Major indices in the Colombo Stock Exchange experienced a roller coaster ride with the week commencing in red and making a significant turn round in the middle and ending flat at the depth. However on the outlook still market sentiments remained to be weak. Benchmark ASI dropped by 37.82 points WoW (-0.51 percent) to close at 7,319.15 while liquid MPI lost 85.89 points (-1.26 percent) to end at 6,736.88.
Average daily turnover of the week improved to Rs.2.7bn (+16.7 percent WoW). Foreign participation was slightly dipped to 13.00 percent of the total market activity and at the end of the week high foreign purchases were witnessed with net foreign inflow of Rs. 2.6bn.
The Colombo stock exchange continued its southward journey and ended in deep red with the commencement of trading for the new week on Tuesday. Major indices ended in red with ASI closed at 7,270.67, down by 86.30 (-1.17 percent) while MPI closed at 6,734.33 down by 88.44 (1.30 percent). Palm oil counters such as Indo Malay Plc (Rs.2.4bn), Selinsing Plc (Rs.1.2bn), Good Hope Plc (Rs.0.7bn) and Shalimar Malay Estate Plc (Rs.0.4bn) made strong contributions to the daily turnover. In addition high level of retail participation was witnessed with counters namely Union Bank, Free Lanka Capital Holdings, Laugfs Gas and PC House were seen actively trading during trading hours.
Sale at the Colombo stock exchange replicated Wednesday at the negative background. ASI weakened by 57.34 points (-0.79 percent) to end trading at 7,213.37 and more sensitive MPI dropped by 43.00 points (-0.64 percent) to close at 6,691.33. Royal Ceramic Plc (Rs.535.4mn) was the highest contributor to the turnover followed by Asian Hotels & Properties Plc (Rs.188.5mn) and Distilleries Plc (Rs.124.0).
Meanwhile Nation Lanka Finance, Union Bank Plc and Free Lanka Capital Holdings Plc traded heavily during the day
Seeming bullish engulfing pattern was formed when market closed down its day's operations on Thursday with an encouraging pull back to the green zone. ASI jumped by 103.84 points (+1.4 percent) to close at 7,317.17 and liquid MPI increased by 56.02 points (+0.84 percent) to end trading at 6,747.35. High level of contributions to the daily turnover was made by counters Lankem Ceylon Plc (Rs.157.0mn), Nation Lanka Finance Plc (Rs.122.0mn) and Aitken Spence Hotels Plc (Rs. 57.5mn). Alufab Plc and Radiant Gems International Plc were the aggressively traded stocks in the day.
Relatively dull market activity levels were witnessed on Friday with investor indecisiveness as both indices closing on opposites.
ASI ended at 7,319.15, marginally up 1.98 points (+0.03 percent) and sensitive MPI ended at 6,736.88, marginally down 10.47 points (-0.16 percent). Brown & Company Plc (Rs.163.1mn) was the top contributor to the turnover. In addition Sampath Bank Plc (Rs.115.8mn) and Lanka Aluminum Plc (Rs.101.7mn) made strong contributions daily turnover. In the meantime active level of investor participation was seen in stocks such as Lankem Development Plc, E-channeling Plc and Colombo Fort Land & Building Plc.
source - www.dailynews.lk
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