Stocks end higher

Colombo stocks ended in a green zone today as both benchmark indices recorded gains. ASI gained 41.94 index points (0.61%) to close at 6,879.29 while liquid MPI closed at 6,233.82, up 10.88 index points (0.17%). Daily market turnover reached Rs.4.9bn.

 

Ceylon Hotels Corporation turned out to be the top contributor to the market turnover with an amount of Rs.1.1bn. A total of 31.8mn shares of Ceylon Hotels Corporation traded today and out of that 23.7mn shares which accounted for 13.8% of the issued shares, changed hands within inter-connected parties of the group at a price of Rs.35.00per share. The buyer was Curlew (Pvt) Limited, the holding company of Ceylon Hotels Corporation which held 52% of the stake prior to the transaction and now has increased to 70% stake. The stock today reached the high of Rs.40.00 and closed at Rs.34.00, up Rs.1.80.

 

DFCC Bank made the second highest turnover level of Rs.1.1bn while recording a off-the floor deal of 7.9mn shares at a price of Rs.135.00 per share. DFCC closed at Rs.136.00, up Rs.4.40.

 

Further, HVA Foods Plc made notable contribution to the turnover (Rs.750.9mn) with heavy investor participation. Meanwhile, Multi Finance, Singer Finance and Colombo Land & Development were among the mostly traded counters of the day. However at the end of the day the 10% price band was imposed on HVA Foods and Singer Finance.

 

Foreign participation was insignificant at 2.2% of the total market activity. Foreign investors ended as net buyers with a net foreign inflow of Rs.8.8mn.