Stock market gains on Rs. 4.3 b turnover

Wednesday, 1 October 2014 01:50 -     - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday closed higher driven by gains in blue chips amid notable net foreign outflow. Lanka Securities said core index bagged 13.98 index points or 0.19% to close at 7,252.14 while 20-scrip S&P SL index gained 19.30 index points or 0.48% to end at 4,038.30. Price increases in counters such as John Keells Holdings (closed at Rs. 255.00, +1.6%), Dialog Axiata (closed at Rs. 11.50, +1.8%) and Hatton National Bank (closed at Rs. 192.70, +3.6%) contributed favourably to the index performance. Daily market turnover reached 18-day high of Rs. 4.3 billion. John Keells Holdings topped the turnover list with Rs. 2.0 bn, supported by off-the-floor dealings of 7.1mn shares at price of Rs. 251.00 – Rs. 251.10. JKH crossings accounted for 41% total turnover. Commercial Bank (Rs.  368 million) & Chevron Lubricants (Rs. 172 million) were among top contributors to the turnover. Further several crossings were recorded in Chevron Lubricants (0.5mn shares at Rs. 335.00), Commercial Bank (1.0mn shares at Rs. 156.00), Hatton National Bank (0.2 million shares at Rs. 190.00) & Overseas Realty (1.0 million shares at Rs. 26.00). Aggregate crossings represented 51% of the total turnover. Out of 267 counters, 109 advanced, 98 slipped while 60 remained unchanged. Cash map improved to 44% from 34%. 25 counters reached 52wk high prices while four counters touched 52wk low price level. Finance Companies such as Commercial Credit Finance, Singer Finance, Orient Finance & Arpico Finance reached 52wk high price levels. First Capital Holding, Dunamis Capital & Janashakthi Insurance attracted heavy investor participation. All three counters managed to reach 52wk high prices but closed lower at Rs. 56.00 (-0.5%), Rs. 37.50 (-3.6%) & Rs. 23.60 (-2.1%) respectively. Entrust Securities, Softlogic Capital and Access Engineering were among heavily traded counters. Further Colombo City Holdings announced that the company has disposed its property in Colombo 04 for a consideration of approximately Rs. 207 million. Foreign investors were net sellers with net outflow of Rs. 1.8 billion. Foreign participation was 49%. Net foreign outflows were seen in John Keells Holdings (Rs. 1.8 billion), John Keells Holdings warrant 0023 (Rs. 142 million) & John Keells Holdings warrant 0022 (Rs. 94 million) while net foreign inflow was mainly seen in National Development Bank (Rs. 68 million). During the two days of the week, market witnessed net foreign outflow of Rs. 3.7 billon which contracted Year-to-Date net foreign inflow to Rs.  7.0 billion.