Colombo stock market dipped for the second consecutive session on Thursday ahead of the potential constitutional amendment due in next week. All share index shed 14.44 points (-0.21%) to end at 6,899.89 while 20-scrip S&P SL index declined by 0.25% (9.83 index points) to close at 3,894.49.

Index decline was mainly led by price depreciation in counters such as Ceylon Tobacco (closed at LKR 1,000.20, -1%), Commercial Leasing & Finance (closed at LKR 4.00, -4.8%) and Asian Hotels & Properties (closed at LKR 63.20, -2.8%).

Daily market turnover was LKR 658mn. John Keells Holdings emerged as the top contributor to the total turnover with LKR 188mn underpinned by a single crossing of 0.3mn shares at LKR 204.50. Commercial Bank and FLC Holdings were among best contributors to the turnover with LKR 139mn and LKR 75mn respectively.

Numerous crossings were recorded in Commercial Bank (0.3mn shares at LKR 164.00 per share) and Dialog Axiata (3.0mn shares at LKR 11.00 per share). Aggregate value of crossings represented 21% of the total turnover.

Out of 208 counters, 86 slipped 75 advanced while 47 remained unchanged. Cash map advanced to 46% from 30%. 05 counters touched 52wk low prices while only Vidullanka managed to reach a 52wk high price of LKR 7.20 (+1.4%) for the third consecutive day.

Gestetner of Ceylon rights witnessed heavy investor activity where counter declined to LKR 15.50 during the session but managed to close higher at LKR 17.90, -37%. Meanwhile Lucky Lanka Milk Processing Company non-voting, Citrus Leisure Warrant 0019 and FLC Holdings were among heavily traded counters.

Subsequent to the announcement of first & final dividend of LKR 3.00 per share, shares of Property Developers advanced to LKR 95.80 (+0.3%) during the session and closed at LKR 95.60, +0.1%.

Foreign investors positioned as net buyers for the sixth consecutive day with a net inflow of LKR 150mn. Foreign participation was 47%. Net foreign inflows were seen in John Keells Holdings (LKR 166mn), Dialog Axiata (LKR 46mn) and Commercial Bank (LKR 7mn) while net foreign outflow was mainly seen in Laugfs Gas (LKR 38mn).

Lanka Securities Research