Colombo shares concluded its weekly operations with negative returns as both indices failed to sustain the momentum gained on previous trading sessions. Core index lost 40.31 points (-0.64%) to close at 6,263.46 and S&P SL 20 index lost 32.08 points (-0.92%) to close at 3,454.61. Price declines in index heavy counters such as Carson Cumberbatch (closed at LKR 379.10, -5.2%), Nestle Lanka (closed at LKR 1,910.00, -2.3%) and Bukit Darah (closed at LKR 660.10, -3.8%) contributed adversely to the index performance.

Daily market turnover was LKR 1.1bn. Numbers of crossings were recorded in Cargills (1.3mn shares at LKR 142.50 per share), Chevron Lubricants (0.4mn shares at LKR 275.00 per share), Nestle Lanka (0.1mn shares at LKR 1,925.00 per share) and Commercial Bank (0.2mn shares at LKR 129.50 per share). Aggregate value of crossings represented 43% of the total market turnover.  Cargills topped the turnover list with LKR 199mn followed by Nestle Lanka (LKR 148mn) and Commercial Bank (LKR 130mn).

Losers surpass gainers 128 to 110, while 62 counters remained unchanged. Cash map declined to 52% from 68%.

Meanwhile The Finance non-voting, Entrust Securities and George Steuart Finance traded heavily during the session.

Foreign Investors were net buyers with net inflow of LKR 230mn. Foreign participation was 60%. Foreign inflows were seen in counters such as Commercial Bank (LKR 126mn), John Keells Holdings (LKR 76mn) and Commercial Bank non-voting (LKR 15mn) while outflow was mainly seen in Textured Jersey (LKR 3mn).

United Motors declared a final dividend of LKR 6.00 per share while Royal Ceramic declared a first & final dividend of LKR 1.00 per share.

Lanka Securities Research