Stock market rebounds

Friday, 4 December 2015 00:00 - - {{hitsCtrl.values.hits}}

The Colombo stock market bounced back yesterday to record gains, snapping the six day losing streak amid high foreign investor participation.

Lanka Securities said All share index bagged 17.87 index points (+0.26%) to end the session at 6,880.66 while 20-scrip S&P SL index gained 8.35 index points or 0.23% to close at 3,646.10.

The gains were driven by high caps such as Ceylon Tobacco (closed at Rs. 1,000.00, +1.0%), Cargills Ceylon (closed at Rs. 189.90, +2.7%) and Sri Lanka Telecom (closed at Rs. 47.40, +1.1%).

Daily market turnover was Rs. 1.3bn.

Foreign investors wrapped the session on buying side with a net foreign inflow of Rs. 79 million. Foreign participation continued to remain on higher side with a participation of 83%. Net foreign inflows were seen in Asiri Hospital Holdings (Rs. 51mn), Lion Brewery (Rs. 37mn), John Keells Holdings (Rs. 16mn) while net foreign outflow was mainly seen in Ceylon Tobacco (Rs. 47mn).

Lion Brewery emerged as the top contributor to the turnover driven by high foreign activity and recorded a turnover of Rs. 624mn supported by a single off-the-floor dealing of 0.5mn shares at Rs. 630 each. Asiri Hospital Holdings (Rs. 153mn), Ceylon Tobacco (Rs. 132mn) and Hatton National Bank (Rs. 69mn) were the next best contributors to the turnover.

Several crossings were recorded in Distilleries (0.2mn shares at Rs. 270), Asiri Hospital Holdings (4.0mn shares at Rs. 25) and Ceylon Tobacco (0.1mn shares at Rs. 1,000) and aggregate value of crossings represented 43% of the turnover.

Market breadth was almost equally divided where out of 237 scripts, 90 advanced, 84 slipped while 63 remained unchanged. Cash map advanced from 34% to 36%. 28 stocks declined to 52wk low price levels out of which three were high caps namely DFCC Bank (Rs. 155), Asian Hotels & Properties (Rs. 58) and Carson Cumberbatch (Rs. 350).

Waskaduwa Beach Resort, John Keells Holdings and Commercial Bank were among heavily traded counters.

Following the dividend announcement, Panasian Power advanced to Rs. 3.80 but closed lower at Rs. 3.60, +2.9%. Meanwhile, most of the tile manufacturers such as Royal Ceramic (+1.0%), Lanka Ceramic (+9.3%) and Lanka Tiles (+0.2%) witnessed positive returns while Lanka Walltiles closed 3.9% below at Rs. 102.70.