Colombo equities extended the losing streak for the fourth consecutive session on Wednesday amid the increase in treasury yields after six weeks of decline. Benchmark index swung between gains and losses to end the session on negative side at 6,841.55, down by 7.54 index points or 0.11%. S&P SL20 index shed 8.38 index points (-0.23%) to close at 3,616.01.
Price depreciations in high caps such as Distilleries (closed at LKR 257.10, -1.1%), Dialog Axiata (closed at LKR 10.60, -0.9%), Chevron Lubricants (closed at LKR 350.00, -1.7%) and John Keells Holdings (closed at LKR 179.00, -0.35) drove the index performance to red zone.
Daily market turnover was LKR 586mn. People’s Leasing & Finance emerged as the top contributor to the total turnover with LKR 205mn underpinned by three off-the-floor deals of 8.9mn shares at LKR 22.00. Counter accounted for 35% of the total turnover. Several crossings were recorded in Commercial Bank (0.5mn shares at LKR 141.00) and DFCC Bank (0.2mn shares at LKR 161.00) and aggregate value of crossings accounted for 57% of the total turnover.
Accordingly, Commercial Bank (LKR 159mn), DFCC Bank (LKR 33mn) and National Development Bank (LKR 32mn) were next best contributors to the turnover.
Market breadth was equally divided where out of 227 counters traded, 90 declined, 80 advanced while 57 remained unchanged. Cash map marginally improved from 47% to 49%. 29 counters touched 52wk low price levels.
Banks, namely Commercial Bank (LKR 139.90), DFCC Bank (LKR 160.00), National Development Bank (LKR 187.00) and Amana Bank (LKR 4.60) declined to 52wk low price levels.
Relatively high investor activity was witnessed in Commercial Bank, People’s Leasing & Finance, John Keells Holdings and Textured Jersey.
Foreign investors were net buyers with a net inflow of LKR 67mn. Foreign participation was 41%. Net foreign inflow was mainly seen in People’s Leasing & Finance (LKR 193mn), DFCC Bank (LKR 32mn), Commercial Bank non-voting (LKR 8mn) while net foreign outflow was mainly seen in Commercial Bank (LKR 150mn).