By Quintus Perera – Asian Tribune
According to the market review of Acuity Stockbrokers Research the Colombo bourse soars to new record levels followed by an active previous week.
Heavy trading was witnessed during the week on blue chip stocks and mid cap stocks in the backdrop of Central Bank indicating substantial first quarter growth of more than 6%. The All Share Price Index (ASPI) closed the week at 4561.3 points, up by 207.1 points or 4.76% compared to last week, while the Milanka Price Index (MPI) appreciated by 213.8 points or 4.3% to close at 5182.2 points on Friday.
John Keells Holding was placed highest in terms of activity levels for this week too, with a trading volume of 8.5million. The blue chip stock added over Rs.1.7 billion to the week’s turnover. John Keells Holding closed the week at Rs.200.25 per share compared to last week’s closing price of Rs.192.00 per share, whilst trading between a price band of Rs.192.00 & Rs.201.00 per share over the week’s trading.
Apart from the above, Commercial Bank and Seylan Bank (non-voting) contributed considerably to the week’s turnover. Commercial Bank contribution was approximately Rs.1.3billion and Seylan Bank (non-voting) was Rs.951.9 million to the total turnover, with approximately 4.9 million Commercial Bank and 22.3 million Seylan Bank (non-voting) shares trading during the week. Commercial Bank saw its price appreciating by 4.9% to close at Rs.280.00 per share this week, while Seylan Bank (non-voting) ended the week at Rs.44.50 per share an increase of 14.8 % Week-On-Week.
Overall activity levels abated by 28.8% to Rs.13.1 billion this week. The average daily turnover stood at Rs.2.62 billion compared Rs.3.68 billion posted last week.
Foreign investors were net sellers this week amounting to a net amount of Rs.1billion. Foreign purchases showed a decrease of 66.7% to stand at Rs.2.4 billion, while foreign sales witnessed an increase of 12.7% amounting to Rs.3.5 billion. Foreign participation stood at 22.6% of total activity.
Volume wise highest traded stocks this week were Seylan Merchant, Dialog, Seylan Bank (non-voting) and Seylan Merchant (non-voting). Cargills recorded the highest price change for the week with a 42% price appreciation to close at Rs.143.50.
In their point of view ASR indicated that the overall activity levels decreased by 28.8% to Rs 13.1Bn turnover (WOW). While the ASPI ended the week at 4561.3 points, and the more liquid MPI ending at 5182.2 points. During the week the ASPI increased by 207.1 points and the MPI 213.8 points. The current market P/E (as per CSE) is 22.5.
At the end of the week, 217 companies released their March quarterly results.
source - Asian Tribune -
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