Sri Lankan stocks rise as Hunas Falls lifts turnover

Sri Lanka, Jan 17 (Capital Leads) – The Colombo Stock Exchange (CSE) ended on a positive note today recording the highest gain for the year so far as Hunas Falls Hotels (HUNA) generated nearly a half of the turnover.

The broad market All Share Price Index (ASPI) edged up 15.78 points to close the session at 5,989.12 points, 0.26 percent higher than the previous session, while more liquid S&P SL20 Index, gaining 8.53 points, ended 0.28 percent higher than yesterday to reach at 3,053.25 points.

Amid three crossings where 0.6 mn shares of Hunas Falls Hotels traded at LKR187.0, the off-board transactions made up 35 percent of the day’s turnover as Serenity Lake Leisure (Private) Limited, following its Monday’s acquisition, made  a mandatory offer to buy the remaining ordinary shares at LKR187.0 per share.

Last week, Hunas Falls Hotels announced the sale of 15.98 percent and 50.22 percent of its shares held by Amaya Leisure PLC and Carbotels (Private) Limited respectively to Serenity Lake Leisure (Private) Limited.

The day’s turnover however declined to LKR341.7 mn (USD1.9 mn), slightly over a third of yesterday’s turnover with YTD average daily turnover reaching LKR602.0 mn (USD3.3 mn).

With 46 percent of contribution, HUNA dominated the turnover generation followed by John Keells Holdings (JKH) which made up 13 percent as the stock closed 1.6 percent higher driven by local buying. 

The Hotels and Travels stocks led the sector-wise contribution with 49 percent to the turnover, followed by 17 percent from the Diversified Holdings.

Daily net foreign outflow declined to LKR7.2 mn (~USD40,000), as YTD net outflow edged up to LKR1.9 bn (USD10.7 mn).

Disclosure: I/We have no investments in the stocks mentioned in the above article and don’t intend to open any within the next 72 hours. I wrote this article for myself and it expresses my opinion. I/We receive no compensation, nor do I/We have any business relationship with any companies whose stocks are mentioned in the article.

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