Colombo stock market wrapped the weekly operations in opposite directions where main bourse witnessed marginal returns with turnover crossing LKR 1bn mark. ASI index gained 0.33 index points to close at 6,722.20 while S&P SL20 index declined 8.49 index points or 0.23% to end at 3,738.98. Gains were recorded in index heavy stocks such as Sri Lanka Telecom (closed at LKR 56.00, +1.8%), Trans Asia (closed at LKR 98.00, +4.0%) and Selinsing (closed at LKR 1,800.00, +6.5%) while Lion Brewery (closed at LKR 650.00,-1.5%), Commercial Bank (closed at LKR 141.00,-0.4%) and Aitken Spence (closed at LKR 107.00,-0.8%) reported price declines.

Daily market turnover reached LKR 1.3bn supported by single crossings recorded in Lanka Ashok Leyland (0.2mn shares at LKR 1,800.00). Accordingly Lanka Ashok Leyland topped the turnover list with LKR 404mn followed by John Keells Holdings (LKR 224mn) and Access Engineering (LKR 126mn).

Gainers outweighed losers 119 to 83, while 63 counters remained unchanged. Cash map improved to 45% from 38%. 19 counters managed reach 52wk high price levels.

George Steuart Finance, Arpico Finance and several other non-banking finance companies attracted heavy investor preference. Further high investor activity was seen in Asia Asset Finance counter with the announcement of right issue of shares to raise LKR 448mn (01 new share for every 02 existing shares at LKR 1.60 per share). Objective of the right issue is to increase core capital to LKR 1bn mark to comply with Central Bank regulations.  The counter closed at LKR 1.70,-5.6%.

Foreign investors were net buyers with LKR 62mn worth of equities. Foreign participation was 6%. Foreign inflows were seen in counters such as John Keells Holdings (LKR 69mn), Nations Trust (LKR 8mn), Asian Alliance Insurance LKR 7mn) while outflow was mainly seen in Commercial Bank (LKR 33mn).

Lanka Securities Research