Monday, February 11, 2013

Activity in bluechips buoys bourse

Stock Market Review for the week ending 8th February 2013:

Trading for the holiday shortened week opened on a mixed note on Tuesday with the ASPI losing 18 points to close at 5,781. The S&P SL20 however gained 7 points to end at 3,204. A modest turnover level of Rs. 447Mn was recorded with foreigners still remaining bullish on blue-chips and banking counters such as Commercial Bank, Aitken Spence and John Keells Holdings. Retail interest however remained subdued. The top contributors for the day were Commercial Bank with Rs. 119Mn, JKH with Rs. 76Mn, Aitken Spence with Rs. 52Mn and both Access Engineering and CT Holdings with Rs. 21Mn each. The share price of Commercial Bank gained Rs. 1.50 to close at Rs. 107.20 while JKH lost Rs. 0.20 to close at Rs. 229.30. Atiken Spence gained Rs. 0.50 to close at Rs. 124.50.

Access Engineering closed higher by Rs. 0.40 at Rs. 20.10 while CT Holdings closed flat at Rs. 144.00. Net foreign buying was at Rs. 4.1Mn.

The market closed on a mixed note on Wednesday as gains on banking sectors could not offset the profit taking by retailers. The ASPI lost 1.2 points to close at 5,781 while the S&P SL20 gained 13 points to close at 3,241. A much improved activity level of Rs. 1.2Bn was recorded as foreigners were picking up quantities of banking sector counters. The top contributors list was headed by Hatton National Bank with Rs. 658Mn followed by Commercial Bank with Rs. 153Mn and Sampath Bank with Rs. 75Mn. The share price of Hatton National Bank closed lower by Rs. 0.10 at Rs. 145.00.

Commercial Bank gained Rs. 1.90 to close at Rs. 108.70 while Sampath gained Rs. 4.70 to close at Rs. 226.00. Net foreign selling stood at Rs. 71Mn. In addition yields on most treasury bills fell in Wednesday’s auction.

On Thursday the market rebounded with both indices reporting significant gains due to heavy foreign activity in several blue chip counters. The ASPI gained 30 points to close at 5,780 while the S&P SL20 gained 26 points to close at 3,217. Activity levels improved recording Rs. 1.5Bn on the back of crossings witnessed in Hatton National Bank, JKH, Sampath, Chevron and LOLC. The top contributors for the day were HNB with Rs. 292Mn, JKH with Rs. 278Mn, Sampath with Rs. 199Mn, Commercial Bank with Rs. 170 and Chevron with Rs. 144Mn. The share price of Hatton National Bank gained Rs. 2.00 to close at Rs. 147.00 while JKH lost Rs. 0.40 to close at Rs. 221.00.

Meanwhile Sampath Bank gained Rs. 11.00 to close at Rs. 237.00. Commercial Bank closed higher at Rs. 109.90, up Rs. 1.20. Chevron too closed higher by Rs. 4.00 at Rs. 221.00. Net foreign buying stood at Rs. 160Mn.

The market continued its upward momentum on Friday with both indices posting gains. The ASPI rose 40 points to close at 5,851 while the S&P SL20 gained 28 points to close at 3,271. A substantial turnover of Rs. 1.9Bn was recorded on the back of continued interest in blue-chips. The top traded counter was Hatton National Bank contributing Rs. 613Mn followed by Commercial Bank with Rs. 238Mn and John Keells Holdings with Rs. 180Mn. Environmental Resource Investments and its Warrants 3 and 6 were also among the top contributors with the voting share contributing Rs. 180Mn to the market turnover. The share price of Hatton National Bank gained Rs. 4.00 to close at Rs. 146.50 while Commercial Bank gained Rs. 1.40 to close at Rs. 111.20. Meanwhile JKH closed higher by Rs. 0.40 at Rs. 230.00 and Environmental Resource Investments gained Rs. 0.70 to close at Rs. 18.10.

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

source -

No comments: