The ASPI recorded a week on week gain of 447.21 points or 8.7 percent to close at 5,563. The MPI has regained to close at 5,863 up 118.41 points or 2.06 percent as against last week. Total turnover recorded for the week is Rs 11.88 billion recording a 27.19 percent increase from last week’s value of Rs 9.34 billion, however on a lesser volume of shares, indicating a shift in investor interest to high value stocks led by Ceylon Investments, Aitken Spence, Carsons and Bukit.
Trading volumes have declined to 279 million, a 10.5 percent drop from 311.8 million shares traded last week. Contributors to market turnover this week were the Banking and Finance sector contributing 17.9 percent, Investment Trusts amounting to 17.33 percent and the Diversified sector contributing 16.85 percent of the total turnover for the week.
Banking sector index gained 491.47 points week on week with DFCC contributing Rs 449.5 million trading within a price range of Rs 280.20 to Rs 300.00.
Trading in the investment trust was led by a 10.62 percent stake of Ceylon Investments changing hands from Carsons to Ceylon Guardian Investment Trust increasing the latter’s stake in CINV to 66.89 percent. CINV is the top contributor to Turnover this week amounting to Rs 1.08 billion or 9 percent of total turnover while JKH has contributed 8.45 percent of week’s total turnover value.
SMB Leasing topped the list of heavily traded stocks this week with 29.8 million shares changing hands while Dialog which was the highest last week, traded 28.4 million shares this week to come into second place. Piramal Glass traded 18.2 million shares this week.
Foreign investors continued to be net sellers this week amounting to an outflow of Rs 733.16 million as against a net selling of Rs 596.85 million last week. Foreign purchases amounted to Rs 1.4 billion while foreign selling amounted to Rs 2.1 billion. DIST and DFCC shares accounted for significant foreign selling which was picked by local institutional investors. Foreign trading levels indicate an improvement this week with both buying and selling showing a growth of 48.05 percent and 38.33 percent respectively as against last week’s declines.
Morisons (NV) is the top price gainer for the week gaining 60.21 percent to close at Rs 1241.60. LOLC, Three Acre Farms, Morisons (X) have also recorded significant price gains week on week. Top losers were Merc antile. Shipping losing 14.24 percent and Convenience Foods losing 10.06 percent, followed closely behind by CIT losing 9.47 percent.
Point of view
Overall market activity levels have shown a considerable improvement this week after last week’s subdued status with investors rallying on positive earnings.
We expect this momentum to continue backed by earnings potential and investors reacting positively to the share splits announced by Aitken Spence and Watawala.
The anticipation of further corporate announcements of capital restructuring by similar counters or high value stocks aimed at increasing liquidity in the market will stimulate market activity during the week ahead.
We expect the overall momentum to remain positive during next week’s trading.
source - www.dailynews.lk
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