Sri Lanka Stock Picks

Sri Lanka stock picks site has been developed to give first hand information with regard to share trading opportunities available for investors who do not like go through lengthy research reports, calculations,etc but to have a clear idea about stocks that have future up side potential.Our service is just not for day traders but for the investors who wish to see their money growing in the long run.Our main objective is to provide information relating to trading under one roof.

Sunday, January 20, 2013

Stock market "regains traction,’’ says Acuity

The Colombo Stock Market had "regained traction" last week with the All Share Price Index recording consecutive gains to close 129.3 points up week-on-week with volumes hitting a seven-week high of Rs.2 billion on Thursday with large block trades in selected blue chips, Acuity Stockbrokers said in a market report.

These crossings in Distilleries, Commercial Bank and Aitken Spence accounted for 46.9% of the total daily turnover on Thursday, the report said.

Although there was a surge the All Share Price Index on Wednesday and Thursday, the market closed virtually flat on Friday. Brokers, however, said it was holding its ground and was hopeful of further upward momentum this week with continuing foreign buying interest in blue chips.

Last week’s upward momentum grew daily average turnover 38.4% up week-on-week to Rs.1.1 billion pushing the year-to-date average for 2013 to Rs.1 billion per day.

"Foreign investor activity too bounced back significantly from the previous week’s net selling position to record a weekly net inflow of Rs.0.3 billion, the report said.

"Positive momentum is likely to continue this week amid continued buying interest by foreign and institutional investors," it said.

The ASPI gained 2.25% (129.28 points) last week over the previous four-day trading week where there was a marginal decline of 0.02%, Acuity said.

The S&P SL20 index gained 1.25% last week (40.49 points) the report noted.

Commercial Bank was the most traded stock contributing over 23% of the week’s total market turnover value with trades in ComBank worth Rs.974.43 million.

Distilleries followed accounting for Rs.669.37 million (15.93%) while JKH contributed Rs.493.52 million or 11.74% of the week’s total.

Market turnover at Rs.4.2 billion last week was up 10.73% from the previous week’s Rs.3.8 billion despite only four trading days due to the Poya holiday.

Market capitalization was up Rs.235.88 billion last week (1.17%) to Rs.2,232.7 billion from the previous week’s Rs.2,206.83 billion.

The Central Bank kept the repo rate at 7.50% and the reverse repo rate at 9.50% retaining the policy rate changes adopted in early December 2012.

source - www.sundayisland.lk