Both indices reversed the June downward trend at the start of July with the ASPI gaining 67.27 points to close at 6911.98 and the MPI gaining 42.54 to close at 6386.97. ASPI increased by 0.98% and the MPI by 0.67%.
The weekly turnover value recorded a decrease of 20.7% to Rs 8.29 billion amounting to a daily average value of Rs 1.66 billion when compared with last week’s daily average turnover of Rs 2.09 billion. JKH, Vallibel One and Expo Lanka accounted for 41.9% of the week’s total turnover value. The number of shares traded declined by 16.2%, averaging 64.9 million shares traded daily as against 77.5 million traded last week. The Diversified sector led the turnover in value this week, accounting for 45.1% of turnover in value amounting to Rs 3.74 billion. The Banking and Finance sector was the second highest contributor to turnover, led by the new entrant Lanka Orix Finance, accounting for 21.19% amounting to 1.76 billion. Third highest on the turnover value list was the Manufacturing sector with 8.96% or Rs 0.74 billion.
Volume of turnover for the week was dominated by Banking and Finance sector with 98.1 million shares being traded or 30.24% of volume of turnover, followed by the Diversified sector which represented 29.78% of turnover volume as 96.7 million shares traded.
Third highest contributor to turnover volume was the Manufacturing sector, which accounted for 13.6% or 44.0 million shares. Market Capitalization was at Rs 2,429.63 billion.
AMF Co Ltd was the major price gainer this week, closing at Rs 721.00 from last week’s closing price of Rs 200.00. On’ally was the second largest price gainer, recording a 43.1% increase to close at Rs 127.9 (from Rs 89.4). Vallibel One which made its debut at the CSE last week, recorded 22.8% increase from its IPO price of Rs 25.00 to close at Rs 30.70, the intra-day high was Rs 38.50. Printcare Plc declined significantly over the week, decreasing 80.9% to close at Rs 41.80. John Keells and Trans Asia were also losers, with John Keells dipping 52.2% to close at Rs 98.10 and Trans Asia declining 51.1%, to Rs 93.00.
Finlays Colombo and Eastern Merchant declined 19.0% and 16.0% respectively.
Foreign participation this week closed positively with a net buying position amounting to Rs 241.5 million as against net selling of Rs 1 billion recorded last week. The average daily purchases of Rs 464.1 million indicate an improved sentiment on selected counters compared to last week’s average daily buying of Rs 69.9 million. Vallibel One topped the volume list recording 41.9 million shares changing hands representing 12.9% of the aggregate share volume. Expolanka contributed 9.2% of aggregate share volume with 29.7 million shares changing hands.
Point of view
Renewed buying interest on select stocks together with investor interest in new entrants to the market this week halted a six week declining trend. Both indices had recorded a gain on last week’s close by Tuesday and sustained the momentum during the week’s trading. We expect the market to sustain its momentum while current market levels should attract buying interest ahead of the June earnings season, in selected stocks within key sectors such as Banking, Manufacturing, F&B which seem attractive on valuations at current prices. A significant amount of funds remain locked in private placements and IPOs at present and liquidity is expected to improve mid July aided by the IPO refunds flowing back into the bourse. Acuity Stockbrokers Research
source - www.dailynews.lk
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