Stock Market Review – 25th June 2014

June, 25, 2014

Colombo bourse sustained the positive momentum gained in previous session and closed with higher returns. Benchmark All Share Price index gained 10.68 points or 0.17% to end at 6,321.55 while S&P SL 20 index marginally gained 5.43 points or 0.16% to end at 3,501.55. Price progression in counters such as John Keells Holdings (closed at LKR 224.00, +1%), Property Development (closed at LKR 106.00, +23.1%) and Lanka Orix Leasing Company (closed at LKR 71.90, +2.1%) contributed positively to the index performance.

Daily market turnover was LKR 705mn. John Keells Holdings (LKR 245mn) emerged as the top contributor to the market turnover followed by ACME Printing (LKR 33mn) and Chevron Lubricants (LKR 28mn). Numbers of crossings were recorded in John Keells Holdings (1.9mn shares at LKR 17.40 per share) and ACME printing (0.6mn shares at LKR 223.00 per share). Total crossings accounted for 24% of the market turnover.

Gainers offset the losers 94 to 83, while 76 equities remained unchanged. Cash map declined to 49% from 59%.

Meanwhile penny stocks such as Central Investment & Finance, Ceylon Leather Products W0014 and Adams Investments managed to attract heavy investor interest during the session.

Foreign investors were net buyers with net inflow of LKR 138mn. Foreign participation was 39%. Foreign inflows were seen in John Keells Holdings (LKR 54mn), ACME Printing (LKR 33mn) and Commercial Bank (LKR 15mn) while foreign outflow was mainly seen in Expolanka (LKR 10mn).

At the weekly primary T-bill auction held today, yield on 3 month and 6 month treasury bills dropped by 2bps to 6.51% and 6.69% respectively while 12 month Treasury bill yield dropped by 1bp to 6.99%.

As per the announcement made to the CSE, Adam investments purchased 26mn voting ordinary shares of PC Pharma and with this transaction, Adam Investments has acquired 25.7% of the issued share capital of the company.

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