On Tuesday, the ASPI dipped 58 points to close at 5910, MPI declined 87 points to close at 5542 although there was a slight upward movement in the mid hours of trading during the day, while turnover was Rs. 1.8 billion. Despite the fall in the index to wipe out market anomalies and accommodate profit taking by cautious retailers, the divergence on the 10-day moving average still persists. Top contributors to turnover were Nation Lanka contributing Rs.174.1Mn, John Keells Holdings at Rs. 100.6 Mn and Citrus Kalpitiya at Rs.92.7 Mn. Most liquid counters for the day were Nation Lanka, Central Investments and Citrus Kalpitiya which were heavily backed by retail investors. Despite minor pullbacks, Central Investments rose by 37.9% to close at Rs. 10.90, Browns Beach Hotel increased 17.1% to close at Rs. 27.40 and Asia Asset Finance was up by 9.4% to close at Rs.3.50. Net foreign buying was Rs. 175.1Mn for the day.
On Wednesday, ASPI dived 61 points closing at 5849 while the Milanka too lost 54 points to close at 5488 mainly due to continued profit taking by the investors. The day ended with a turnover of Rs. 1.2 billion. Top contributors to turnover were John Keells Holdings achieving a figure of Rs. 227.5Mn due to crossings, Nation Lanka Finance achieved a turnover of Rs.72 Mn, while Browns Beach Hotel recorded a turnover of Rs. 57.5Mn gaining a price appreciation of 7% during the day. Top gainers were Talawakelle up 17.8% to close at Rs. 32.50, Singalanka up 14.9% to close at Rs.132.10 and Radiant Gems up 12.8% to close at Rs. 76.80.
On Thursday, the ASPI gained 52.83 points to close at 5901 while the Milanka gained 69 points to close at 5558, and the turnover stood at Rs.941.0 million. Top contributors to turnover were Dialog at Rs.81.3mn which was around 9% of total turnover, JKH recording Rs.70.8mn and Ceylon Tobacco achieving Rs.61.0mn. Crossings were from Dialog (7.0mn shares at Rs.7.50) and JKH (100,000 shares at Rs.219.00). Most liquid counters for the day were Kandy Hotels which achieved a price gain of 32.2% to close at Rs.11.90. Nation Lanka continued to receive heavy retail interest for the third consecutive day.
Week-on-week the decline has had very little impact falling only 0.28 points on the ASPI which closed at 5910, while the Milanka lost a meagre 0.96 points to close at 5534. Saying it aloud, the moving average still continues with the divergence for a number of stocks favored by investors. The volatility in the market continued to increase with the week’s standard deviation for the ASPI increasing to 1.02% as opposed to 0.96% recorded in the prior week.
Conducive for the stock market were lower interest rates, with the yield for 3-month T-Bill declining by 3 basis points to 11.41%, along with the yields of the 6 and 12-month T-Bill declining by 21 and 6 basis points to 12.91% and 13.30% respectively.
(Couretsy: Innovest Investments (Pvt) Ltd – an Investment Management Company licensed by the Securities & Exchange Commission of Sri Lanka)
source - www.island.lk
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