Colombo equities touched 7,500 strategic mark on Thursday amid 4 week high turnover. Core index gained 10.28 index points or 0.14% to end at 7,479.69 while S&P SL20 index advanced by 7.27 index points (0.18%) to close at 4,143.86. Price inclines in counters such as Access Engineering (closed at LKR 39.10, +6.3%), Vallibel One (closed at LKR 24.60, +3.8%) and Dialog Axiata (closed at LKR 12.50, +0.8%) contributed positively to the index performance.

Daily market turnover was LKR 4.1bn. People’s Leasing & Finance emerged as the top contributor to the total turnover with LKR 773mn supported by several crossings of 20.9mn shares at LKR 24.00-25.00. John Keells Holdings and Dialog Axiata were next best contributors to the turnover.

Numerous crossings were recorded in Dialog Axiata (26.7mn shares at LKR 12.50), John Keells Holdings (1.1mn shares at LKR 259.00), Hatton National Bank (0.2mn shares at LKR 200.00), Seylan Bank (0.4mn shares at LKR 95.00) and Sampath Bank (0.1mn shares at LKR 235.10). Aggregate value of crossings represented 31% of the total turnover.

Out of 284 stocks, 129 slipped, 110 advanced while 45 stocks remained unchanged. Cash map declined to 56% from 66%. 41 counters reached 52wk high prices while 4 counters touched 52wk low price levels.

Following the release of interim financial statements, Royal Ceramic and Kelani Tyres counters reached 52wk high price of LKR 125.00 & LKR 77.50 and closed at LKR 119.90 (-0.1%) & LKR 77.50 (+2.4%) respectively.

Janashakthi Insurance, People’s Leasing Finance and Textured Jersey continued to attract heavy investor preference during the day. All three counters reached 52wk high prices of LKR 25.00, LKR 25.00, and LKR 21.80 respectively.

Meanwhile, all cable counters such as Kelani Cables (LKR 98.00, +4.3%), ACL Cables (LKR 81.50, +4.6%) and Sierra Cables (LKR 2.50, +8.7%) reached 52wk high price levels.

Most of the banking counters such as National Development Bank (LKR 255.00, +1.6%), DFCC Bank (LKR 231.00, +0.8%), Hatton National Bank (LKR 200.00, +0.1%), Sampath Bank (LKR 240.00, +1.8%) and Nations Trust Bank (LKR 97.10, +1.0%) advanced during the session.

Following to interim dividend announcement of Nestle Lanka counter advanced to LKR 2,121.00, (+0.1%).

Further Central Finance Company reached 52wk high price of LKR 255.00 following to the announcement of acquisition of Isuru Leasing Company.

Foreign investors closed the day as net buyers for the sixth consecutive day with net inflow of LKR 1.1bn worth of equities. Foreign participation was 20%. During the four days of the week, market witnessed LKR 2.3bn net foreign inflows. Net foreign inflows were seen in People’s Leasing & Finance (LKR 490mn), Dialog Axiata (LKR 232mn), John Keells Holdings (LKR 220mn) while net foreign outflows was mainly seen in Access Engineering (LKR 25mn).

Lanka Securities Research