Colombo bourse started weekly operations on negative note continuing the lackluster trading session for third consecutive date.  Core index marginally shed 6.11 index points or 0.08% to end at 7,230.26 while 20-scrip S&P SL index slightly dropped by 5.53 index points (-0.14%) to close at 4,069.61. Price declines in counters such as John Keells Holdings (closed at LKR 252.00, -0.4%), Carson Cumberbatch (closed at LKR 425.20, -1.1%) & Ceylon Cold Stores (closed at LKR 260.00, -1.9%) affected index performance.

Daily market turnover declined to nearly 6 month low of LKR 340mn. John Keells Holdings top the turnover list with LKR 52mn followed by Colombo Land & Development (LKR 36mn) & The Finance non-voting (LKR 18mn) respectively. No crossings were recorded during the session.

Out of 235 counters, 98 slipped, 85 advanced while 52 counters remained unchanged. Cash map marginally declined to 49% from 51%. 3 counters touched 52wk low price levels.

Subsequent to interim dividend of People’s Leasing & Finance, counter reached to LKR 24.70 and closed at LKR 24.40, (+0.4%).

Both The Finance voting & non-voting stocks were traded heavily during the day. Further Colombo Land & Development, Blue Diamonds voting & non-voting counters were among heavily traded counters.

Meanwhile Anilana Hotels & Properties rights were listed during the session and counter remained unchanged at LKR 7.50.

Most of the banking counters such as Hatton National Bank (LKR 195.00, -0.5%), DFCC Bank (LKR 215.20, -0.8%), Sanasa Development Bank (LKR 95.00, -2.1%), HDFC Bank (LKR 62.00, -2.7%), Amana Bank (LKR 5.00, -2.0%), Seylan Bank (LKR 92.50, -2.2%) & Nations Trust Bank (LKR 95.00, -0.5%) slipped while National Development Bank (LKR 242.10, +0.1%) & Sampath Bank (LKR 235.50, +0.2%) advanced during the day. Commercial Bank (LKR 170.00) & Union Bank (LKR 24.00) remained unvaried.

Foreign investors were net buyers for the third consecutive day with a net inflow of LKR 61mn. Foreign participation was 21%. Foreign net inflows were seen in John Keells Holdings (LKR 51mn), Commercial Bank (LKR 12mn), Tokyo Cement (LKR 10mn) while net foreign outflow was mainly seen in Aitken Spence (LKR 10mn).

Lanka Securities Research