Daily Market turnover reached LKR 1.4bn underpinned by negotiated deals recorded in Pan Asia Bank (25mn shares at LKR 22.90 per share), Hatton National Bank (0.3mn shares at LKR 197.00 per share), Commercial Bank (0.2mn shares at LKR 169.50 per share), Sampath Bank (0.1mn shares at LKR 234.00 per share) and People’s Leasing (0.9mn shares at LKR 24.00 per share). Pan Asia Bank crossing contributed 47% of the market turnover while total crossings backed 58% of the total market turnover.
Pan Asia Bank emerged as the top contributor to the turnover with LKR 642mn while John Keells Holding (LKR 195mn) and Hatton National Bank (LKR 62mn).
Out of 233 shares traded 101 advanced, 68 slipped and 64 counters remained unchanged. 6 counters reached the 52wk low price levels while only Panasian Power touched the 52wk high price level. Panasian Power closed at LKR 2.90, +3.6%. Cash map inclined to 57% from 37%.
Further shares of Ascot Holdings, Renuka Holdings (non-voting) and Piramal Glass were traded heavily during the session.
Foreign investors were net sellers for the second consecutive day with a net outflow of LKR 75mn. Foreign participation was 21%. Foreign net outflows were seen in Sampath Bank, John Keells Holdings and Lion Brewery while net foreign inflow was mainly seen in Hatton Nation Bank.
Moreover, John Keells Holdings announced that Waterfront Properties (Pvt) Ltd, a subsidiary of the company, entered into a USD 445mn syndicated project development facility with Standard Charted Bank to finance the Waterfront development project.
Asian Alliance Insurance informed that they have obtained all requisite approvals for the segregation of its general insurance business and life insurance business. Accordingly, with effect from 1st January 2015 the general insurance business would be carried on by Asian Alliance General Insurance Limited, wholly owned subsidiary of the company.
Meanwhile Siyapatha Finance and Orient Finance Debentures were oversubscribed after hours of opening and the issues were closed today.
Further, Adam Investments extended the mandatory offer period to purchase shares of PCH Holdings. The offer will be kept open till 26th December 2014.
Lanka Securities Research