Colombo equities closes on negative note | Daily News

Colombo equities closes on negative note

Colombo equities closed Tuesday session on a negative note amid the concerns on budget 2016 which is due on next month. Market swung between gains and losses where benchmark index advanced to 7,105 mark but failed to retain the momentum to close at 7,085.93, marginally down by 3.13 index points or 0.04% while 20-scrip S&P SL index shed 2.92 index points (+0.08%) to close at 3,827.31.

Index performance was driven down by price declines in Dialog Axiata (closed at LKR 11.20, -0.9%), Ceylinco Insurance (closed at LKR 1,400.00, -3.8%), Lanka Orix Leasing Company (closed at LKR 98.00, -2.0%).

Daily market turnover was LKR 664mn. John Keells Holdings topped the turnover list with LKR 124mn supported by two crossings of 0.7mn shares at LKR 166.00. Hayleys Fabrics (LKR 60mn), Distilleries (LKR 50mn) and ACL Cables (LKR 34mn) were among next best contributors to the turnover.

Two crossings were recorded in Distilleries (0.2mn shares at LKR 274.00) and Nestle Lanka (0.01mn shares at LKR 2,100.00). Aggregate value of crossings represented 26% of the total turnover.

Investor sentiment was negative where out of 239 counters, 99 slipped, 75 advanced while 65 counters remained unchanged. Cash map slightly dipped from 47% to 44%. 14 counters touched 52wk low prices while 3 counters managed to reach 52wk high price levels.

Hayleys Fabrics continued to attracted heavy investor preference on the note of the regaining GSP+ facility. Stock advanced to a fresh 52wk high price of LKR 21.20 but closed lower at LKR 20.70 (+3.5%). However, Textured Jersey closed lower at LKR 32.50 (-1.2%).

Most of the banks namely Hatton National Bank, DFCC Bank, Sanasa Development Bank, Nations Trust Bank witnessed negative returns while both National Development Bank (LKR 220.00) and Union Bank (LKR 21.30) touched fresh 52wk low prices.

Following the extension of mandatory offer period in Taprobane Holdings, counter hit a new 52wk high of LKR 5.50.

Lanka Securities Research