Stocks Close Lower

Colombo stocks closed lower on Wednesday despite 48 counters reaching its 52wk high price levels.

The market started on a positive note but failed to maintain the momentum towards the latter part of the trading session. The main index touched 34month high of 6,815.89 mark during the morning session but closed at 6,783.98, sinking by 12.39 index points or 0.18% from previous close.

20-scrip S&P SL index declined 14.01 index points or 0.37 to end at 3,775.14. Price depreciations in index heavy equities such as John Keells Holdings (closed at LKR 239.00, -2.3%), Ceylinco Insurance (closed at LKR 1,351.50, -5.2%) and Lion Brewery (closed at LKR 650.00, -4.3%) contributed negatively to the index performance.Daily market turnover was LKR 1bn. Two off-the-floor dealings were recorded in John Keells Holdings (0.1mn shares at LKR 244.50) & Laugfs Gas (1.0mn shares at LKR 35.00). Aggregate value of crossings represented 6% of the total turnover. Accordingly National Development Bank topped the turnover list with LKR 70mn followed by Softlogic Holdings (LKR 62mn) & Laugfs Gas (LKR 55mn).

Out of 272 traded stocks, 120 counters advanced, 90 counters declined while 62 counters remained unchanged. Cash map marginally declined to 49% from 50%. 2 counters touched 52wk low prices.

Subsequent to the release of interim results of HDFC Bank for the June quarter, counter attracted heavy investor preference during the session.

Stock closed at LKR 46.10, (+7.2%). Further, Guradian Capital Partners, Renuka Shaw Wallace, York Arcade Holdings were among highly traded counters. 

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