October, 20, 2014
Colombo stock market started weekly operations on negative note where both indices shed returns gained. Core index declined by 21.02 index points or 0.29% to close at 7,213.45 and S&P SL20 index decreased by 21.39 index points (-0.53%) to close at 4,008.16. Price declines in counters such as Commercial Bank (closed at LKR 163.00, -0.4%), Nestle Lanka (closed at LKR 2,080.20, -0.9%) and John Keells Holdings (closed at LKR 247.00, -0.4%) affected index performance.
Daily market turnover failed to cross the LKR 1bn mark after 33 sessions and recorded LKR 864mn. Seylan Bank topped the turnover list with LKR 91mn followed by Seylan Developments (LKR 74mn) & John Keells Holdings (LKR 60mn). Single crossing recorded in Seylan Developments (5mn shares at LKR 14.50) accounted for 8% of the total turnover.
Out of 270 counters, 136 slipped, 86 advanced and 48 remained unchanged. Cash map declined to 38% from 50%. 9 counters reached 52wk high prices while Lucky Lanka Milk Processing Company non-voting, Blue Diamonds non-voting and Nation Lanka Finance touched 52wk low price levels.
Capital Alliance Finance, Alufab & First Capital Holdings attracted heavy investor preference during the session.
Sanasa Development Bank announced dates of the right issue and counter closed at LKR 92.70, -2.4%.
Further, Bansei Royal Resorts Hikkaduwa entered into a new agreement with Jetwing Hotels Ltd to manage the operations of the hotels w.e.f 01st December 2014. Accordingly, the agreement with Amaya Leisure was terminated with effect from 01st October 2014.
Meanwhile Hayleys announced that company would make a mandatory offer to purchase the balance approx. 4.7mn shares (39.3%) of Alufab at a price of LKR 23.00 per share.
Foreign investors were net buyers with net inflow of LKR 8mn. Foreign participation was 8%. Net foreign inflows were seen in counters such as Laugfs Gas non-voting (LKR 13mn), Commercial Credit & Finance (LKR 10mn), Hemas Holdings (LKR 9mn) while net foreign outflow was mainly seen in John Keells Holdings (LKR 31mn).
Lanka Securities Research
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