Heavy demand for JKH props CSE’s net foreign inflow to over Rs. 22 b

Thursday, 17 October 2013 00:00 -     - {{hitsCtrl.values.hits}}

Heavy demand for JKH on Tuesday saw year-to-date net foreign inflow to the Colombo Stock Exchange surpassing the Rs. 22 billion mark. The top blue chip saw net buying of Rs. 1.1 billion or five million shares, which was enough to take the CSE’s net foreign inflow to over Rs. 22 billion. Overall the market witnessed 5.12 million JKH shares traded for Rs. 1.16 billion. Of that five million shares were done via two crossings at Rs. 218 per share. JKH closed the day at Rs. 218.30, up by Rs. 3.90 or 1.8%. Sampath Bank and HNB chipped in with Rs. 49 million and Rs. 18 million worth of net foreign buying on Tuesday. Last week JKH saw a net foreign buying of Rs. 495 million whilst United Motors accounted for Rs. 248 million. HNB saw Rs. 164 million in foreign buying. The Rs. 22 billion plus net foreign inflow is on top of Rs. 39 billion recorded in 2012, reaffirming that the CSE remains attractive to foreign investors. JKH’s Rights also began trading on Tuesday and saw 16.57 million traded for Rs. 995 million. Of the volume, 15.96 million rights at Rs. 60 each were traded via five crossings. The price of JKH Rights surged by Rs 23.50 (58.75%) to close at Rs 63.50. The blue chip is raising Rs. 40 billion via a Rights cum Warrants issue. Heavy focus on JKH normal shares and Rights resulted in the duo accounting for 84% of Tuesday’s turnover of Rs. 2.5 billion, the highest since 20 June. Improved investor sentiments also propelled the benchmark All Share Index to reach a seven week high on Tuesday. The market was closed yesterday on account of being a public and bank holiday in lieu of Haj festival.