Colombo equity market extended the gains for the third consecutive day amid the increase in fed rates for the first time since 2006. Benchmark index opened at 6,834 and steadily increased to end the session at 6,859.99, up by 26.48 index points or 0.39% while S&P SL 20 index advanced by 13.40 index points or 0.37% to close at 3,610.47.
Price appreciations in high caps namely, Bukit Darah (closed at LKR 510.00, +6.0%), Sri Lanka Telecom (closed at LKR 46.50, +3.3%) and Trans Asia Hotels (closed at LKR 85.00, +4.9%) pushed index performance to greener territory.
Daily market turnover was LKR 577mn. Blue-chips dominated the turnover list where Dialog Axiata emerged as the top contributor with LKR 167mn supported by two off-the-floor dealings of 14.5mn shares at LKR 10.50. John Keells Holdings (LKR 120mn), Ceylon Cold Stores (LKR 60mn) and Commercial Bank (LKR 37mn) were among top contributors to the total turnover.
Single crossing was recorded in Ceylon Cold Stores (0.13mn shares at LKR 420.00) and aggregate value of crossings accounted for 35% of the total turnover.
Market sentiment continued to remain on positive side where out of 218 scripts, 130 advanced, 38 declined while 50 scripts remained unchanged. Cash map increased from 61% to 66%. 15 counters slipped to 52wk low prices while only Keells Food Products managed to reach a fresh 52wk high price of LKR 214.90 (+7.3%).
Access Engineering, John Keells Holdings, Lanka IOC and Ceylon Grain Elevators attracted high investor preference. Poultry segment counters draw investor attention where all counters such as Ceylon Grain Elevators (LKR 89.90, +0.5%), Three Acre Farms (LKR 123.60, +3.1%) and Bairaha Farms (LKR 199.90, +1.6%) closed with positive gains.
Foreign investors were net sellers with a net outflow of LKR 45mn. Foreign participation was 56%. Net foreign outflows were seen in Dialog Axiata (LKR 10mn), Chevron Lubricants (LKR 9mn), Ceylon Grain Elevators (LKR 8mn) while net foreign inflow was mainly seen in Sanasa Development Bank (LKR 2mn).