Colombo stock market started weekly operations on a positive note where both indices witnessed marginal returns. ASI gained 4.13 index points or 0.07% to close at 6,171.94 while 20-scrip S&P SL index gained 6.37 index points to close at 3,394.34. Price appreciations in Vallibel One (closed at 18.30, +2.8%), Asian Hotels and Properties (closed at LKR 64.50, +1.6%) and CT Holdings (closed at LKR 140.00, +2.2%) contributed positively to the index performance.

Gainers outweighed the losers 99 to 80, while 67 counters remained unchanged. 8 stocks managed to touch 52wk high prices and 5 stocks reached to 52wk low price levels. Cash map improved to 58% from 41%.

Daily market turnover was LKR 424mn. Commercial Bank topped the turnover list with LKR 37mn followed by John Keells Holdings (LKR 34mn) and George Steuart Finance (LKR 32mn) respectively. No crossings were recorded during the day.

Heavy investor participation was seen in counters such as George Steuart Finance, Union Bank and Lankem Ceylon.

Foreign participation was 24%. Foreign investors were net buyers with net inflow of LKR 52mn. Foreign inflows were seen in counters such as Hatton National Bank (LKR 14mn), Commercial Bank non-voting (LKR 10mn) and John Keells Holdings (LKR 5mn) while foreign outflow was mainly seen in Asia Asset Finance (LKR 1mn).

Meanwhile, John Keells Holdings made an announcement stating that the Waterfront project site has been handed over to contractor and the construction has commenced consequent to the parliament approval of gazette under strategic development project.

Further, Mr.Vajira Kulathilake has been appointed as the Chairman of the Board of Directors of the CSE, with effect from 5th June 2014. Mr. Krishan Balendra, will step down as the Chairman, on the conclusion of the customary three year term.

Lanka Securities Research