* Net outflow of foreign investment Rs. 7.3bn year-to-date, but records net inflow last week
While retail investors continued to play on penny stocks at the Colombo bourse, brokers said high net worth individuals and institutional investors were seen making a welcome comeback during the week ending July 8, 2011.
The All Share Price Index (ASPI) and Milanka Price Index (MPI) of more liquid stocks gained week-on-week while foreign investors emerged net buyers.
The ASPI closed the week on 6,911.98 up 67.3 points, or 0.98 higher than the previous week while the MPI gained 0.67 percent, to close at 6,386.97, 42.5 points higher. Year-to-date, the ASPI has gained 4.16 percent while the MPI declined 9.55 percent.
The average daily turnover for the week was Rs. 1.6 billion, while it was Rs. 2.7 billion year-to-date. Around 324 million shares changed hands during the week. The net foreign inflow for the week amounted to Rs. 241.52 million while for year-to-date it was a net foreign outflow of Rs. 7.3 billion.
"The indices recorded gains during the week on comparatively lower activity levels prior to trading of market debutants Lanka Orix Finance (LOFC) and Vallibel One (VONE). Trading was dominated by retailers while foreign play was seen on counters such as John Keells Holdings (JKH) and Expolanka Holdings (EXPO)," John Keells Stock Brokers said.
"The much anticipated turnaround in the market was evident during the week with both indices closing on a greener note, expectantly ending months of bearish sentiments. Except for Monday (4) and Friday (8), both indices reacted positively with both retail and institutional participation alike. The hype in activity was mainly due to LOFC and VONE debuting on Thursday and Friday respectively," Bartleet Mallory Stock Broker said.
LOFC shares hit a high of Rs. 22.50 to close the week on Rs. 10.60, higher than its IPO price of Rs. 5 while VONE shares leaped to a high of Rs. 38.50 before closing at Rs. 30.70, also above its IPO price of Rs. 25, it said.
"Retail investors continued their stand on penny counters while it was a welcome comeback of high net worth individuals and institutions who were seen collecting selective counters in the likes of JKH, EXPO, Richard Peiris (RICH) and Commercial Bank (COMB)," Bartleet Mallory Stockbrokers said.
The largest transactions for the week was recorded by JKH, with 8.06 million shares changing hands with share closing the week 1.55 percent higher at Rs. 210.
Vallibel One, which debuted on Friday, saw 41.86 million shares change hands to be the third highest gainer for the week, up 22.80 percent from its IPO price.
Expolanka Holdings saw 29.74 million shares change hands to close at Rs. 13.80, up 1.47 percent while Orix Lanka Finance, which debuted on Thursday saw 19.60 million shares change hands before closing at Rs. 10.60.
Associated Motor Finance was the highest gainer, up 260.50 percent from the previous week to close at Rs. 721, followed by On’ ally Holding, up 43.06 percent to close at Rs. 127.90, Keells Food Products, up 18.18 percent to close at Rs. 130 and Lanka Ceramic, up 15.38 percent to close at Rs. 135.
Finlays Colombo was the biggest loser, with the share closing at Rs. 250, down 18.96 percent from the previous week. Eastern Merchants was down 16.03 percent to close at Rs. 1,100, Richard Peiris Exports was down 12.85 percent to close at Rs. 40.
The banking sector made the highest gain during the week, up 4.2 percent while the trading sector was the biggest loser, down 2 percent.
source - www.island.lk
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