Stocks slumped on Colombo Bourse on Wednesday, again on low volumes with only 16mn shares traded. Market turnover picked up to LKR 739.5mn from last Monday mainly due to the crossings recorded in index heavy John Keells Holdings and Aitken Spence Holdings which accounted for 73% of the market turnover.
Benchmark All Shares Index slipped by 50.21 points (-0.93%) to close at 5,334.68 while sensitive MPI lost 77.36 index points (-1.57%) to close at 4,858.15. S&P SL 20 Index lost 25.24 points (-0.85%) to close at 2,934.77.
John Keells Holdings (LKR 393.3mn) and Aitken Spence Holdings (LKR 157.4mn) were the top contributors to the turnover followed by Peoples Finance (LKR 23.9mn), which continued to attract high investor interest. Further, Commercial Bank, Swarnamahal Financial Services and Browns Investments were among the actively traded stocks.
Seylan Merchant Bank non-voting (+33%), Property Developers (+21%) and Maskeiya Plantations (+14%) were the top gainers while illiquid Mirama Beach (-17%), Ramboda Falls (-16%) and Entrust Securities (-15%) were the top losers for the day.
Foreign participation was 51% and foreign investors were net buyers with a net inflow of LKR 395.6mn. Total net foreign inflow for this year amounts to LKR 35bn in contrast to LKR 19bn outflow recorded in 2011. Interestingly, foreigners have been net buyers for 165 market days out of the total of 220 so far this year (i.e.75%).
Market RSI on All Share Index dropped to 27 from the previous day figure of 31. Cash In amount from the total turnover (excluding crossings) was 21%.
The Central Bank of Sri Lanka re-issue LKR 18.0bn Treasury Bills today auction which was oversubscribed and only accepted 58% amounts of the bids received. Weighted average yields of three maturities gained compared to the last auction.