 12 counters advanced to 52wk high prices while only Expolanka Holdings dropped to a 52wk low price of LKR 8.40, -1.2%. The counter closed at LKR 8.50 with no change.

Moreover shares of Access Engineering, Swisstek Ceylon, Hemas Holdings rights and Vallibel one were among mostly traded counters. Further textile sector counters such as Textured Jersey and Hayleys MGT traded heavily amid positive expectations on GSP Plus scheme.

In addition Ceylon Guardian Investment advanced during the session to LKR 191.92, +2.4% following to the previsions session’s dividend announcement. Further Harischandra Mills declared an interim dividend of LKR 40.00 per share.

Foreign investors were net sellers with a net outflow of LKR 28mn for the second consecutive session. Foreign participation was 44%. Net foreign outflows were seen in Laugfs Gas (LKR 66mn), National Development Bank (LKR 10mn) and Citizen Development Bank non-voting (LKR 9mn) while net foreign inflow was mainly seen in John Keells Holding (LKR 21mn).

Lanka Securities Research