Market rebounds

Colombo stocks rebounded strongly from the major support level and recorded significant gains yesterday.

ASI gained 170.43 index points (+2.71%) to close at 6,452.28 while sensitive MPI closed at 5,743.55, up 139.40 points (+2.49%). Daily market turnover stood at Rs 1.5bn.

HVA Foods emerged as the top contributor to the market turnover with an amount of Rs 161.6mn and was traded heavily. Counter reached the high of Rs.47.90 and closed at Rs.47.00, up Rs.5.80 (+14.1%).

In addition Bimputh Lanka Investments (Rs.134.4mn) and Colombo Land & Development (Rs.131.8mn) made notable contribution to the turnover. Meanwhile 3.0 mn shares of Bimputh Lanka Investments changed hands in three crossings at a price of Rs.43.80 per share.

The deal amounted to 15% of the issued share capital of the company. Bimputh Lanka Investments closed at Rs.47.10, up Rs.5.30 (+12.6%). Further, several crossings were witnessed in counters such as Hayleys (100,000 shares at Rs.370.00), Dialog Axiata (14.2mn shares at Rs.8.10), Browns & Company (100,000 shares at Rs.253.10) and Infrastructure Development (728,800 shares at Rs.114.00). Colombo Land & Development, Seylan Merchant Bank warrant 0016 and Central Finance and Investments were among the mostly traded stocks during the day.

Foreign participation accounted for 13.1% of the total market activity.

Price appreciations in Index heavy John Keells Holdings (by Rs.6.90), Carsons Cumberbatch (by Rs.4.90), Bukit Darah (by Rs.58.90) and Sri Lanka Telecom (by Rs.2.90) contributed positively to the market performances.

Lanka Securities Research