Stock Market Review

May, 20, 2014

Colombo equities witnessed lackluster trading session on Tuesday where both indices gained marginally. ASI index gained 2.37 index points or 0.04% to close at 6,321.61 while S&P SL20 index gained 7.31 index points or 0.21% to close at 3,480.10. Progression in counters such as Lion Brewery (closed at LKR 449.90, +3.1%), Hatton National Bank (closed at LKR 157.90, +1.9%) and Dialog Axiata (closed at LKR 9.90, +2.1%) contributed favorably to the index performance.

Market turnover was LKR 415mn. Aitken Spence emerged as the top contributor to the market turnover with LKR 70mn followed by John Keells Holdings (LKR 50mn) and Commercial Bank (LKR 33mn) respectively. Single crossing was recorded in National Development Bank (0.1mn shares at LKR 199.00).

Losers offset gainers 110 to 77, while 72 equities remained unchanged. 14 counters managed to reach 52wk high price levels and 3 counters touched 52wk low prices. Cash map declined to 38% from 55%.

Hayleys announced first & final dividend of LKR 5.00. Stock closed at LKR 295.00 (+1.7%). Further Kuruwita Textile Mills and Beruwala WalkInn started trading over with announcement of SEC nod to delisting process by offering to buy back shares.

Foreign investors were net sellers with LKR 17mn worth stocks after 10 consecutive days of inflows. Foreign participation was 32%. Foreign outflows were seen in counters such as Aitken Spence (LKR 63mn), Ceylon Tobacco Company (LKR 5mn), Textured Jersey (LKR 2mn) while foreign inflow was mainly seen in National Development Bank (LKR 25mn).

Lanka Securities Research