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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » CSE Ends July On A Positive Note – Lanka Securities Research

CSE Ends July On A Positive Note – Lanka Securities Research

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Colombo stocks declined during the start of the week, retreating from a 9-week high, as investors took some profit after three straight sessions of advances. Main index advanced to 7,280 mark in the opening hours but failed to maintain the momentum and declined by 21.82 index points (-0.30%) to close at 7,247.23. 20-scrip S&P SL index edged slightly lower by 3.98 index points or 0.01% to end at 4,067.67. Daily market turnover was LKR 1.1bn. Aitken Spence emerged as the top contributor to the turnover with LKR 153mn followed by John Keells Holdings and Distilleries with LKR 135mn and LKR 62mn respectively. HVA Foods was the most active counter for the session. Foreign investors were net buyers for the third consecutive session with a net inflow of LKR 65mn. Foreign participation was 27%.

Colombo equities brushed off losses made on previous session as blue chips helped lead the market higher on Tuesday. After the hesitant start, the ASI recouped and touched a high of 7,275.45 before settling at 7,261.07 with a gain of 13.84 index points or 0.19%. S&P SL 20 index edged high by 10.22 index points or 0.25% to close at 4,077.89. The market turnover was LKR 1.1bn. Premier blue-chip, John Keells Holdings, led the turnover list with LKR 255mn. Further, Overseas Realty (LKR 75mn), Laugfs Gas-nonvoting (LKR 52mn), John Keells Holdings – warrant 22 (LKR 37mn) and Chevron Lubricants (LKR 28mn) made notable contributions to the turnover. John Keells Holdings warrants led the trades while HVA foods, Grain Elevators and Overseas Realty were also heavily traded in the session.Foreign investors were net sellers of LKR 213mn worth of equities and foreign activity represented 23% of the market turnover.
Colombo bourse closed above 7,300 mark for the first time in five months in Wednesday as investor sentiment build up in anticipation of political stability after the parliamentary polls scheduled to be held in two weeks’ time. Benchmark index bagged 52.90 index points or 0.73% to close at 7,313.97 while 20-scrip S&P SL index retook the 4,100 index mark to end at 4,105.08, incline of 27.19 index points or 0.67%. Accordingly year-to-date main index return and S&P SL20 index return flipped back to greener territory, recording an increase of 0.2% & 0.4% respectively. Daily market turnover surged to 11 week high of LKR 3.6bn, lifted by single crossing of 1.2mn shares in Ceylinco Insurance. John Keells Holdings (LKR 278mn), Bimputh Finance (LKR 156mn), Textured Jersey (LKR 118mn) and Access Engineering (LKR 103mn) were next best contributors to the turnover. High investor interest continued roll in to John Keells Holdings where all three counters witnessed increases. Meanwhile, Access Engineering, HVA Foods, MTD Walkers and Textured Jersey attracted heavy investor preference during the session. Foreign investors erased year-to-date net foreign outflow with a net inflow of LKR 2bn while foreign participation was marked at 35%.

Colombo stock market indices stretched the gains on Friday, as investors’ sentiment remained bullish. The Benchmark All Share Price index gained 18.08 points or 0.25% to end at 7,332.05 while S&P SL 20 index gained 13.99 points (+0.34%) to end at 4,119.07.

The market ended the month of July with positive returns where the main index advanced by 311.25 points or 4.4% while S&P SL 20 index gained 199.94 points or 5.1% during the month.

Ceylon Cold Stores (CCS) was the main contributor to the index performance in today’s session, subsequent to the  84%YoY growth in earnings in the June quarter. The counter advanced to a fresh 52wk high price of LKR 425.00, +19.4% while recording a turnover of LKR 47mn and it positioned among the top 5 contributors to the market turnover. Further Ceylon Tobacco (closed at LKR 955.00, +1.4%), Hemas Holdings (closed at LKR 88.10, +1.3%) and Carson Cumberbatch (closed at LKR 405.00, +2.4%) also affected favorably to the market performance.

High net worth and institutional investors were active today and bulk deals were seen Commercial Bank (1.7mn shares at a price range of LKR 170.00-171.00), John Keells Holdings (1.4mn shares at a price range of LKR 196.50-197.00 per share), Dialog Axiata (15.3mn shares at LKR 11.00 per share) and Lanka Orix Finance (33mn shares at LKR 4.20 per share). Total crossings represented 48% of the market turnover.

Further, John Keells Holdings emerged as the top contributor to the market turnover with LKR 360mn followed by Commercial Bank (LKR 330mn), Dialog Axiata (LKR 197mn) and Lanka Orix Finance (LKR 140mn). In addition, the market liquidity improved to record a nearly one month high of 84mn shares.

Market breadth was relatively neutral with 105 stocks rising, 100 stocks declining while 56 counters remained unchanged. Cash map marginally declined to 53% from 55%. 17 counters advanced to 52wk high prices while only Ceylon Leather Products Warrant 14 declined to a 52wk low price of LKR 0.10.

Nations Trust Bank released their interim financial report for the June quarter today with a notable profit growth of 26%YoY. Despite the earnings growth, the counter declined to LKR 105.50, -1% during the session.

Poultry sector counters extended the gains where Bairaha Farms (LKR 141.50), Ceylon Grain Elevator (LKR 65.90) and Three Acre Farms (LKR 83.00) moved to  fresh 52wk high prices.

Dankotuwa porcelain was heavily traded subsequent to the announcement of a right issue. The proportion of the right issue is five for four at LKR 8.00 per share. The counter declined to LKR 11.80 today, but recovered to close at LKR 12.00, -17%. Meanwhile John Keells Holdings warrant 0022 & 0023, Ceylon Grain Elevators and Access Engineering were among mostly traded counters.

Meanwhile several counters declared dividends during the trading session. Arpico Finance and Samson International declared first and final dividends of LKR 3.75 and LKR 2.00 per share respectively while Vidullanka declared an interim dividend of LKR 0.125 per share.
Courtesy: The Sunday Leader 2 August 2015

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