Market concludes in green amid impressive corporate earnings
Colombo bourse witnessed a jump start yesterday with the positive sentiments due to impressive quarterly earnings released by John Keells Holdings.
Thus, All-Share Price Index increased by 52.9 points (+0.7%) to close at 7,679.6 for the day whilst S&P SL20 Index also gained by 20.8 points (+0.9%) to close at 2,429.9.
Expolanka Holdings, Richard Pieris, Aitken Spence, Lanka IOC and Browns Investments remained as the top positive contributors to the ASPI during the day. Further, broader market’s total turnover stood at Rs. 1,045.5 mn against the 12-month average daily turnover of Rs.4,489.2 mn, whilst the volume traded for the day was 56,017.5k against the 12-month average daily volume of 219,089.7k. Banks and Food & Beverage mostly contributed to yesterday’s turnover.
The top turnover generators for yesterday were Lanka IOC Rs. 140.7 mn (+4.8%), Expolanka Holdings Rs.113.1 mn (+3.6%), Teejay Lanka Rs.63.1 mn (+0.9%), Kotagala Plantations Rs.55.7 mn (+14.6%) and Browns Investments Rs. 52.8 mn (+1.4%).
Foreigners recorded a net inflow of Rs. 22.9 mn yesterday. Foreign purchases stood at Rs. 382.2 mn whilst total foreign sales amounted to Rs.15.3 mn.
Top foreign buying counters RICH LKR. 23.9 mn, MELS LKR. 3.8 mn, ASCO LKR. 1.8 mn, ASIY LKR. 1.5 mn, KAHA LKR. 1.1 mn and HDFC LKR. 0.6 mn whilst top foreign selling counters were TJL LKR. (3.6) mn, HPL LKR. (3.2) mn, BALA LKR. (2.0) mn, CWM LKR. (1.5) mn, LIOC LKR. (1.2) mn and VPEL LKR. (0.8) mn. Further, no off-board transaction was witnessed yesterday.
Additionally, Hotel Sigiriya, SMB Leasing (Non-Voting), Lankem Developments, Balangoda Plantations and Kotmale Holdings were the top price gainers yesterday whilst Swadeshi Industrial Works, Hunter & Co, Renuka Holdings (Non-Voting), Arpico Insurance and Bansei Royal Resorts were the top price losers.
Further, Kotagala Plantations, Browns Investments, Lankem Developments, Industrial Asphalts and LOLC Finance were amongst the most actively traded stocks yesterday. Meanwhile, Sri Lanka’s John Keells Holdings, which has interests in container terminals, consumer goods, financial services and property reported profits of Rs.11.2 billion in the June 2022 quarter helped by 10.1 billion rupees of exchange gains as a soft-peg with the US dollars collapsed.
Further, Sri Lanka’s local currency debt which has taken almost 44 percent hair cut as the rupee collapsed from 200 to 360 to the US dollar may be at risk of a second cut, Fitch rating agency has warned.
Courtesy Softlogic Stockbrokers