Colombo shares concluded the weekly operation in opposite direction as main index lost 15.88 points (-0.22%) to close at 7,238.92 and S&P SL 20 index marginally gained 5.02 points (+0.12%) to close at 4,061.56.

Price declines in counters such as Ceylon Tobacco (closed at LKR 1,050.00, -1%), John Keells Holdings (closed at LKR 252.00, -0.7%) and John Keells Hotels (closed at LKR 16.50, -2.9%) contributed negatively to the ASI performance while price increases in Carson Cumberbatch (closed at LKR 430.00, +1.8%), Hayleys (closed at LKR 355.00, +4.4%) and Chevron Lubricants (closed at LKR 375.00, +1.9%) affected favorably to the 20-script S&P SL index performance.

Daily market turnover reached a two week high of LKR 2.1bn underpinned by several crossings recorded in Hemas Power (93.9mn shares at LKR 17.90 per share) and Aitken Spence (0.5mn shares at LKR 100.00 per share).  Hemas Power crossing represented 79% of the market turnover while total crossings accounted for 81% of the turnover.

Hemas Holdings sold 93.9mn shares constituting approx. 75% of the total issued share capital of Hemas Power at LKR 17.90 per share today. NDB Capital Holdings together with ACL Cables and Trydan Partners purchased the stake.

Accordingly, Hemas Power positioned at the top of the turnover list with LKR 1.7bn followed by Aitken Spence (LKR 55mn) and Commercial Bank (LKR 52mn).

Losers surpassed the gainers 98 to 78, while 61 equities remained unchanged. 04 counters touched 52wk low prices while Chevron Lubricants and Panasian Power reached 52wk high price level. Cash map marginally improved to 46% from 45%.

Further shares of Lanka Cement, Lanka IOC and Hemas Power traded heavily during the session.

Foreign investors continued to be net buyers for the 22^nd consecutive session with a net inflow of LKR 56mn. Foreign participation was unchanged at 5%. Net foreign inflows were seen in counters such as John Keells Holdings (LKR 49mn), Commercial Bank (LKR 47mn) and Chevron Lubricants (LKR 10mn) while net foreign outflow was mainly seen in Union Bank (LKR 9mn).

Further Sampath Bank announced that the bank’s debenture issue was oversubscribed and it was closed today.

Furthermore, Orient Finance has obtained approval from the CSE for listing the LKR 1bn rated guaranteed redeemable debentures. Seylan Bank also obtained approval for listing LKR 3bn debentures.

Moreover, Central Finance declared a first interim dividend of LKR 0.85 per share.

All share price index gained 85.02, +1.2% during the week while S&P SL 20 index gained 90.44 points, +2.3%. Foreign investors were net buyers for the week with a net inflow of LKR 1.3bn. Weekly net foreign participation was at 21%. Net foreign inflow was mainly seen in Access Engineering (LKR 802mn) whereas net foreign outflow was mainly seen in Nations Trust Bank (LKR 53mn). Consequently, the net foreign inflow for the year increased to LKR 21.8bn.

Hemas Power emerged as the top contributor for the weekly turnover with LKR 1.7bn followed by Access Engineering (LKR 923mn) and John Keells Holdings (LKR 669mn).

Lanka Cement top the gainers list for the week while Selinsing emerged as the top loser.

Lanka Securities Research