Colombo Equities continued the bearish momentum for the second consecutive session on Monday amid notable depreciation in rupee. The CBSL stopped intervention on rupee on last Friday and floated the currency which led to a 2.1% fall within two days. Subsequently, the rupee has depreciated by 4.9% during the year so far.

ASI declined significantly by 65.41 points or 0.91% falling below the 7,200 mark to close a seven week low of 7,149.70 while S&P SL 20 index declined 26.83 points (-0.68%) to end at 3,931.83. Daily market turnover was LKR 600mn. Commercial Bank topped the turnover list with LKR 89mn followed by Hayleys (LKR 65mn), Central Finance (LKR 59mn) and Ceylon Brewery (LKR 56mn). John Keells Holdings Warrant 0022 led the trades followed by Hayleys, Ceylon Gain Elevators, Textured Jersey and Lanka IOC.Foreign investors remained as net buyers for the second consecutive session with a net inflow of LKR 70mn. Foreign participation was 17%.

Colombo stock market extended the losing streak for the third consecutive day on Tuesday amid the concerns over BOP and currency depreciation. Bourse witnessed a thin trading session where turnover hit 07 week low of LKR 431mn. All share index dropped by 0.35% or 25.24 index points to close at 7,124.46 while 20-scrip S&P SL index shed 16.86 index points (-0.43%) to end at 3,914.04. During the last three sessions, benchmark index decreased by 121.04 index points (-1.7%) and year-to-date loss on ASI extended to 2.4%. John Keells Holdings topped the turnover with LKR 97mn followed by Hatton National Bank (LKR 31mn), Dialog Axiata (LKR 29mn) and Textured Jersey (LKR 26mn). Hayleys, John Keells Holdings, Textured Jersey were among heavily traded counters. Foreign investors closed the day on the selling with a net foreign outflow of LKR 34mn. Foreign participation was 15%.

Colombo bourse regained lost grounds on Wednesday after suffering 2% loss in last three sessions. Benchmark All Share Price index advanced by 58.79 points or 0.83% to end at 7,183.25 while S&P SL 20 index advanced by 22.94 points or 0.59% to end at 3,937.08. Market turnover was LKR 639mn. Hemas Holdings emerged as the top contributor to the turnover with LKR 193mn followed by Nations Trust Bank (LKR 77mn), Vidullanka (LKR 43mn) and Hatton National Bank (LKR 32mn). John Keells Holdings Warrant 0022 continued to attract heavy investor interest, followed by Ceylon Grain Elevator, Hayleys, Three Acre Farms, George Steuart Finance and Lanka IOC. Foreign investors closed the day on the buying side with a net inflow of LKR 263mn. Foreign participation was 29%.

Colombo equities recorded negative returns on Thursday as the index failed to continue the positive momentum gained on the previous session. Concerns on the exchange rates, interest rates and peer market fluctuations drove the investor sentiment down. Benchmark index shed 23.31 index points (-0.32%) to end at 7,159.94 while 20-scrip S&P SL index declined by 12.41 index points (-0.32%) to close at 3,924.67. Daily market turnover was LKR 589mn. Dialog Axiata topped the turnover list with LKR 112mn. Distilleries (LKR 93mn), Ceylon Grain Elevators (LKR 42mn) and Kalamazoo Systems (LKR 37mn) were next best contributors to the turnover. Ceylon Grain Elevators, Hayleys and Sanasa Development Bank were among active trading counters. Foreign investors were net sellers with a net outflow of LKR 17mn. Foreign participation was 31%.

Colombo shares concluded a choppy trading session on Friday with negative returns amid worries on economic conditions and changes in government policies in the next budget. Benchmark All Share Price index lost 6.45 points or 0.09% to end at 7,153.49 while S&P SL 20 index lost 14.27 points (-0.36%) to end at 3,910.40.

Price depreciations in blue chips such as Dialog Axiata (closed at LKR 11.20, -0.9%), Commercial Bank (closed at LKR 166.00, -0.6%) and Chevron Lubricants (closed at LKR 380.00, -1.3%) dragged the index performance to the negative zone.

Daily market turnover was LKR 475mn. Dialog Axiata topped the turnover list with LKR 96mn underpinned by three crossings where 8mn shares changed hands at LKR 11.20. Ceylon Grain Elevators (LKR 50mn), Chevron Lubricants (LKR 43mn) and Seylan Bank (LKR 32mn) recorded next best contributions to the turnover. Total crossings accounted for 34% of the market turnover.

Despite the lackluster trading, gainers outweighed the losers 89 to 82 while 65 counters remained unchanged. Cash map improved from 41% to 56%. Eight counters declined to 52wk low prices while Kalamazoo Systems (LKR 2,000.00) and Millennium Housing Developers (LKR 10.00) advanced to fresh 52wk high prices.

Further shares of Ceylon grain elevators, Hayleys, Chevron Lubricants and Richard Pieris & Company were among heavily traded counters for the session.

Meanwhile Madulsima Plantations rights were listed today and subsequent to the listing the counter declined to a 52wk low price of LKR 9.00, -4.3%.

John Keells Holdings announced that the company with its subsidiaries has increased its shareholdings in Rajawella Holdings Limited (RHL) from 16.9% to 51%. Rajawella Holdings Limited possesses a land bank with development potential which complements the group’s leisure and property portfolio. The total investment is LKR 1,044mn.

Moreover Lee Hedges announced an additional final dividend of LKR 1.30 per share.

Foreign investors were net sellers with a net outflow of LKR 86mn. Foreign participation was 31%. Net foreign outflows were seen in Chevron Lubricants (LKR 43mn), Dialog Axiata (LKR 26mn) and John Keells Holdings (LKR 12mn) while net foreign inflow was mainly seen in Commercial Bank (LKR 2mn).

During the week, benchmark index dipped by 61.62 index points or -0.85% while S&P SL20 index declined by 43.56 index points (-1.10%). Low investor activity was witnessed during the week where average daily market turnover further declined from LKR 604mn to LKR 548mn. Dialog Axiata emerged as the top contributor to the weekly turnover with LKR 250mn followed by John Keells Holdings (LKR 207mn), Hemas Holdings (LKR 198mn) and Hayleys (LKR 165mn).

Ceylon Grain Elevators (+8%), Kalamazoo Systems (+5%) and Central Industries (+5%) were among top gainers for the week whilst Lanka IOC (-5%), Softlogic Finance (-5%) and Hayleys (-5%) were among top losers.

Foreign investors closed the week on buying side with a net foreign inflow of LKR 196mn. Foreign participation was 25%. Net foreign inflows were mainly seen in Hemas Holdings (LKR 147mn), Distilleries (LKR 92mn) and Nations Trust Bank (LKR 75mn) while net foreign outflows were mainly seen in Dialog Axiata (LKR 136mn) and Ceylon Brewery (LKR 55mn). Subsequent to these weeks’ net foreign inflow, year-to-date net foreign outflow declined from LKR 3.5bn to LKR 3.3bn in this week.

Meanwhile, at the Treasury bill auction, CBSL has rejected all bids with the intention of exerting downward pressure on interest rates. CBSL offered LKR 24bn worth of Treasury bills and the auction was oversubscribed by 2.0 times with bids received amounting to LKR 47.2bn.