Colombo equities bounced back to greener territory on Tuesday despite the increasing prospects of Federal Reserve rate hike. Benchmark index advanced to 6,827 mark in the opening hours but failed to maintain the optimistic momentum and closed at 6,820.77 with an increase of 17.69 index points or 0.26%. 20-scrip S&P SL index gained 13.07 index points (0.36%) to end at 3,598.70.
Price inclines in John Keells Holdings (closed at LKR 175.90, +1.1%), Asian Hotels & Properties (closed at LKR 57.00, +4.0%) and DFCC Bank (closed at LKR 164.00, +2.1%) contributed positively to the index performance.
Daily market turnover was LKR 571mn supported by hefty crossings which accounted for 61% of the turnover. Off-the-floor dealings were recorded in DFCC Bank (1.0mn shares at LKR 160.00), Commercial Bank (0.7mn shares at LKR 142.00), Sampath Bank (0.2mn shares at LKR 250.00) and Access Engineering (1.6mn shares at LKR 22.30).
Accordingly, DFCC Bank topped the turnover list with LKR 160mn followed by Commercial Bank (LKR 112mn), Access Engineering (LKR 58mn) and Sampath Bank (LKR 52mn).
Market breadth was positive where out of 229 counters, 109 advanced, 65 slipped while 55 counters remained unchanged. Cash map increased from 51% to 68%. 37 counters declined to 52wk low price levels.
Heavy investor activity was witnessed in Access Engineering, Textured Jersey and Royal Ceramic. Following the listing of right shares of Dankotuwa Porcelain, counter declined to 52wk low price level of LKR 7.90 but closed at LKR 8.20, -3.5%. Meanwhile, rights shares of Ceylon Printers were listed today and the script declined to 52wk low of LKR 1,400.00, -24.4%).
Foreign investors were net sellers for the day with a net outflow of LKR 104mn. Foreign participation was 44%. Net foreign outflows were seen in Commercial Bank (LKR 107mn), Sampath Bank (LKR 51mn), Access Engineering (LKR 44mn) and net foreign inflow was mainly seen in DFCC Bank (LKR 123mn).