JKH pips CTC as most valued stock; bourse remains active

Premier blue chip John Keells Holdings (JKH) yesterday emerged as the most valuable stock after Ceylon Tobacco Company (CTC) saw an unusual price dip of Rs. 20 or 2% though on a volume of 99,064 shares done via 181 trades.

Until yesterday CTC has been enjoying as the most valued stock with Rs. 181.7 billion as market capitalisation and JKH at second with Rs. 178 billion. 

Dip by CTC which saw foreign selling and a 90 cents gain by JKH pushed the latter to number one. On Wednesday, JKH gained by Rs. 2 as 1% of its stake was traded for Rs. 1.74 billion.

Yesterday too, JKH dominated trading with 4.4 billion shares traded for Rs. 596 million including 3.4 million at Rs. 135 each via 10 crossings. Host of individual investors were on the buying side whilst a State fund booked profit, contrary to misconception by some that individuals will dump blue chips on the former. 

The Colombo Stock Exchange ended on a positive note yesterday as the ASPI increased by 0.54% or 29.15 points to close at 5,399.54 points, while the S&P SL20 Index also increased by 0.35% or 8.09 points to close at 2,342.85.

Acuity Stockbrokers said turnover decreased by 14.8% relative to Wednesday to Rs. 2.67 billion while the crossings amounted to 27.8% the day’s total turnover. 

Foreign investors recorded a net outflow of Rs. 0.21 billion over the day compared to a net outflow of Rs. 1.30 billion recorded Wednesday.

First Capital said the bourse continued its stance in the green zone for the third consecutive day giving hopes for a ‘Super September’ while recording heavy retail activities. 

“Buying interest in Food and Beverage and Capital Goods counters gave the index a gradual upward movement since the inception, aiding the market to close at 5,400 with an advance of 29 points,” First Capital said. 

Capital Goods counters continued to dominate the turnover contributing 34% led by JKH. Additionally the parcel trades boosted the turnover amounting to 24% of total. Market witnessed low foreign participation dominated by the selling-side resulting in a net outflow. 

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Carson Cumberbatch, Browns Investments and Distilleries.

High net worth and institutional investor participation was noted in John Keells Holdings and Sampath Bank. Mixed interest was observed in Expolanka Holdings, Commercial Bank and Ceylon Tobacco Company whilst retail interest was noted in Browns Investments, Access Engineering and LOLC Holdings. 

Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index gained 1.07%. The share price of John Keells Holdings increased by Rs. 0.90 (0.67%) to close at Rs. 135.90.

Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Ceylon Tobacco Company) whilst the sector index increased by 0.50%. The share price of Ceylon Tobacco Company declined by Rs. 20.00 (2.06%) closing at Rs. 950.00 whilst foreign holdings decreased by 83,994 shares. 

Sampath Bank, Expolanka Holdings and Commercial Bank were also included amongst the top turnover contributors. Furthermore, The share price of Sampath Bank lost Rs. 0.80 (0.65%) to close at Rs. 122.50 while the share price of Expolanka Holdings moved up by Rs. 0.10 (1.45%) to close at Rs. 7.00. The share price of Commercial Bank closed flat at Rs. 79.00.