Market activity crossed the 7000 mark after a lapse of nearly three months. Both indices continued to ascend though with slow pace over the last week. ASPI appended 141 points to close at 7032.60 up 2.04 percent.MPI showed a marginal rise of 0.20 percent and ended the week at 7301.09. Sector wise, Power and Energy contributed significantly followed by Banking, Finance and Insurance and Hotels and Travels.
New entrants to the market, Laugfs and Pan Asian Power contributed to the Power and Energy sector while Sampath supported Banking and Finance and Citrus Leisure to the Hotel Industry. Market turnover was marginally up while the turnover volumes noted a drop of 10 percent over the week.
The cumulative weekly turnover was at Rs 15.3 billion as against Rs 14.96 billion in the preceding week. Nominal rise was recorded in the Market Capitalization from Rs 2297.4 billion to Rs 2346.49 billion in the current week. Market P/E Ratio improved to 26.6 and PBV noted at 3.2.
Power and Energy dominated the sector turnover with 30.81 percent share amounting to Rs 4.7 billion. Laughs both voting and non voting added sizably with 18.47 percent and 6.4 percent among the weekly top turnover entities.
Banking, Finance and Insurance followed the top turnover tally at 27.51 percent with Sampath being the main contributor. Hotels and Travels at 14.82 percent got major share from Citrus Leisure.
Banking, Finance and Insurance at 63.84 percent remained the foremost contributor to the market volumes with SMB Leasing both voting and Non Voting and Amana Takaful Insurance being the major contributing counters.
At the top of turnover charts was Laugfs voting and non voting with market share amounting to Rs 2.83 billion and Rs 981 million respectively. Citrus Leisure accounted for 4.82 percent total turnover with contribution of Rs 738.88 million and the stock closed at Rs 89.1.
SMB Leasing non voting with 19 percent continued to be the most active scrip with 178.3 million shares with Panasian Power adding 10 percent to volumes with 96.7 million shares.
Foreign purchase
This week, foreigners were net sellers maintaining the selling pressure as the previous week. The foreign purchase was at Rs 1.01 billion showing an improvement of 19.53 percent compared to last week’s Rs 580.n million and the sales showed a dip of 14.24 percent recording Rs 1.61 billion as against last week’s Rs 1.8 billion.
Watapota scrip climbed up, recording a robust growth of 463.89 percent to close at Rs 4511.10, compared to last week’s scrip price of Rs 800.
Watapota issued a Right Issue of 2:75 for the purpose of Strategic Investment activities this week along with Asian Alliance which also recorded a significant growth of 78.13 percent of scrip price to close at Rs 180.80.
Asian alliance placed a Right Issue of 1:2. Dimo and Asia Capital were also major gainers in the bourse with an increase of 46.95 percent and 42.28 percent against previous week, closing scrip at Rs 1438.20 and Rs 70.00 respectively.
Asiri Central reported as major loser of the week, losing 17.31 percent to close at Rs 151.00 against last week’s price of Rs 182.60. Durdans (Non Voting) and E-Channelling scrips closed at Rs 72.20 and Rs 24.00 highlighting a decrease of 13.53 percent and 13.04 percent against last week’s prices.
Point of View
Market activity was strengthened with active retail participation; new listings led the activity levels and generated encouraging response. We expect the market to maintain the growth momentum backed with lowering of interest rates and good corporate results more of which are likely to flow in the coming week. Also, certain counters will witness profit booking while fundamental stocks will be sought after by the retail investors.
source - www.dailynews.lk
No comments:
Post a Comment