Colombo bourse swung between gains and losses on Thursday and close in positive territory amid the further decline in Treasury bills in yesterday’s auction. The benchmark All Share Price index advanced 20.61 points or 0.29% to end at 7,212.90 while S&P SL 20 index marginally gained 0.56 points (+0.01%) to end at 4,059.54.

The gains were mainly fuelled by price appreciations in counters such as Cargills (closed at LKR 145.00, +7.4%), Commercial Leasing & Finance (closed at LKR 4.50, +7.1%) and Dialog Axiata (closed at LKR 11.50, +1.8%).

Daily market turnover crossed the LKR 1bn mark for the third consecutive session to record LKR 1.2bn. Union Bank positioned at the top of the turnover list with LKR 224mn underpinned by hefty crossings where 6mn shares traded at LKR 25.50 per share. UBC’s crossings represented 13% of the market turnover. Other crossings were recorded in Pananasia Power (20.5mn shares at LKR 3.50 per share) and DFCC Bank (0.1mn shares at LKR 220.00 per share). Total crossings accounted for 22% of the market turnover.

Further, Panasian Power (LKR 116mn), Textured Jersey (LKR 104mn) and ACL Cables (LKR 81mn) contributed next best contributions to the turnover.

Gainers surpassed the losers 123 to 80 while 53 counters remained unchanged. Cash map marginally declined to 46% from 49%. 7 counters advanced to 52wk high prices.

Shares of Textured Jersey, Union Bank, Vallibel Power and Asia Asset Finance were among mostly traded counters for the session. Textured Jersey touched a 52wk high price of LKR 29.80, +2.8% (closed at LKR 29.30, +1%) while Vallibel Power advanced to a 52wk high price of LKR 9.90, +5.3% (closed at LKR 9.70, +3.2%). Moreover Overseas realty declined to LKR 23.90, -3.8% on the XD and XR date.

Meanwhile Janashakthi group has increased their shareholding in Citizen Development Business Finance to 10.23% by acquiring 0.5mn shares yesterday.

Singer (Sri Lanka) announced that subsequent to a review of the legal and management structure of Singer Asia Limited overall operations; Singer (Sri Lanka) B.V has offered to sell its controlling interest in affiliate companies namely Regnis (Lanka) and Singer Industries (Ceylon). Accordingly the purchase would result in Singer (Sri Lanka) being the holding company of Regnis (Lanka) and Singer Industries (Ceylon).

Foreign investors continued to be net sellers with a net foreign outflow of LKR 131mn for the fourth consecutive session. Foreign participation was 21%. Net foreign outflows were seen in Union Bank (LKR 146mn), Peoples Leasing (LKR 18mn) and Hatton National Bank (LKR 7mn) while net foreign inflow was mainly seen in Textured Jersey (LKR 35mn).

Lanka Securities Research