The ASPI gained sharply on Monday i.e. 225.19 points however lost subsequently to close at 7672.49 recording a gain of 1.13 percent week on week. The MPI which lost 24 points at the start of the week moved up to close at 7259.81, a marginal decline of 0.24 percent, week on week.
Value of turnover for the week declined by 10.9 percent to record Rs 11.6 billion on average while volume of shares traded dropped by 36.53 percent to record 216.3 million shares.
The daily turnover average for the week was Rs 3.8 as against last week’s daily turnover average of Rs 4.37 billion.
Substantial gain
Oil palm sector indices continued to record a substantial gain bringing the week on week gain to 21,981 points to close at 165,472 up 15.3 percent, influenced by counters such as Singalanka, Selinsing, Shalimar and Good Hope while Investment Trusts indices gained 3,648.13 points from last week, an increase of 7.7 percent to close at 51,305.20.
As for turnover, the Banking sector represented 26.79 percent of this week’s turnover at Rs 3.13 billion with a 2 percent stake of HNB changing hands. The Beverage Food and Tobacco sector’s contribution to turnover amounting to Rs 1.95 billion or 16.76 percent on the strength of sales of shares in Tea Services, HVA Foods and Convenience Food.
Diversified sector contributed 10 percent to this week’s turnover amounting to Rs 1.17 billion. Market activity by volume was also led by the Banks, Finance and Insurance sector amounting to 23.99 percent while Beverage Food and Tobacco contributed 13.98 percent and Manufacturing amounting to 11.07 percent of total volumes.
Top contributor
HNB was the top contributor in turnover this week, generating 30.74 percent of the aggregate market turnover of Rs 3.59 billion on the strength of Foreign investment interest in the counter.
The share closed at Rs 400. Tea Services was the other top contributor to turnover with 8.11 percent or Rs 948 million contribution while HVA Food debuting this week and closed at Rs 25.70 per share recording a price gain of 60.6 percent, contributing 4.9 percent amounting to Rs 576 million of total turnover.
Price gainers
Convenience Food topped the list of price gainers this week, with the share price rising by 66.76 percent over previous week to close at Rs 300 from opening price of Rs 180.
HVA also recorded an increase of 60.6 percent on its price which opened the week at Rs 16 and close at Rs 25.70 while Singalanka was the other scrip that recorded the highest gain of 37.9 percent to close at Rs 620 from Rs 449.40.
Eastern Merchant was the top loser for the week with a loss of 25.89 percent on its price which closed at Rs 622.50 after opening the week at Rs 840. CDIC at a closing price of Rs 185.20 from Rs 236.70, with a loss of 21.7 percent was the other top loser while Lanka Ashok also saw the share price erode by 13.79 percent to close at Rs 2615.30 Foreign selling pressure continued this week despite foreign buying interest in Blue chips influencing market indicators.
Foreigners were net sellers, with a daily average net selling of Rs 438 million as against last week’s daily average selling of Rs 366.3, a week on week increase by 19 percent in the daily average net sales.
Foreign purchase
Average foreign purchase increased significantly by 270 percent week on week, amounting to Rs 745.9 million while average selling witnessed an increase of 108 percent against last week with Rs 1.18 million recorded this week.
The most traded stock this week was HVA with its post IPO debut at Rs 16 at the start of the week, which went on to record 22 million shares changing hands while Dialog, a top turnover contributor, saw 21 million shares changing hands to close at Rs 11.80. Bogawantalawa was also a popular share this week, with 249 million shares trading to close at Rs 23.30.
Point of view
The week in retrospect was slow considering the 3 day trading week on thinner volumes and turnover levels. The week’s trading was dominated by institutional investment in the banking sector, and trading on generally illiquid shares by retail investors.
We expect improved activity levels during the week ahead with interest in counters relating to key growth sectors, given that most corporates have released their December 2010 quarterly financials.
source - www.dailynews.lk
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