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Saturday, October 2, 2010

ASPI passed 7000, up by 23.7% during September

Stock Market Report by Capital Trust Securities (Pvt) Ltd.

During the week the All Share Price Index (ASPI) increased 259.28 points to close at a new all time high of 7147.77 points, while the Milanka Price Index (MPI) also increased by 565.41 points to a new high of 7829.06 points. The daily average turnover was SLRs.4.4 bn compared to SLRs.5.6bn last week and the week ended with foreign buying amounting to SLRs.1.6bn whilst foreign selling was SLRs.3.9bn.Monday’s largest turnover was reported on Seylan Bank nonvoting where 6.9mn shares actively traded between SLRs.60.00 and 64.90 and closed up SLRs.2.70 at 61.90. Approximately 1.1mn shares of C.W.Mackie traded actively while the share closed up SLRs.13.20 (20%) being amongst day’s top gainers. Hotel Reefcomber (REEF) was also amongst day’s actively traded top gainers with the share closing up SLRs.2.60 (16.4%) at 18.50 with 7.9mn shares traded. NHL was amongst the most heavily traded when 13mn shares changed hands between SLRs.8.50 and 9.20 while the share closed up at 8.80. Total turnover for the day amounted to SLRs.3.7mn while the market closed with ASPI and MPI losing marginally by 6.95 points and 31.48 points respectively.

On Tuesday 26.4mn shares of Dialog Axiata posted day’s largest turnover while the share closed up at SLRs.12.00. Colombo Land (CLND) closed up SLRs.6.00 (37%) at 23.30 with 12.7mn shares actively traded while its warrant closed up 61.7% at SLRs.20.70 being day’s top gainer with more than 6.5mn shares traded. REEF closed up SLRs.3.00 at 21.20 (14.5%) with 7.9mn shares traded posting day’s third largest turnover. Sierra Cables (SIRA)was amongst the most heavily traded for the day (19mn shares) and closed up at SLRs.4.70. Indices moved down marginally with ASPI and MPI losing 35.77 points and 36.21 points respectively as heavy weight Aitken Spence, LOLC and Guardian Investment closed down marginally.

On Wednesday the market made a rapid rise with ASPI and MPI gaining 84.13 points and 151.82 points respectively. Total turnover amounted to SLRs.3.27bn to which largest contribution was made by CLND which traded between SLRs.23.40 and 29.00 and closed up SLRs.1.00 at 24.00 with approximately 10.7mn shares traded. Marawila Resorts (MARA) closed up SLRs.3.00 (23.5%) with 8.3mn shares traded to generate day’s second largest turnover. Many of the counters trading at low prices were amongst the top gainers for the day largely due to speculative buying of retail investors amongst which SIRA which closed up at SLRs.5.10 was day’s most heavily traded.Market was on an upbeat on Thursday when ASPI and MPI made gains of 67.32 points and 204.92 points respectively. Total turnover reached a high of SLRs.5.78bn of which largest share of SLRs.1.9bn was reported on JKH which closed up SLRs.10.00 at 329.50. DFCC closed up SLRs.55.50 (12.6%) at SLRs.494.10 as the company announced a one for one bonus issue of shares. NDB also closed up by SLRs.27.80 (8%) at SLRs.377.70 due to a rumoured possible merger. 3.7mn shares of Odel Limited actively traded due to anticipated strong earnings on the back of increasing tourist arrivals. The share closed up SLRs.3.70 (11.3%) at 36.20 after reaching a high of SLRs.37.10 during intraday.

On Friday the ASPI gained 150.55 points to close above the 7000 mark soon after it passed the 6000 mark fifteen market days ago. MPI also gained 276.36 points and is nearing the 8000 mark. Day’s largest turnover was reported on Colombo Dockyard which closed up SLRs.11.00 with 4.3mn shares traded of which 4.26mn traded at SLRs.170.00 through crossings. Commercial Bank closed up SLRs.11.00 at 295.00 while NDB closed up SLRs.30.20 at 410.00. Aitken Spence Hotels announced a one in to seven share split and the share closed up SLRs.134.30 (18.7%) at 870.00.

During the month of September the market surged 23.7% and is likely to further move up in the coming quarter due to anticipated strong third quarter earnings being reported and investors pumping fresh capital to the market as interest rates are likely to reduce further.

source - www.dailymirror.lk