ASPI gained 431.21 points to close at 6888.49 up by 6.7 percent from the previous week. Milanka crossed the 7000 mark during the week and was up by 7.49 percent adding 506.15 points to close at 7263.65.
The cumulative weekly turnover increased to Rs 22.55 billion with an average daily contribution of Rs 5.64 billion. The turnover gained by 5.5 percent week on week. The market capitalization was up by 6.86 percent at Rs 2272 billion. Banking and Finance sector at 43 percent continued to dominate the total market turnover with closing sector indices up by 10 percent to close at 17,359.76. Seylan, Nations Trust Bank, DFCC, HNB, Pan Asia, LOLC and Vallibel Finance were the major contributors to the sector.
The banking sector is followed by the diversified sector with 18 percent share in market turnover and a gain of 202.13 points over the previous week.
JKH rallied the market turnover tally by adding Rs 3 billion to the aggregate turnover with total share of nearly 14 percent The share closed at Rs 300 up by nearly 4 percent. Seylan bank was another major contributor to turnover at 7.69 percent with Rs 1.73 billion and share price rising by 21 percent to close at Rs 59.2.
Vallibel Finance was the most traded stock this week with volume of 61 million shares. Dialog was another active stock where 37.72 million shares were traded. Sierra Cables, SMB Leasing, Nawaloka and Seylan were other counters with heavy volumes during the week.
Foreign investors were net sellers this week amounting to a net outflow of Rs 202.8 million, averaging Rs 50.7 daily as against a net selling of Rs 2.5 million recorded last week, averaging Rs 4.5 million.
Foreign purchases amounted to Rs 2.45 billion while foreign selling amounted to Rs 2.65 billion. Foreign trading levels increased this week with both buying and selling showing an average increase of 32 percent and 42 percent respectively.
Top gainer for the week was Colombo Pharmacy up by 224 percent to close at Rs 2915 vis a vis last weeks price of Rs 900.10.
ERI and a high networth investor picked up a strategic stake in Colombo Pharmacy. Ceylinco Insurance, People's Leasing Finance and Lake House Printers were other significant gainers. Top losers were Watapota down by 40 percent, Dankotuwa and Equity losing by 23.85 percent and 22.35 percent respectively.
Point of view
The bourse continued its bullish trend through the week with foreign investors, retailers, institutional investors and high net worth individuals rallying on driving the bourse to new heights.
The Colombo bourse has outperformed most by giving a 100 percent year to date return backed by a positive economic outlook and the lowered interest rates offered through the banking system, further boosting investor interest in the market.
We expect the current momentum to continue to the with investor interest in key growth sectors and fundamentally strong stocks driving the market during the week ahead with increased participation from foreigners and institutional investors.
source - www.dailynews.lk
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