Colombo bourse closed on positive note on Tuesday amid positive earnings and dividend announcements. The main index notably advanced by 44.98 points or 0.62% to record a nearly 10 week high of 7,258.61 while S&P SL 20 index record a nearly one month high of 4,073.56 with a gain of 12.52 points (+0.31%).

Today’s gains were mainly fuelled by price appreciation in counters such as Distilleries (closed at LKR 289.00, +5.4%), Lanka Orix Leasing Company (closed at LKR 98.00, +7.1%) and Commercial Leasing and Finance (closed at LKR 4.50, +7.1%).

Daily market turnover crossed the LKR 1bn mark to record LKR 1.1bn without negotiated deals. Commercial Bank emerged as the top contributor to the market turnover with LKR 132mn followed by Regnis Lanka (LKR 65mn), Lanka Walltiles (LKR 58mn) and John Keells Holdings (LKR 57mn).

Out of 263 shares traded, 133 counters advanced 76 slipped while 54 counters remained unchanged. 13 counters touched 52wk high prices during the session while only Expolanka Holdings (closed at LKR 8.70, +2.4%) and Anilana Hotels & Properties (closed at LKR 5.00) dropped to 52wk low prices. Expolanka dropped to a 52wk low price of LKR 8.40, -1.2% and Anilana Hotels & Properties dropped to a 52wk low price of LKR 4.90, -2%. Cash map marginally declined to 53% from 54%.

Further shares of Alufab, Swisstek Ceylon and Alumex were among heavily traded counters for the session. All three counters touched 52wk high prices where Alufab recorded a 52wk high price of LKR 35.80 (closed at LKR 35.80, +12.9%) while Swisstek Ceylon and Alumex recorded 52wk high prices of LKR 65.00 (closed at LKR 64.50, +8.2%) and LKR 18.50 (closed at 18.40, +9.5%) respectively.

Meanwhile several companies released interim financial statements for the March quarter today. Subsequent to the positive interim results of Regnis Lanka, the counter advanced to LKR 118.00 recording a 52wk high price but closed at LKR 116.00 (+22.1%). Further Hayleys MGT recorded a notable profit growth of 141% for 4QFY15. Reflecting the favorable results and anticipation on GSP+ scheme the counter advanced to LKR 19.50 but closed at LKR 19.30, +1.1%. LB Finance also advanced today to LKR 184.30 recording a 52wk high price following to the positive earnings. The counter closed at LKR 182.00, +3.7%.

Foreign investors continued to be net sellers with a net foreign outflow of LKR 183mn for seven days in a row. Foreign participation was 20%. Net foreign outflows were seen in Commercial Bank (LKR 128mn), John Keells Holdings (LKR 49mn) and Sampath Bank (LKR 35mn) while net foreign inflow was mainly seen Ceylon Cold Stores (LKR 29mn).

Lanka Securities Research