The Colombo bourse closed the week and the month yesterday on a healthy note with turnover topping Rs.2 billion and all three indices up – the All Share by 22.57 points (0.38%), the Milanka by 71.03 points (1.27%) and S&P by 18.67 points (0.58%) with 149 gainers comfortably outpace 68 losers while 88 counters closed flat.
Heavy foreign selling amounting to Rs. 744.15 million saw the bourse record a net foreign outflow amounting to Rs. 247.65 million yesterday breaking the trend of net inflows over the past few days.
"The indices rose further due to gains on large caps while activity levels were dominated by crossings on COMB and JKH collectively accounting for over 48% of turnover," John Keells Stockbrokers said.
Much of the day’s turnover of Rs. 2.09 billion, down from the previous day’s Rs. 1.87 billion, came off block trades on Commercial Bank, JKH, Dunamis, Dipped Products and HNB, brokers said.
All these crossings were at previous prices with ComBank (voting) seeing nearly 6 million shares crossed at Rs.115 in deals worth Rs.684.2 million and JKH with over 0.8 million shares crossed at Rs.229 with the transactions accounting for Rs.189.2 million business volume.
Dunamis Capital saw seven million shares crossed at Rs.15 in deals worth Rs.105 million while Dipped Products saw 0.9 million shares crossed at prices of Rs.110 and Rs.115 worth Rs.102 million.
There was a crossing of 200,000 HNB at Rs.166 contributing Rs.33.2 million to turnover.
Apart from the block trades, yesterday’s biggest turnover generators were Touchwood which closed Rs.2.40 up at Rs.21.50 trading between Rs.19.20 and Rs.21.60 contributing Rs.104.7 million to turnover followed by floor trades in JKH which closed Rs.4.50 up at Rs.229.50 on nearly 0.4 million shares done between Rs.225 and Rs.229.90.
Access Engineering continued to attract interest closing Rs.1.40 up at Rs.21.80 on 3.7 million shares traded between Rs.20.30 and Rs.22.10 contributing Rs.78.9 million to turnover.
The NDB caught up some ground lost after details of the sale of its insurance associate was announced while NDB Aviva Insurance continued to dip with 37,980 shares done between Rs.362 and Rs.368.90 contributing Rs.14.4 million to turnover and closing Rs.24.70 down at Rs.374.70.
Asiri and Browns Beach Hotel saw volume but edged down with the hospital counter closing 10 cents down at Rs.11.40 on 4.7 million shares while the resort hotel closed 50 cents down at Rs.27.60 on over 0.7 million shares.
The All Share Price Index continued to approach the 6,000 point benchmark yesterday at 5,971.99. Some brokers and analysts believe that if this barrier is breached comfortably, the index should gain a further 200 to 300 points.