Colombo equity market started weekly operations on a positive note as main bourse gained 21.49 points (+0.33%) to close at 6,499.00 while 20-script S&P SL20 index gained 7.21 points (+0.20%) to close at 3,617.89. Price appreciation in counters such as Lion Brewery (closed at LKR 525.00, +15%), John Keells Holdings (closed at LKR 227.00, +1%) and Dialog Axiata (closed at LKR 10.80, +3%) contributed positively to the index movement.

Daily market turnover was LKR 1.4bn. John Keells Holdings (LKR 224mn) topped the turnover list underpinned by four negotiated deals totaling to 0.9mn shares at the price range of LKR 225.00-227.00 per share. Distilleries (LKR 93mn) and PC Pharma (LKR 88mn) recorded the next best contribution to the market turnover. Several crossings were recorded in Chevron Lubricants (0.2mn shares at LKR 310.00 per share), Commercial Bank (0.3mn shares at LKR 145.60 per share), Dialog Axiata (4mn shares at LKR 10.80 per share), Distilleries (0.2mn shares at LKR 205.10 per share), Cargills (0.3mn shares at LKR 150.00 per share) and Hatton National Bank (0.1mn shares at LKR 166.00 per share). Aggregate value of crossings represented 32% of the total market turnover.

Gainers surpassed losers 142 to 81, while 54 counters remained unchanged. Cash map marginally improved to 56% from 53%.

Meanwhile penny stocks such as PC Pharma, PCH Holdings and Central Investments & Finance traded heavily during the session.

Foreign investors continued to be net sellers with LKR 168mn worth of equities. Foreign participation was 22% for the day. Foreign outflows were seen in John Keells Holdings (LKR 160mn), Distilleries (LKR 51mn) and CIC (LKR 9mn) while foreign inflow was mainly seen in Chevron Lubricants (LKR 47mn).

Sunshine Holdings made an announcement to the CSE informing that Aureos South Asia Fund LLC have sold 2mn shares in the company at LKR 32.00. Accordingly, Aureos South Asia Fund LLC has now sold all the shares in the company.

Further Adam Investments informed that they obtained an interim order from the Commercial High Court restraining PCH Holding from selling any of its assets.

Lanka Securities Research