December so far draws Rs. 6 b in net foreign inflow to CSE

Foreign buying continued at the Colombo stock market with net inflow topping Rs. 6 billion mark so far in December though local investor sentiment remained subdued.

The market saw net foreign inflow of Rs. 554 million yesterday led by Expolanka Holdings boosting the month-to-date figure to Rs. 6 billion and year-to-date to Rs. 23.6 billion.

Asia Securities said the indices ended in red mainly due to price losses in LIOC (-1.8%), BIL (-3.7%), FCT (-8.2%), CFVF (-5.8%), LOLC (-2.5%), and SAMP (-2.4%). Turnover declined to Rs. 2,270 million from Rs. 3,530 million recorded in the previous session. Crossings accounted for 25% of turnover with 17 crossings recorded in EXPON (Rs. 514.5 million), one crossing each in DIPD (Rs. 28.5 million) and LIOC (Rs. 24.5 million).

Asia said ASPI touched an intra-day high of 8,913 (+43 points) in the first hour of trading, however turned south and declined below the 8,800 levels before settling at 8,814 (-57 points). SAMP (-9 points), COMB (-9 points), BIL (-7 points) and LOLC (-7 points) came in as the major laggards on the ASPI. The breadth of the market closed negative with 107 price gainers and 75 decliners.

First Capital said the bourse regressed to red again as investors were prompted to sell on Diversified Financials and Banking sector counters. Index opened on a solid footing and remained high during the initial hour but as investors resorted to book profits index tumbled down.

The downtrend persisted through the rest of the session with the index closing at 8,814 losing 57 points. During the day, Treasury related counters witnessed selling as fears on local debt restructuring began to resurface while LIOC too plunged down with investors anticipating reduction in fuel prices.

NDB Securities said high net worth and institutional investor participation was noted in Expolanka Holdings, Dipped Products and Lanka IOC. Mixed interest was observed in First Capital Treasuries, First Capital Holdings and Richard Pieris & Company whilst retail interest was noted in Browns Investments, LOLC Finance and SMB Leasing nonvoting.

The Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings) whilst the sector index lost 0.24%. The share price of Expolanka Holdings decreased by 50 cents to close at Rs. 207.

The Energy sector was the second highest contributor to the market turnover (due to Lanka IOC) whilst the sector index decreased by 1.63%. The share price of Lanka IOC lost Rs. 4.25 (1.77%) to close at Rs. 236.

Browns Investments, First Capital Treasuries and First Capital Holdings were also included amongst the top turnover contributors. The share price of Browns Investments moved down by 30 cents (3.66%) to close at Rs. 7.90. The share price of First Capital Treasuries recorded a loss of Rs. 2.30 (8.19%) to close at Rs. 25.80. The share price of First Capital Holdings declined by Rs. 2.00 (5.81%) to close at Rs. 32.40.