The market continued its upward momentum with the ASPI touching the 5000 mark intra day on Tuesday and ended the week at 5161.18 up 265.67 points or 5.4 percent. The MPI (Milanka Price Index) appreciated by 309.60 recording a 5.6 percent increase to close at 5,854.73. The initial quarterly results flowing in have been positive boosting investors’ sentiment further.
Total weekly turnover increased by 20.7 percent week on week to report at Rs 16.21 b. Market turnover was driven by the Investment Trust sector contributing to 24 percent of total market turnover amounting to Rs 3.9 b while the Manufacturing and Banking and Finance sectors contributed 16.6 percent and 16.5 percent respectively. The investment sector price index gained 4260 points week on week while the Banking and Finance sector gained 605.7 points to close at 10986.5.
Trading volumes have increased during the week to record 627.4m shares, a week on week increase of 5 percent. Heavily traded stocks for the week were Mullers, Dialog, and Blue Diamonds.
The total number of trades in a day hit an all time high today by recording 30,728 trades. The week saw a few significant crossings, 5.4m shares of DIST changed hands on a price range of Rs 138 and 140 closing with a gain of Rs 2.75 week on week. Crossings of 15m shares of Janashakthi and 234,500 shares of JKH also took place during the day’s trading. The highest contributor to turnover was Environment Resources (GREG) adding Rs 1.26 b accounting for 23 percent of the total weekly turnover. The other significant contributors were Distilleries, DPL, RICH, Dialog and JKH.
Foreign investors continued to be bullish on the bourse with total purchasing of Rs 2.1 b and selling amounting to Rs 1.8 b, closing the week as net buyers amounting to Rs 358.23 m a decrease of 57 percent compared to the previous week.
Watapota was the top gainer for the week gaining 50 percent on opening price while DPL gained 43 percent to close at Rs 83.25. Top losers for the week were Vidulanka losing 90 percent and Asiri losing 18 percent.
Point of view
The initial flow of quarterly earnings has boosted investor sentiment and is expected to continue into the week ahead. We expect the market to build on the current momentum on the strength of improvements in macro economic indicators and quarterly earnings growth expected in key sectors. Retailers will continue to actively participate with refunds from the IPO subscriptions also being reinvested in the market.
The information contained herein has been compiled from sources that Acuity Stockbrokers (Private) Limited (ASB) believes to be true and reliable but we do not hold ourselves responsible for its completeness or accuracy. No matter published herein create any liability of any kind on ASB. All opinions, views, findings and conclusions included in this report constitute ASB’s judgment of this date and are subject to change without notice. ASB has the sole copyright for this report and the information and views contained cannot be reproduced or quoted in part or whole in any form whatsoever without the written permission from ASB.
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