Colombo stock market wrapped its weekly operations on a mixed note where main bourse marginally advanced by 2.24 index points or 0.03% to end at 6,783.64. 20-scrip S&P SL index declined 2.30 index points or 0.06% to close at 3,764.90. Price appreciations in counters such as Distilleries (closed at LKR 206.00, +1.5%), Overseas Realty (closed at LKR 22.80, +4.6%) and Vallibel One (closed at LKR 22.20, +3.3%) contributed favorably to the ASI performance while price declines in John Keells Holdings (closed at LKR 239.40, -0.2%) and Carson Cumberbatch (closed at LKR 470.00, -2.1%) contributed negatively to the S&P SL20 index performance.

Daily market turnover reached LKR 1.2bn with the support of several off-the-floor dealings recorded in Chevron Lubricants (0.3mn shares at LKR 310.00), Seylan Bank (1.0mn shares at LKR 71.00), Hatton National Bank (0.3mn shares at LKR 171.00) and Textured Jersey (1.0mn shares at LKR 21.00). Aggregate value of crossings represented 19% of the total turnover.

Accordingly PCH Holdings emerged as the top contributor to the market turnover with LKR 326mn followed by Chevron Lubricants (LKR 122mn) & Seylan Bank (LKR 83mn) respectively.

Gainers outweighed the losers 100 to 91, while 75 counters remained unchanged. Cash map declined to 44% from 52%. 28 equities advanced to 52wk high prices while 2 equities touched 52wk low price levels.

During the session retail investors gathered around penny stocks such as PCH Holdings, Ceylon and Foreign Trades and Lanka Cement. Subsequent to the release of interim results of Overseas Realty for the June quarter, counter attracted heavy investor preference. Stock closed at LKR 22.80, (+4.6%). Further, Lanka Ventures declared final dividend of LKR 1.50.

Foreign investors were net buyers with net inflow of LKR 218mn worth of equities. Foreign participation was 13%. Foreign inflows were seen in counters such as Chevron Lubricants (LKR 117mn), Hatton National Bank (LKR 67mn), National Development Bank (LKR 24mn) while foreign outflow was mainly seen in Textured Jersey (LKR 20mn).

Lanka Securities Research