Colombo equities swung between gains and losses on Tuseday and bounced back to close in a positive territory. The All Share Price index dropped to 6,903.21 (14.3 points, -0.2%) during the morning session, but managed to close at 6,927.25 with a gain of 9.74 points or 0.14%. S&P SL 20 index gained 15.79 points (+0.41%) to end at 3,909.66.

Today’s gains were fuelled by the price inclines in counters such as Carson Cumberbatch (closed at LKR 400.00, +6.7%), Good Hope (closed at LKR 1,899.00, +14.9%) and Chevron Lubricants (closed at LKR 394.90, +1.8%).

Daily market turnover was LKR 457mn. John Keells Holdings positioned at the top of the turnover list with LKR 185mn underpinned by two crossings where approx. 0.4mn shares changed hands at LKR 202.00 per share. JKH's turnover contributed 40% of the market turnover. Another crossing was recorded in DFCC Bank (0.3mn shres at LKR 205.00 per share). Total crossings represented 27% of the market turnover.

Further, DFCC Bank (LKR 59mn), Tokyo Cement (LKR 44mn) and Seylan Bank (LKR 18mn) recorded next best contributions to the turnover.

Gainers surpassed the losers 97 to 74 while 55 counters remained unvaried. 08 counters dropped to 52wk low prices while only Vidullanka touched a 52wk high price of LKR 7.10, 2.9%. Cash map declined to 35% from 48%.

Moreover Gestetner of Ceylon rights attracted heavy investor interest during the session. The rights closed at LKR 29.00, +190% and emerged as the top gainer for the day. Further shares of John Keells Holdings Warrant 0022, Access Engineering, Entrust Securities and Lucky Lanka Milk Processing Company were among mostly traded counters.

Foreign investors were net buyers for the fourth consecutive session with a net inflow of LKR 113mn. Foreign participation was 38%. Net foreign inflows were seen in John Keells Holdings (LKR 143mn), Nestle Lanka (LKR 9mn) and Access Engineering (LKR 6mn) while net foreign outflow was mainly seen in DFCC Bank (LKR 60mn).

Lanka Securities Research