Colombo stock market closed on mixed note on Tuesday after the significant decline during yesterday’s session. ASI reached 7,403.08 (+35 points) during the morning session, but did not manage to sustain the positive momentum during the latter part and closed lower at 7,368.50 with a marginal gain of 1.82 index points (+0.02%). 20-scrip S&P SL index declined by 6.59 index points or 0.16% to end at 4,133.52.

Price appreciations in counters such as Ceylon Tobacco (LKR 1,009.70, +3.3%), Distilleries (LKR 235.00,+1.6%), Lanka IOC (LKR 53.50,+2.9%), Asian Hotels & Properties (LKR 70.20. +3.2%) & Commercial Leasing & Finance (closed at LKR 4.50, +2.3%) contributed positively to the ASI index while price declines in John Keells Holdings (LKR 235.00,-0.9%), Nestle Lanka (LKR 2,162.20, -1.7%) & Carson Cumberbatch (LKR 425.00, -3.2%) affected the performance of the S&P SL20 index.

Daily market turnover reached LKR 626mn recording the lowest turnover for the year. Commercial Bank topped the turnover list with LKR 99mn supported by a single crossing of 0.5mn shares at LKR 180.00. Turnover from the counter accounted for 16% of the total turnover.

John Keells Holdings & Hatton National Bank non-voting were next best contributors to the turnover with LKR 93mn & LKR 28mn respectively.

Out of 244 counters, 116 advanced, 74 declined while 54 counters remained unchanged. Cash map advanced to 40% from 31%. Ceylinco Insurance stock reached and closed at 52wk high price of LKR 1,500.00 while 11 counters touched 52wk low price.

Ascot Holdings rights started trading today and counter a high of LKR 50.00 and closed at LKR 48.70 (+13.8%) while Palm Garden Hotels rights, which also commenced trading today, reached a high of LKR 5.00 and closed at LKR 0.70 (-68.2%).

Access Engineering, Lanka IOC and Sierra Cables attracted heavy investor participation.

Blue-chips such as Hemas Holdings, Chevron Lubricants, Cargills and LOLC slipped during the trading session.

Furthermore, the entire high cap banking sector counters such as National Development Bank (+1.6%), Hatton National Bank (+0.3%), Commercial Bank (+0.1%), Sampath Bank (+0.1%) and DFCC Bank (+0.4%) advanced today.

Foreign investors were net sellers with a net outflow of LKR 21mn. Foreign participation was 23%. Net foreign outflows were seen in John Keells Holdings, Hatton National Bank non-voting, Seylan Bank while net foreign inflow was mainly seen in Sampath Bank.

Lanka Securities Research