Colombo bourse closed higher on Thursday after a choppy trading session. The index bounced back and forth across the unchanged line but managed to close at 7,317.44 with a gain of 12.83 points (+0.2%) while S&P SL 20 index gained merely 3.06 points (+0.1%) to close at 4,122.28. The choppy trading on the bourse reflects investors’ reluctance to make any significant moves ahead of the impending election. During past five sessions, including today, the market gained merely 11.27 points.

Reflecting the lack of direction being shown by the broader market, most of the stocks showed only modest moves. Out of the 236 stocks traded today, 89 stocks gained, 89 slipped while 58 remained unvaried. The cash map slightly improved to 49%.

During the session, 12 counters touched 52 week low price while only Millennium Housing Developers managed to reach 52 week high of LKR 8.40. Interestingly, John Keells Holdings warrant -22 and warrant - 23 reached 52 week low price of LKR 37.20 (-1.6%) and LKR 48.40 (-1.6%). John Keells Holdings closed at LKR 204.90 (-0.5%).

Price advances in index-heavy counters such as Ceylon Tobacco (LKR 1,080.00,+3.9%), Commercial Credit & Finance (LKR 50.00, +7.8%) and National Development Bank (LKR 260.10, +2.0%) helped the index to close higher in today’s session.

The daily turnover improved to LKR 1.4bn backed by trades in John Keells Holdings and Hatton National Bank. John Keells Holdings contributed LKR 465mn to the turnover supported by four crossings totaling to 0.6mn shares at LKR 205.10 per share. Hatton National Bank recorded a turnover of LKR 263mn while Commercial Credit & Finance contributed LKR 74mn along with a crossing of 1mn shares at LKR 50.00 per share. The crossings accounted for 12% of the market turnover.

Meanwhile John Keells Holdings emerged as the most traded stock of the day followed by Entrust Securities and Commercial Credit & Finance.
United Motors closed LKR 1.00 higher at LKR 99.00 (+1%) subsequent to the interim dividend announcement of LKR 2.00 per share.

Further, Pan Asia Bank, Union Assurance and Ceylon Grain Elevators managed to close higher subsequent to the favorable earnings statements released yesterday.

Foreign investors turned net sellers after three consecutive days of net buying. Foreign investors sold LKR 327mn worth of shares and the foreign participation was at 37%. Net foreign outflows were seen in counters such as John Keells Holdings (LKR 253mn), Hatton National Bank (LKR 175mn) and Chevron Lubricants (LKR 10mn) while net foreign inflow was mainly seen in Commercial Credit & Finance (LKR 70mn).

Meanwhile, Hayleys LKR 2.0bn debenture was oversubscribed and closed on its opening day itself.

Please note that trading in shares of Miramar Beach Hotel (MIRA.N0000) has been suspended w.e.f. 26th February 2015 due to non-submission of Annual Reports from FY10 onwards.

Lanka Securities Research