* Stock Market Review for the week ending 01st February 2013:
Trading for the week started on a rather muted note with profit taking on retail counters causing the ASPI to lose 23 points, closing at 5,855 while the S&P SL20 index gained 4 points to close at 3,195 helped by gains on select blue-chip counters. A market turnover of Rs. 780Mn was recorded on the back of continued foreign interest in JKH, which accounted for near 72% of the day’s turnover. The share price of JKH gained Rs. 0.50 to close at Rs. 225.00. The other top contributors were Environmental Resource Investments with Rs. 74Mn and Commercial Bank Voting and Non-voting with Rs. 12Mn and Rs. 9Mn respectively. The share price of ERI lost Rs. 0.80 to close at Rs. 18.10. Commercial Voting gained Rs. 1.50 to close at Rs. 105.50 while its Non-voting share shed Rs. 0.10 to close at Rs. 91.90. Net foreign buying of Rs. 22Mn was recorded for the day.
Retail profit taking continued into Tuesday causing the ASPI to register a 54 point drop to close at 5,801; while the S&P SL20 also dropped by 9 points to close at 3,186. However foreigners stepped up buying collecting blocks in select blue-chips such as Sampath Bank, LOLC and JKH recording a market turnover of Rs. 1.3 Bn. The top contributors for the day were Sampath with Rs. 428Mn, JKH with Rs. 391Mn and LOLC with Rs. 266Mn. The share price of Sampath Bank increased by Rs. 5.80 to close at Rs. 220.00 while JKH gained Rs. 1.00 to close at Rs. 226.00. Meanwhile LOLC gained Rs. 2.30 to close at Rs. 69.90. Net foreign inflows topped Rs. 800Mn during the day.
On Wednesday the market closed in the green with both indices registering gains supported by price increases in large cap counters such as JKH, Commercial Bank and Nestle. The ASPI gained 25 points to end the day at 5,826 while the S&P SL20 gained 8 points to close at 3,194. A staggering turnover of Rs. 2.67Bn was recorded mainly due to blocks in Commercial Bank changing hands amounting to over 70% of the day’s turnover. Continued foreign buying was also witnessed in JKH and LOLC while accumulation in banking counters continued. Commercial Bank was the top contributor to turnover for the day with Rs. 1.9Bn followed by LOLC with Rs. 373Mn and JKH with Rs. 81Mn. The share price of Commercial Bank gained Rs. 0.90 to close at Rs. 105.80 while LOLC lost Rs. 0.30 to close at Rs. 69.00. A net foreign outflow of Rs. 1.4Bn was recorded due to foreign selling in Commercial Bank, booking profits.
The market closed on a mixed note on Thursday with the ASPI registering a 9 point drop to close at 5,817 while the S&P SL20 gained 4 points to close at 3,198. However a substantial turnover of Rs. 3.4Bn was recorded due to a number of block trades in blue-chips. Commercial Bank witnessed continued foreign selling while JKH witnessed more foreign buying interest. Commercial Bank was the top contributor for the second straight session with Rs. 1.4Bn. The other top traded counters were JKH with Rs. 1.1Bn, DFCC with Rs. 127Mn and Central Finance with Rs. 125Mn. The share price of Commercial bank gained Rs. 1.30 to close at Rs. 125.40 while JKH gained Rs. 1.50 to close at Rs. 229.70. DFCC gained Rs. 1.40 to close at Rs. 125.40 and Central Finance gained Rs. 1.00 to close at Rs. 180.00. A net foreign outflow of Rs. 292Mn was recorded.
The market ended on a mixed note for the second straight session on Friday. The ASPI closed 17 points lower at 5,799 while the S&P SL20 gained 3.5 points to close at 3,201. A turnover of Rs. 951Mn was recorded assisted by continued foreign interest in JKH amounting to near 62% of the day’s turnover. The other top contributors for the day were Commercial Bank with Rs. 177Mn and CT Holdings with Rs. 31Mn. The share price of JKH closed at a 52 week high of Rs. 229.90 up Rs. 0.10. Commercial Bank gained Rs. 0.50 to close at Rs. 105.70 while CT Holdings gained Rs. 11.80 to close at Rs. 144.00. Reversing the trend seen in the last few days a net foreign inflow of Rs. 446Mn was recorded.
JKH continued to draw sustainable interest drawing foreign interest amidst the recent improved results released for 9th months despite tough times in 3Q. Foreign funds concentrated on profit taking via select buying focusing primarily on LOLC and JKH recording a net inflow of Rs 254 million and Rs 357 on Tuesday and Wednesday respectively. Consequently, a foreign fund exited Commercial Bank as part of their profit taking process where the market witnessed a net outflow of Rs 1.4 billion. However, strategic interest by local investors in acquiring the Commercial Bank stake helped to maintain the price levels while the net foreign outflow for the year was topping Rs 873 million.
(Courtesy: Innovest Investments (Pvt) Ltd – an Investment Management Company licensed by the Securities & Exchange Commission of Sri Lanka)
source - www.island.lk
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