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Colombo bourse continued its downward spiral on Tuesday dropping further 9.54 points or 0.1% to close at 6,849.09. The S&P SL 20 index closed 8.54 points or 0.2% lower at 3,624.39.

The gains in Dialog Axiata (LKR 10.70,+1.9%), Hemas Holdings (LKR 87.00,+2.0%), Commercial Leasing (LKR 4.00,+2.6%) and Softlogic Holdings (LKR 15.70,+1.3%) failed to uplift the index performance as the drop in prices in Ceylon Tobacco (LKR 980.00,-1.9%), Distilleries (LKR 260.00,-1.9%), Keells Hotels (LKR 14.50,-3.3%) and Sri Lanka Telecom (LKR 46.00,-1.1%) dragged the index performance to the negative zone.

The market was almost equally divided between gains and losers where 101 counters rose while 96 declined. 46 counters remained unchanged. Cash map improved from 33% to 47%. Two counters managed to touch 52 week high prices while 39 counters fell to 52 week low prices during the session.

The day’s performance was dominated by CIC voting and non-voting shares and both counters gained notably in today’s session and accounted for 52% of the market turnover. CIC voting closed 10% higher at LKR 110.00 while CIC non-voting closed 16% higher at LKR 89.00.

The market turnover picked up to LKR 983mn led by the activities in CIC voting and non-voting share which contributed LKR 371mn and LKR 139mn respectively.  3mn shares of CIC voting changed hands as crossings at LKR 110 per share while 0.8mn shares of CIC non-voting changed hands at LKR 85.00. Further, notable turnover levels were recorded in John Keells Holdings (LKR 84mn) and Access Engineering (LKR 59mn).

Relatively high activity was seen in Ceylon Grain Elevators (LKR 90.70,+2.6%) Access Engineering (LKR 22.50,+0.5%) and Commercial Bank (LKR 140.50,-0.5%).

Foreign investor was net buyers today with a net inflow of LKR 13mn. Foreign participation was mild at 15%. Top net inflows were seen in John Keells Holdings (LKR 62mn), Hatton National Bank (LKR 14mn) and Lion Brewery (LKR 13mn) while top net outflow was seen in Commercial Bank (LKR 60mn).

(Lanka Securities Research)