The Colombo Stock Exchange grew 11.17 percent this year with the All Share Price Index closing the week at 7,377.22, up 1.89 percent, or 137 points last Friday (1).
The Milanka Price Index of more liquid stocks has declined 0.52 percent so far this year, closing the week at 7,024.63, up 2.73 percent or 186.6 points.
"The indices witnessed growth towards the end of the week with renewed buying interest post the credit clearing deadline that fell on 31st March 011. Despite the negative foreign outflow during the week, renewed foreign buying was seen on mainly banking sector counters along with local institutional play. Union Bank began trading during the week, gaining 53.6 percent on its first day of trading," John Keells Stock Brokers said.
"The total weekly turnover was recorded at Rs. 9.8 billion compared to Rs. 14.4 billion witnessed last week. The average daily turnover was Rs. 2 billion. The market witnessed a total volume of 297 million shares trading during the week," Bartleet Mallory Stockbrokers said.
"Retail investors played a dominant role during the week in comparison to institutions. However, institutional and high net worth investor participation was also evident during the week. Keen interest was seen on certain banking sector counters. Foreign investors emerged as net sellers generating a net foreign outflow of Rs. 399 billion.
"We are of the view that the market is still undervalued when co pared with the forward earnings. There are many undervalued stocks in the market and we advise investors to pay attention towards fundamentally healthy stocks when making investing decisions," it said.
source - www.island.lk
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