Monday, December 3, 2012

Bourse continues to slide

Stock Market Review for the week ending 30th November 2012

 The market opened trading for the week, positively in the early hours however closed with both the ASPI and Milanka indicess losing 22 and 19 points to close at 5,384 and 4,935 respectively. With the market’s turnover being at a level of Rs 115 million during the day, thereby reaching a 19 week low, all round investor sentiment was considered to be at a low ebb. The top contributors to turnover for the day was JKH recording Rs 26.6 million, followed by Peoples Finance achieving Rs 6 million and Colombo Dockyard at Rs 5.6 million. The share price of JKH and Peoples Finance gained by cents -/40 and Rs 3.50 to close at Rs 211.90 and Rs 34.70 respectively. Meanwhile Colombo Dockyard lost Rs 4.00 to close at Rs 215.00. A net foreign inflow of Rs 27 million was seen during the day.

The market reopened on Wednesday with both the indices continuing to drop; the ASPI lost 50 points to close at 5,337, while Milanka too declined by 77 points to close at 4,852. However an improved turnover of Rs 739 million was recorded on the back of foreign buying interest in selective blue chip counters. JKH topped the turnover list contributing Rs 393 million followed by Aitken Spence at Rs. 210 million, Peoples Finance at Rs 23 million and Commercial Bank at Rs 20 million. The shares of both JKH and Aitken Spence edged below by Rs 2.80 and cents -/20 to close at Rs 209.00 and Rs 119.00 respectively. Meanwhile Peoples Finance gained Rs 0.70 to close at Rs 34.70 while Commercial Bank lost Rs 1.50 to close at Rs 100.00. A net foreign inflow of Rs 395 million was recorded for the day.

The market rebounded on Thursday with the indices closing higher giving investors a much deserved sigh of relief. The ASPI gained 29 points to close at 5,363 while the Milanka gained 32 points to close at 4,890. Turnover levels improved from yesterday recording Rs 877 million on the back of continued foreign buying interest confined to blue chip counters such as JKH amounting to a total contribution of Rs 350 million. Activity among stocks that included Cargills and Nestle contributed as much as Rs 81 and 61 million towards turnover, and was followed by Seylan Bank (non-voting) registering a turnover of Rs 60 million. The share price of JKH gained by Rs 1.70 to close at Rs 211.70. Both Cargills and Nestle increased in price by Rs 4.20 and Rs 8.90 to close at Rs 149.20 and Rs 1284.90 respectively, while Seylan Bank (non-voting) too gained Rs 1.70 to close at Rs 34.80. A large net foreign inflow amounting to Rs 461.7 was witnessed for the day.

On Friday, the market closed in the red with both indices closing in the negative; ASPI lost 12 points while Milanka lost 21 points and the two indices closed at 5,351 and 4,868 respectively. A turnover of Rs 344 million was recorded. JKH led the top contributor list with a turnover of Rs 74 million, followed by Distilleries and Nestle contributing Rs 28 million each, and Aitken Spence Hotels achieved a turnover of Rs 17 million. The shares of JKH lost Rs 6.20 to close at Rs 205.50 while Distilleries closed flat at Rs 150.00. Meanwhile Nestle and Aitken Spence Hotels each gained in price Rs 25.00 and cents -/90 respectively to close at Rs 1,309.90 and Rs 71.00 respectively.

(Courtesy: Innovest Investments Pvt. Ltd – an Investment Management Company licensed by the Securities & Exchange Commission of Sri Lanka)

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