Colombo bourse started the weekly operations on Monday with positive returns, recording a nearly one month high turnover of LKR 2.3bn. Core index gained 12.02 points (0.18%) to end at 6,822.15 whereas S&P SL 20 index marginally gained 0.91 points (0.02%) to end at 3,760.33. The gains were mainly led by price progressions in Ceylon Tobacco (closed at LKR 1,155.00,+2.2%), John Keells Holdings (closed at LKR 237.00, +0.6%) and Commercial Leasing & Finance (closed at LKR 4.50, +4.7%).

Trade Finance & Investments (TFIL) topped the turnover list with LKR 1.5bn underpinned by major negotiated deals totaling to 42.2mn shares which changed hands at LKR 28.00 per share. According to the disclosure made by the company, five shareholders namely A.M.J Cooray, N.T.M.S Cooray, N.J.H.M Cooray, N.J Cooray Builders (Pvt) Ltd and Jetwing Travels (Pvt) Ltd aggregating to a holding of 75.43% of the total issued capital have divested their entire stake to Commercial Credit & Finance (COCR). TFIL closed at LKR 28.00, +2.9%. COCR closed at LKR 25.40,+1.6%. Further, Commercial Bank (LKR 74mn) and Chevron Lubricants (LKR 53mn) recorded next best turnovers.

Several other crossings were recorded in Commercial Bank (0.4mn shares at LKR 143.00 per share) and Chevron Lubricants (0.2mn shares at LKR 310.00 per share). Aggregate value of crossings represented 56% of the total market turnover.

Gainers surpassed the losers 113 to 99, while 62 counters remained unchanged. Cash map inclined to 71% from 51%.

Meanwhile shares of Central Investments & Finance, Browns Investments and Commercial Credit & Finance attracted heavy investor interest during the session.

Foreign investors were net buyers with a net inflow of LKR 33mn worth of equities. Foreign participation was 7%. Foreign inflows were seen in Chevron Lubricants (LKR 46mn), Tokyo Cement (LKR 26mn) and Lanka Hospitals (LKR 5mn) while outflow was mainly seen in Trade Finance & Investments (LKR 23mn).

Further Hatton National Bank announced that they have granted approval in principle to acquire 51% of the issued and fully paid up voting shares of Prime Grameen Micro Finance Limited from Prime Lands (Pvt) Ltd for a total price of LKR 660mn.

Lanka Securities Research