Colombo bourse started the weekly operations on a flat note where All Share Price index marginally declined by 3.98 points or -0.05% to end at 7,284.76 while S&P SL 20 index declined by 13.32 points (-0.33%) to end at 4,053.82.

Today’s losses were mainly driven by price depreciations in index high cap counters such as Commercial Bank (closed at LKR 165.10, -2.1%), Distilleries (closed at LKR 280.00, -3.1%) and John Keells Holdings (closed at LKR 200.50, -0.7%)

Daily market turnover was LKR 763mn. Commercial Credit & Finance emerged as the top contributor to the market turnover with LKR 76mn underpinned by the single crossing where 0.8mn shares changed hands at LKR 72.00 per share. The crossings represented 7% of the total market turnover. Further Asian Alliance Insurance (LKR 60mn), Alufab (LKR 34mn) and Hayleys (LKR 32mn) recorded next best contributions to the turnover.

Reflecting the lackluster trading session, losers surpassed the gainers 103 to 99 while 50 counters remained unchanged. Cash map marginally improved to 53% from 52%. 14 counters advanced to 52wk high prices while 4 counters dropped to 52wk low prices.

Asian Alliance Insurance attracted heavy investor interest during the session subsequent to the announcement of subdivision. The counter reached to a 52wk high price of LKR 174.40, +24.3%, but closed at LKR 172.00, +22.6%. Further shares of Alufab, Sanasa Development Bank, Softlogic Holdings and Softlogic Capital were among mostly traded counters.

Moreover Laugfs gas attracted heavy investor preference during the session following to the notable profit growth of 827%YoY in 4QFY15 and attractive dividend announcement. The company declared a first and final dividend of LKR 2.00 per share during the session which translated to a dividend yield of 5.3%. Laugfs gas voting share closed at LKR 41.90, +6.9% while the non-voting share closed at LKR 38.50, +6.1%.

In addition Aitken Spence and Aitken Spence Hotel declared first and final dividend of LKR 2.00 and 1.50 per share respectively.

Foreign investors were turned to be net buyers with a net foreign inflow of LKR 78mn after three consecutive sessions of outflows. Foreign participation was 15%. Net foreign inflows were seen in Commercial Credit & Finance (LKR 69mn), Vallibel Power (LKR 8mn) and Alufab (LKR 8mn) while net foreign outflow was mainly seen in FLC Holdings (LKR 15mn).

Lanka Securities Research