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Colombo bourse began proceedings of the week on a positive note, but owing to the dull market activity throughout the day,  the index ended at a low of 6,858.63 down by 10.93 index points or 0.16%.  20-scrip S&P SL index followed the trend by shedding 5.63 index points (-0.15%) to close at 3,632.93.

Price depreciations in high caps including Sri Lanka Telecom (closed at LKR 46.50, -1.9%), Cargills (closed at LKR 185.00, -2.4%) & Commercial Credit (closed at LKR 50.10, -5.5%) led to the drop in the index, while Nestle Lanka (closed at LKR 2,200.00, +5.8%) held ground to make positive contributions to index performance.

Daily market turnover was LKR 389mn. Access Engineering topped the turnover list with LKR 103mn supported by two crossings of 2.0mn shares at LKR 22.50 and 0.9mn shares at LKR 22.70. Crossings represented 17% of the total market turnover. John Keels Holdings (LKR 37mn), Ceylon Cold Stores (33.8mn) and Lanka Hospitals (LKR 28mn) also made notable contributions to the day’s turnover.

Out of the total 234 counters traded, losers outweighed the gainers 116 to 69 , while 49 counters remained unchanged. Only 2 counters managed to reach a 52 week high price while 37 counters touched 52 week low price levels. Nevertheless the cash map improved from 28% to 34%.

Market activity was led by Lanka Hospitals with a gain of 1.8% at LKR 62.00. The counter reached a 52 week high price of LKR 63.60, reflecting the positive investor sentiments regarding the acquisition interest shown by Softlogic Holding and Hemas Holdings. Next most traded counters were Access Engineering, John Keels Holdings and Textured Jersey.

Right of Waskaduwa Beach Resort commenced trading today and closed at LKR 0.10 at the close of the day. Further, interim dividend of LKR 1.10 declared by On’ally Holdings, failed to make an impact on its share price today as it closed unchanged at LKR 60.50.

Net foreign investors closed the session on buying side with a net foreign inflow of LKR 55mn. Foreign participation amounted to 36% of the day’s activity. Net foreign inflows were seen in Ceylon Cold Stores (LKR 33mn), John Keels Holdings (LKR 28mn) & Nestle Lanka (LKR 11mn) while net foreign outflow was mainly seen in Lanka Hospitals (LKR 9mn).

(Lanka Securities Research)