Colombo stock market started the weekly operations in a negative note where indices failed to retain the momentum gained in last week. ASI marginally slid by 6.17 index points or 0.10% to close at 6,048.38 while 20-script S&P SL index dropped by 1.67 index points or 0.05% to close at 3,321.43. Price depreciations in Lanka Orix Leasing (closed at LKR 75.10, -3.7%), Bukit Darah (closed at LKR 564.20, -1.1%), Carson Cumberbatch (LKR 365.00, -0.9%) and Nestle Lanka (closed at LKR 1,990.00, -0.5%) adversely impacted the today’s trading session.

Daily market turnover was LKR 538mn. Commercial Bank (LKR 203mn) topped the turnover list with the support of several crossings of 0.51mn shares at LKR 125.00, followed by John Keells Holdings (LKR 66mn) and Aitken Spence (LKR 37mn).

Moreover Asia Asset Finance, Lanka IOC, Commercial Bank attracted heavy investor participation during the session.

Further Lankem Ceylon announced that the company has acquired the 100% stake in Ceylon Tapes (Pvt) Ltd for a consideration of LKR 130mn. Ceylon Tapes (Pvt) Ltd is engaged in the business of manufacturing and trading of a range of adhesive tapes.

Gainers outweighed the losers 87 to 84, while 59 counters remained unchanged. Cash map declined to 54% from 78%. 11 counters reached 52wk low price levels while 2 managed to touch 52wk high prices.

Foreign participation was 34% while foreign investors were net buyers with net inflow of LKR 211mn. Foreign inflows were seen in counters such as Commercial Bank (LKR 202mn), John Keells Holdings (LKR 12mn) and Seylan Bank (LKR 6mn) and foreign inflow was mainly seen in Lanka Hospitals (LKR 5mn).

Lanka Securities Research