Stock market inches up; net foreign inflow persists

The Colombo stock market produced mixed sentiments yesterday though foreign net inflow persisted.

The active S&P SL20 index gained by 0.31%, and the benchmark ASPI by 0.12% yesterday. Turnover was Rs. 2.4 billion involving 119.7 million shares. 

Foreigners recorded a net inflow of Rs. 130.2 million with John Keells Holdings seeing most net buying worth Rs. 146 million, whilst selling topped in HNB at Rs. 42.5 million.

With yesterday’s net buying, the amount so far in December is Rs. 3.8 billion and pushed the year-to-date figure to Rs. 21.4 billion, highest since 2013.  

Crossings accounted for 7.7% of turnover with one crossing each in JKHN (Rs. 95.5 million), CICN (Rs. 35.6 million), LIOCN (Rs. 31.2 million), and CWMN (Rs. 22.5 million).

First Capital Research said bourse closed flat with the index closing in the green territory for the ninth straight day amidst a marginal gain. Investor participation was registered at a moderate level while some investors took the sidelines following the third reading of the budget.

As the market commenced, index scaled high and set off to an intra-day high of 9,025 as investors picked up on diversified counters such as JKH, HAYL and retail counters. However, by mid-session ASPI tapered down steeply with profit booking witnessed on LOLC Group counters and EXPO but managed to remain in the green with a narrow gain of 10 points closing at 8,892.

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, CIC Holdings and Lanka IOC. Mixed interest was observed in Expolanka Holdings, CIC Holdings nonvoting and LOLC Holdings whilst retail interest was noted in Browns Investments, SMB Leasing nonvoting and LOLC Finance. 

Foreign participation in the market activity remained at subdued levels with foreigners closing as net buyers. 

Food, beverage and tobacco sector was the top contributor to the market turnover (due to Browns Investments) whilst the sector index lost 1.32%. The share price of Browns Investments decreased by Rs. 0.40 (4.76%) to close at Rs. 8.00. 

Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index increased by 1.84%. The share price of John Keells Holdings recorded a gain of Rs. 2.50 (1.70%) to close at Rs. 149.25. Lanka IOC, Expolanka Holdings and LOLC Finance were also included amongst the top turnover contributors. 

The share price of Lanka IOC gained Rs. 6.00 (2.87%) to close at Rs. 214.75. The share price of Expolanka Holdings moved down by Rs. 2.25 (1.09%) to close at Rs. 203.50. The share price of LOLC Finance declined by Rs. 0.40 (4.71%) to close at Rs. 8.10.