The bourse closed marginally higher on Tuesday (24) ahead of the Christmas holiday but sentiments were sluggish with turnover reaching Rs. 101.27 million, a five month low as brokers urge investors to focus on counters that would benefit by the 2013 growth cycle.
The All Share Price Index closed 8.4 points higher, up 0.15 percent, at 5,524.89 while the Milanka Price Index of more liquid stocks closed 0.09 percent lower, down 4.76 points at 5,039.82. The S&P SL20 closed 4.54 points higher at 3,038.78, gaining 0.15 percent.
Foreign purchases amounted to Rs. 11.76 million, resulting in a net inflow of Rs. 3.34 million.
"The indices ended on a mixed note amid mediocre turnover levels dominated by banking, chemicals and oil palm counters," John Keells Stockbrokers said.
According to DNH Financial: "The market opened the week on a quiet note and the ASPI and MPI closed virtually flat at 5525 and 5040 as investors remained on the sidelines on account of the Christmas holidays. Turnover fell to LKR101 mn, lowest in 5 months with trading in Haycarb and Bukit Darah accounting for 31% of the day’s total.
"Gainers matched losers with SMB Leasing (X), Miramar Beach and Gestetner rising by 25.0%, 20.3% and 14.3% and offsetting losses in Autodrome, Namunukula Plantations and NDB Capital which declined by 12.0%, 10.0% and 7.4% respectively," DNH said.
"With investors in a holiday mood, we expect the bourse to trade range bound as we approach the year end. We recommend clients to clean their portfolios, maintain a selective approach and focus on stocks that are likely to benefit fully from the 2013 growth cycle. Consequently, we advise investors to focus more closely on fundamentals and sectors such as banking, construction, diversified, F&B and hotels, which are expected to benefit fully from the macro-economic upswing next year," it said.
source - www.island.lk
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