Stock Market Review

June, 3, 2014

Colombo stock market failed to maintain positive momentum gained in last trading session where market witnessed lackluster trading day. Benchmark index declined by 6.39 index points or 0.10% to end at 6,286.02 while 20-scrip S&P SL index gained marginally by 0.56 index points or 0.02% to close at 3,470.75. Price depreciations in Nestle Lanka (closed at LKR 1,940.00, +2.0%), Good Hope (closed at LKR 1,800.00, +19.4%) and Commercial Leasing & Finance (closed at LKR 4.10, +2.5%) contributed negatively to the core index performance.

Daily market turnover was LKR 405mn. Textured Jersey topped the turnover list with LKR 38mn followed by Janashakthi Insurance (LKR 33mn) & Expolanka (LKR 27mn). No crossings were recorded during the day.

Gainers offset losers 104 to 95, while 73 counters remained unchanged. Cash map improved to 58% from 43%. 8 counters managed touch 52wk high prices while 6 counters reached 52 low price levels.

Moreover shares of Laugfs Gas non-voting, Anilana Hotels & Properties and Industrial Asphalts attracted heavy investor interest during the session. Further Lanka Ceramic declared first & final dividend of LKR 2.75 per share. Stock end at 104.90, up by 4.9%.

Meanwhile Sierra Cables announced that the company would submit restated audited financial statements and relevant disclosures. Company further mentioned that they would be in a position to submit required disclosures and financial statements by 11th June 2014 to lift the trading suspension imposed on 13th May 2014.

Foreign investors were net buyers for the fourth consecutive day with net inflow of LKR 8mn worth of equities. Foreign inflows were seen in counters such as Commercial Bank (LKR 13mn), Softlogic Holdings (LKR 4mn), Hatton National Bank non-voting (LKR 3mn) while foreign outflow was mainly witnessed in Expolanka (LKR 20mn).

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