Stock Market Review

June, 10, 2014

Colombo bourse continued the momentum gained in previous session to close with positive returns. Benchmark All share price index gained 6.61 points (+0.11%) to end at 6,293.64 while S&P SL 20 index marginally gained 4.43 points (+0.13%) to end at 3,484.12. Price progressions in counters such as Lanka Orix Leasing (closed at LKR 85.00, +5.6%), Nestle Lanka (closed at LKR 1,950.00, +2.1%) and Dialog Axiata (closed at LKR 10.00, +1%) contributed positively to the index performance.

Market turnover was LKR 818mn. Several crossings were recorded in Swisstek Ceylon (1.9mn shares at LKR 24.00 per share), Distilleries (0.2mn shares at LKR 205.00 per share), Hatton National Bank non-voting (0.2mn shares at LKR 126.00 per share) and John Keells Holdings (0.4mn shares at 235-234.50 per share). Aggregate value of crossings represents 25% of total market turnover. Distilleries (LKR 115mn) emerged as the top contributor to the market turnover followed by John Keells Holdings (LKR 104mn) and Ceylon Investment (LKR 80mn).

Cash map declined to 48% from 61%.

Adams Investments managed to attract heavy investor interest during its initial day of trading and closed higher at LKR 4.10, +37%. Further penny stocks such as Browns Investments, The Finance non-voting and Lankem Developments were among mostly traded stocks.

Foreign investors were net buyers with net inflow of LKR 5mn. Foreign participation was 31%.

Lanka Securities Research