Colombo bourse bounced back to greener territory on Tuesday, snapping the five day losing streak amid the higher institutional activity. Benchmark index swung between gains & losses and closed the session with optimistic momentum at 6,977.95, up by 0.17% (11.97 index points) while 20-scrip S&P SL index bagged 4.04 index points or 0.11% to end at 3,763.30.

Today’s gains were driven by high caps such as Hemas Holdings (closed at LKR 88.00, +3.9%), Lanka Orix Leasing (closed at LKR 94.90, +3.9%) and Commercial Bank (closed at LKR 153.00, +1.2%).

Daily market turnover crossed LKR 1bn to record LKR 1.4bn for the session. National Development Bank top the turnover list with LKR 538mn underpinned by a single crossing of 2.4mn shares at LKR 221.00 and accounted for 37% of the total turnover. Asiri Hospital Holdings (LKR 330mn), Royal Ceramic (LKR 119mn) and Dialog Axiata (LKR 110mn) were next best contributors to the turnover.

Several off-the-floor dealings were recorded in Asiri Hospital Holdings (11.7mn shares at LKR 24.50-25.00), Royal Ceramic (1.0mn shares at LKR 108.00) and Aitken Spence (0.4mn shares at LKR 88.20). Aggregate value of crossings represented 65% of the total turnover.

Reflecting positive investor sentiments, 93 scripts advanced, 84 scripts slipped while 56 scripts remained unchanged. Cash map jumped from 26% to 40%. 29 counters touched 52wk low prices while only Asiri Hospital Holdings managed to reach 52wk high price of LKR 25.20 but closed at LKR 25.00, +1.6%.

Asiri Hospital Holdings, John Keells Holdings and Hayleys Fibre were among heavily traded counters. Further, poultry sector counters such as Ceylon Grain Elevators (LKR 96.90, +0.5%), Three Acre Farms (LKR 133.00, +2.8%) and Bairaha Farms (LKR 207.00, +3.5%) attracted investor preference during the session.

Meanwhile, according to an announcement, Dr.T.Senthilverl has increased his shareholding in Panasian Power to 10.2% of the issued shares. Counter closed with flat returns at LKR 3.70.

Moreover, Access Engineering announced that the company has invested 92% in the Horizon Knowledge City Ltd (HKC) for consideration of LKR 575mn. HKC has been incorporated with objective of providing higher education and university infrastructure facilities.

Foreign investors were net sellers for the session with a net foreign outflow of LKR 90mn. Foreign participation was 22%. Net foreign inflows were seen in Asiri Hospital Holdings (LKR 123mn), Commercial Bank (LKR 16mn), National Development Bank (LKR 3mn) while net foreign inflow was mainly seen in John Keells Holdings (LKR 16mn).

(Lanka Securities Research)