Colombo bourse started its weekly operations on an optimistic note as both indices managed to maintain the momentum gained on last week. Core index gained 24.69 index points or 0.36% to end at 6,942.92 while 20-scrip S&P SL index expanded by 16.67 index points (+0.44%) to close at 3,818.54. Price inclines in equities such as C T Holdings (closed at LKR 160.00, +7.7%), National Development Bank (closed at LKR 229.00, +4.1%), and Dialog Axiata (closed at LKR 11.00, + 1.9%) contributed positively to index performance.

Daily market turnover was LKR 1.15bn. Several off-the-floor dealings were recorded in counters such as Access Engineering (1.0mn shares at LKR 27.50), Chevron Lubricants (0.11mn shares at LKR 315.00), Hayleys (0.15mn shares at LKR 300.00) & DIMO (0.05mn shares at LKR 680.00). Aggregate value of the crossings represented 12% of the total turnover.

Accordingly John Keells Holdings topped the turnover list with LKR 87mn followed by Lanka Milk Foods (LKR 65mn) and Hatton National Bank (LKR 64mn) respectively.

Out of 262 traded counters, 133 counters advanced, 76 declined while 53 remained unchanged. 64 counters reached 52wk high prices while single counter touched 52wk low price levels.

Subsequent to the announcement by Orient Finance regarding the amalgamation with Bartleet Finance, counter attracted heavy investor interest during the session. Orient Finance closed at LKR 14.80, (+1.4%). Moreover, First Capital Holdings, Seylan Bank non-voting and Textured Jersey were among heavily traded counters.

Further, Asiri Central Hospitals (ASHA) announced that the company has entered into an agreement to sell the land situated in Colombo 07 at a total consideration of LKR 2.6bn.

Meanwhile SEC has decided to cancel the transaction pertaining to the sale of 31% stake in PC Pharma by Adam Investments due to the mandatory offer (made by Adam Investments) was opened at the time of the transaction.

Foreign investors were net buyers with net inflow of LKR 91mn worth of equities. Foreign participation was 12%. Net foreign inflows were seen in counters such as John Keells Holdings (LKR 49mn), Chevron Lubricants (LKR 33mn), Access Engineering (LKR 29mn) while net outflow was mainly seen in Softlogic Holdings (LKR 11mn).

Lanka Securities Research