Stocks rebound after two-day slump

Wednesday, 18 December 2019 02:44 - - {{hitsCtrl.values.hits}}

Market records Rs. 240 m turnover, JKH accounts for 22%
Carson’s, Melstacorp and Dialog also top performers
Net outflow of Rs. 36 m as foreign investors continue exit

Stocks rebounded after a two-day slump yesterday as a result of price gains on Carson Cumberbatch, Melstacorp and Dialog Axiata with the turnover crossing Rs. 240 million and John Keells accounting for 22% of the day’s turnover.

The Bourse ended on a positive note as the ASPI increased by 0.09% or 5.33 points to close at 6,062.33 points, while the S&P SL20 Index also increased by 0.31% or 9.12 points to close at 2,945.29.

However, the ASPI witnessed volatile movement during the day, reaching an intraday high of 6,063 within the first hour of trading followed by a downtrend to reach an intraday low of 6,052 before rebounding at the close of trading, First Capital said.

Foreign Investors meanwhile recorded a net outflow of Rs. 36 million over the day compared to a net outflow of Rs. 7.2 million recorded on Monday.

John Keells Holdings (JKH - Rs.162.6) emerged as the top contributor to turnover with Rs. 53 million (0.3 million shares), followed by Access Engineering (AEL - Rs. 21.5) with Rs.22 million turnover (1.0 million shares) and Commercial Bank of Ceylon - Voting (COMB-N - Rs. 97.0) with Rs.21 million turnover (0.2 million shares).

High net worth and institutional investor participation was noted in John Keells Holdings and Commercial Bank. Mixed interest was observed in Sampath Bank, Tokyo Cement Company nonvoting and Access Engineering whilst retail interest was noted in Seylan Bank, Chevron Lubricants and Dialog Axiata. Total foreign sales accounted for 49.7% of the turnover, brokers said yesterday.

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