Colombo Stocks started the week with the news of the change of ownership in Aviva NDB Insurance (CTCE) being in its final stages. On Thursday, CTCE officially announced the proposed change in the shareholding structure of Aviva NDB Holdings Lanka (Private) Limited. Throughout the week NDB gained 10.7% after reaching the high of Rs.155.00, NDB Capital (CDIC) gained 9.1% after reaching the high of Rs.510.00 and CTCE gained 1.4% after reaching the high of Rs.448.90.
ASI advanced by 61.92 points (+1.0%WoW) during the week to end at 5,971.99 while liquid MPI increased by 111.64 points (+2.0%WoW) to close at 5,645.95. S&P SL 20 Index closed at 3,240.98, up by 62.82 index points (+2.0%WoW). Average daily market turnover was Rs.2.0bn (-+39.5%WoW). Foreign participation for the week calculated at 17.5% of the total market activity and at the end of the week, foreign investors were the net buyers with a net foreign inflow of Rs.1.4bn.
News of the planned acquisition of National Development Bank’s stake in Aiva NDB Insurance by a foreign party propelled activity in today’s trading. Share prices of National Development Bank, NDB Capital and AvivaNDB Insurance quickly gained ground and helped the faltering indices to mitigate the losses. Apart from this, shares traded with mixed sentiments on a lower than usual turnover. John Keells Holdings closed higher on this day but continuing profit taking dragged activity levels to a recent low of Rs. 749.1Mn. Foreign participation was low on this day but foreigners remained net buyers.
On Tuesday, NDB Capital related counters continued to help activity levels and help sustain the momentum. Renewed interest was seen on selected blue-chips and many of them closed at their 52 week high. All indices closed positively and turnover improved to Rs. 1,070.8Mn. However, retail activity seemed somewhat subdued.
Wednesday saw a large parcel of Aitken Spence shares being transferred to Melstacorp by its parent which helped to post a staggering turnover of Rs. 4,260.4Mn. NDB Capital related counters gained ground once more and selected blue-chips continue to gain ground and improve their 52 week high price. Foreign participation remained lower but still infused net inflows of Rs.278.1Mn.
Profit taking was seen on NDB Capital and related counters but gains on John Keells Holdings and Sampath Bank helped the indices close higher on Thursday. Plantation sector counters saw a mild rally on this with Maskeliya and Madulsima Plantations gaining ground. Net foreign buying was significantly higher as a foreign party snatched up parcels in Asiri Hospital Holdings.
Market opened on Friday with mixed sentiments as NDB Capital related counters losing steam but gains in premier blue-chip John Keells Holdings helping to prop up the indices. Retail activity was seen develop on selected counters. Bourse closed in positive territory as ASI gained 22.57 points (+0.38%) to close at 5,97199 while MPI gained 71.03 points (+1.27%) to close at 5,645.95. S&P SL 20 Index gained 18.67 points (0.58%) to close at 3,240.98.
Daily market turnover reached Rs.2.1bn supported by the Rs.1.1bn worth of off-the-floor deals. Commercial Bank topped the turnover list with an amount of Rs.741.6mn followed by John Keells Holdings with Rs.272.6mn and Dunamis Capital with Rs.107.3mn. Touchwood Investments, Access Engineering and Nation Lanka Finance were the mostly traded stocks for the day. Foreign participation for the day was 29.7%. At the end of the day foreign investors were net sellers with net outflow of Rs.247.7mn.
source - www.nation.lk
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