The Colombo bourse wrapped up the weekly operations on a positive note with benchmark indices gaining notably. The All Share Price Index gained 43.86 points (+0.7%) to close at 6,337.22 while S&P SL 20 index gained 28.45 points (+0.8%) to close at 3,505.03. The index performance was supported by price appreciations in index heavy counters such as Sri Lanka Telecom (closed at LKR 48.00, +1.10%), Bukit Darah (closed at LKR 650.00, +2.9%) and Lanka Orix Leasing (closed at LKR 90.90, +4.1%).

The cash map improved to 69% from 57%. Gainers outweighed losers 162 to 59, while 53 counters remained unchanged.

The daily market turnover was LKR 809mn. The premier blue-chips John Keells Holdings and Commercial Bank topped the turnover list with a turnover of LKR 161mn and 121mn respectively. Both these counters witnessed crossings where 0.46mn shares of JKH changed hands at LKR 234.50 while 0.43mn shares of Commercial Bank changed hands at LKR 132.00. The crossings accounted for 20% of the market turnover. JKH closed at LKR 234.40 (-0.04%) while Commercial Bank closed at LKR 134.00 (+1.52%). Further, Hemas Holdings (LKR 34mn), Sampath Bank (LKR 33mn) and Hatton National Bank – nonvoting (LKR 30mn) made notable contribution to the turnover.

Subsequent to the rights issue announcement, (4 new shares for every 11 existing shares held at LKR 9.50 per share), Hayleys MGT share price declined 17.3% to LKR 11.00. The share was traded heavily along with shares of Blue Diamond and Laxapana Batteries.

Foreign investors were net buyers of LKR 176mn worth of shares. Net foreign inflows were seen in counters such as John Keells Holdings (LKR 112mn), Sampath Bank (LKR 19mn), Chevron Lubricants (LKR 19mn) and net foreign outflows were seen in counters such as Ceylon Guardian (LKR 14mn) and Dialog Axiata (LKR 3mn). The foreign participation accounted for 32% of the market activity.

Lanka Securities Research