Net foreign inflow tops Rs. 19 b; deals on blue chips boost turnover to Rs. 3.6 b

• DFCC sells 1% COMBank stake for Rs. 1.38 b; foreigners pick up JKH

Net foreign inflows to the Colombo stock market crossed the Rs. 19 billion mark yesterday with JKH leading the way whilst local deals on Commercial Bank boosted turnover to Rs. 3.6 billion.

The market saw a crossing of 10 million Commercial Bank shares at Rs. 138 each in a deal worth Rs. 1.385 billion, accounting for 39% of the day’s turnover. 

The seller was Commercial Bank’s biggest shareholder DFCC Bank, raising cash for an ongoing 1 for 10 Rights Issue (voting at Rs. 113.60 each) of the former. As of 31 March, DFCC held 14.69% stake in Commercial. Buyer was a local institutional investor. 

Premier blue chip JKH saw 7.8 million of its shares traded for Rs. 1.32 billion. There were five crossings involving 6.7 million shares at Rs. 170 each. JKH gained by Rs. 2 and its foreign holding increased by 7.12 million shares.

These two deals accounted for 71% of the turnover, the market’s highest since 19 April and well above this year’s daily average of Rs. 886.5 million.

Net foreign buying amounted to Rs. 886.5 million, boosting the year to date figure to Rs. 19.4 billion. 

Renewed interest saw market turns positive with the All Share Index going by up 0.3%. Between 31 March and last Friday, the market had gained 11% and early this week there was profit-taking.  

Chevron saw foreign selling of shares worth Rs. 348.5 million whilst overall 2.4 million of its shares traded for Rs. 399 million. Its share price declined by 1.66% or Rs. 2.80 to Rs. 165.50.