Stock market loses Rs. 55 b in value as locals panic over politics

Saturday, 22 November 2014 00:00 - - {{hitsCtrl.values.hits}}

Net foreign buying boosts year to date inflows to Rs. 19.3 b

The Colombo stock market yesterday lost Rs. 55 billion in value as investors panicked over political developments. The market capitalisation amounted to Rs. 3.144 trillion, down from Rs. 3.199 trillion on Thursday as the All Share Price Index lost 1.71% or 129 points. The 20-script S&P SL index lost 63.67 points (1.52%) to end at 4,127.26. “This was the second highest intra-day drop for the year,” Lanka Securities said. It said losses were mainly driven by counters such as Dialog Axiata (closed at Rs. 12.90, -5.8%), Nestle Lanka (closed at Rs. 2,190, -2.1%), Chevron Lubricants (closed at Rs. 350.00, -4.5%). Negative movements in sectors such as manufacturing, telecommunications and land & property adversely affected the index performance. Daily market turnover was Rs. 2.1 b. Access Engineering positioned at the top of the turnover list with Rs. 281 m followed by Laugfs Gas (Rs. 225 m) and John Keells Holdings (Rs. 135 m). Several crossings were recorded in Laugfs Gas (4.6 m shares at Rs. 45 per share), Access Engineering (2.3 m shares at Rs. 41 per share) and Asiri Hospital Holdings (1 m shares at Rs. 23 per share). The total crossings accounted for 15% of the total market turnover. Out of 275 counters traded, 24 advanced, 221 slipped and 30 equities remained unchanged. Five counters reached 52wk high price levels while 12 counters touched 52wk low price levels. Cash map declined to 34% from 56%. Foreign investors closed as net buyers for twelve days in a row with a net inflow of Rs. 358 m worth of equities. Foreign participation was 12%. Net foreign inflows were seen in Access Engineering (Rs. 114 m), John Keells Holdings (Rs. 86 m) and Commercial Bank (Rs. 72 m) while net foreign outflow was mainly seen in Textured Jersey (Rs. 10 m). During the week, the Bourse witnessed net foreign inflow of Rs. 1.2 b with a net foreign participation was 8%. Further year-to-date net foreign inflow increased to Rs. 19.3 b.