Colombo stock market continued the lackluster trading momentum on Tuesday where market turnover and volume recorded the lowest figures since March 2014. Benchmark index declined for the second consecutive day to close at 6,854.57, decline of 27.18 index points or -0.39% while S&P SL20 index shed 23.05 index points or 0.64% to end at 3,605.25.
Today’s losses were driven by premier blue-chip, John Keells Holdings (closed at LKR 175.00, -2.8%) where counter witnessed high investor activity to account for 56% of the total turnover of the day. Along with John Keells Holdings, high caps namely, Nestle Lanka (closed at LKR 2,100.00. -0.1%), Ceylon Tobacco (closed at LKR 975.00, -0.5%) and DFCC Bank (closed at LKR 162.50, -1.3%) affected negatively to the index performance.
Daily market turnover was LKR 263mn. John Keells Holdings topped the turnover list with LKR 175mn supported by several crossings of 0.7mn shares at LKR 175.00. Commercial Bank (LKR 21mn), Seylan Bank non-voting (LKR 7mn) and Access Engineering (LKR 6mn) were next best contributors to the total turnover.
Market breadth was neutral where gainers and losers equally divided by 84 scripts each while 58 counters remained unchanged. Cash map slightly decreased from 49% to 42%. 16 stocks declined to 52wk low prices while only Kelsey Developments (LKR 67.00) and Keells Food Products (LKR 215.00) managed to reach new 52wk high price levels.
Access Engineering, National Development Bank and Orient Garments were among heavily traded counters and all three counter closed with losses. Orient Garments declined to a 52wk low price of LKR 8.50. -13.3%.
Meanwhile, People’s Insurance announced that the IPO of the company was oversubscribed by 7.0x. Company intended to raise LKR 750mn via said offering.
Foreign investors closed the trading session on selling side for the fourth consecutive day with a net foreign outflow of LKR 19mn. Foreign participation was 54%. Net foreign outflows were seen in Commercial Bank (LKR 19mn), John Keells Holdings (LKR 8mn), Seylan Bank non-voting (LKR 1mn) while net foreign inflow was mainly seen in Overseas Realty (LKR 3mn).