Colombo equities plunged 1.87% or 140.08 index points on Monday to close at a 3-week low of 7,331.09, suffering its worst one day fall since February 2015. The market faced severe selling as investor’s off-loaded shares on profit taking and global growth concerns. Most of Asian markets suffered today from major losses on fears of a China-led global economic slowdown. Daily market turnover witnessed a 3-week high of LKR 3.4bn underpinned by hefty off-the-floor trades recorded in Taprobane Holdings where 310.8mn shares traded at LKR 5.50 per share. The crossings accounted for 51% of the market turnover.
Colombo bourse extended the bearish momentum for the second consecutive session with severe losses amid notable sell offs in blue chips. Benchmark All Share Price index drop significantly by 99.51 points or 1.36% to end at 7,231.58 while S&P SL 20 index fall below the 4,000 mark to end at a 6-week low of 3,982.96 (70.71 points, -1.74%). Subsequent to today’s drop, the year-to-date ASI return turned negative (-0.9%). Daily market turnover was LKR 1.4bn. Total crossings accounted for 15% of the market turnover.
Colombo stock market closed with mixed note on Wednesday with slender returns, after the 3.2% slump in prior two sessions. In the opening hours, benchmark index crossed 7,285 mark but the selling pressure led by foreign investors drove the index down despite the media reports on a resolution sponsored by USA supporting Sri Lanka and its local investigation into the alleged war crimes in the UNHRC meeting next month.
All share index managed to bag 8.52 index points (+0.12%) to close at 7,240.10 while 20-scripts S&P SL index shed 14.39 index points or -0.36% to end at 3,968.57. Daily market turnover was LKR 2.4bn.
Colombo stocks stretched gains for the second consecutive day on Thursday despite the overseas investors continued to stand on the selling side. All share index closed at 7,273.14, up by 33.04 index points or 0.46% while S&P SL20 index touched 4,000 mark but closed lower at 3,991.16, up by 22.59 index points (+0.57%).
Index advancement was supported by high cap counters such as John Keells Holdings (closed at LKR 179.30, +2.4%), Dialog Axiata (closed at LKR 11.60, +3.6%), People’s Leasing & Finance (closed at LKR 25.30, +3.7%) and Lanka IOC (closed at LKR 41.00, +6.2%).
Daily market turnover lifted to LKR 1.4bn by hefty crossings which accounted for 63% of the total turnover. John Keells Holdings emerged as the top contributor to the turnover with LKR 528mn supported by several off-the-floor dealings of 2.6mn shares at LKR 176.20-177.40. Hatton National Bank (LKR 169mn), Commercial Bank (LKR 166mn) and Lanka IOC (LKR 71mn) were next best contributors.
Foreign investors were net sellers for the fifth consecutive day with a net outflow of LKR 456mn. Foreign participation was 49%. Net foreign outflows were seen in John Keells Holdings (LKR 319m), Commercial Bank (LKR 154mn), Dialog Axiata (LKR 51mn) while net foreign inflow was mainly seen in Nestle Lanka (LKR 10mn).
• At Wednesday’s Treasury bill auction, the yields inclined where yields of 6M and 12M treasuries inclined by 21bps & 25bps to 6.87% and 6.97% respectively whilst 3M yield advanced by 17bps to 6.53%. CBSL offered LKR 18bn worth of Treasury bills today and the auction was oversubscribed by 2.1 times with bids received amounting to LKR 38.6bn. It was decided to accept LKR 17.3bn.
• Vallibel One declared an interim dividend of LKR 0.50 per share during the session while Distilleries declared a final dividend of LKR 3.25 per share.
• Lanka Walltiles declared an interim dividend of LKR 2.50 per share and stock closed higher at LKR 116.00, +1.4%.