The Colombo bourse observed volatile sentiments throughout the day yesterday. However, market marginally recovered during the last hour of trading driven by local investor appetite.
Thus, the ASPI concluded in red declining by 14.1 points (-0.2%) to close at 7,341.0, while the S&P SL20 Index also decreased by 2.4 points (-0.1%) to close at 2,953.7. Moreover, Haycarb, Ceylon Tobacco, Browns Investments, Hayleys and Lion Brewery remained as the top negative contributors to the ASPI during the day. Meanwhile, yesterday’s total turnover stood at LKR2, 321.7mn (USD11,576.1k) vs. 12-month average daily turnover of LKR3,023.3mn (USD15,100.4k) whilst the volume traded for the day was 143,653.5k against the 12-month average daily volume of 168,893.8k.
Top traded counters for the day were Browns Investments LKR444.2mn (USD2,214.7k, -1.5%), HaycarbLKR270.1mn(USD1,346.6k,-6.3%), Royal Ceramics LKR265.4mn (USD1,323.5k,+0.5%), Expolanka HoldingsLKR232.6mn (USD1,159.9k, -0.4%)and Dipped ProductsLKR208.8mn (USD1,041.3k, -1.6%).
Foreigners were net sellers recording an outflow of LKR63.9mn (USD31.9k) during the day. Foreign purchases stood at LKR26.5mn (USD13.2k) enticed by Hemas Holdings (LKR6.1mn), Dipped Products (LKR5.1mn) and John Keells Holdings (LKR4.9mn) whilst total foreign sales amounted to LKR90.4mn (USD45.1k), mainly seen in Haycarb (LKR24.1mn), Chevron Lubricants (LKR17.1mn) and Ceylon Cold Stores (LKR11.5mn). Off-board crossings were witnessed in Union Bank (LKR69.1 mn) and Expolanka Holdings (LKR37.8mn).
Additionally, Mahaweli Coconut Plantation, Bogala Graphite, Laugfs Power and HNB Finance touched their 52-week high prices yesterday whilst E B Creasyand SMB Leasing reached their 52-week low price points.
Meanwhile, Haycarb4QFY21 earnings grew 38% YoY to LKR640mn mainly due to increased sales in its high margin segments such as capacitors and air purification. However, on QoQ basis earnings declined by LKR59mn mainly due to charcoal cost escalation whilst full year earnings too spiked 95%YoY to LKR3.0 bn. HAYC also announced its final dividend of LKR.0.5 for FY21 today. Conversely, LB Finance profit for 4QFY21 increased to 100% YoY to LKR2.8 bn whilst full year earnings also increased by 31%YoY to LKR6.8 bn.
On the economic front, Central Bank of Sri Lanka released external sector performance for the month of March 2021 where the trade deficit widened by 52% YoY to USD832 mn. Nevertheless a healthy growth in workers’ remittances was seen during the month which stood at USD612 mn (up +24% YoY).
Courtesy Softlogic Securities)
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