During the week the All Share Price Index (ASPI) declined by 114.93 points to close at 6,432.75 points, while the Milanka Price Index (MPI) also declined by 170 points to close at 6,885.45points. The daily average turnover was SLRs.1.87bn compared to SLRs.2.9bn last week and the week ended with foreign buying amounting to SLRs.991mn whilst foreign selling was SLRs.1.8bn.
On Monday the market declined with ASPI and MPI closing down 41.38 points and 79.21 points respectively due to marginal decline in price of JKH, SLT, and Dialog Axiata. Total turnover for the day amounted to SLRs.1.18bn to which the largest contribution of SLRs.172mn was made by Piramal Glass which closed up at SLRs.7.50 (up by 13.6%) being the top gainer for the day and that was also highlighted as the most heavily traded stock with approximately 24mn shares changing hands. Brown & Company also made a significant contribution in terms of turnover with more than 500,000 shares traded between SLRs.245.00 and 251.00.
On Tuesday total turnover reached SLRs.3.35bn of which the largest single contribution of SLRs.1.1bn (35%) was reported on Lanka Hospitals which closed up SLRs.1.50 at 32.60with more than 35mn shares traded by way of a crossing at SLRs.31.00. Approximately 6.2mn shares of Seylan Bank traded during the day posting the second largest turnover of SLRs.622mn followed by Distilleries Company, JKH and Piramal Glass which also made significant contributions to day's total turnover. Market continued to decline with ASPI and MPI losing 37.22 points and 38.44 points, on the back of marginal price weakening of JKH, Aitken Spence and Bukit Darah.
The heavily oversubscribed Laugfs Gas (ordinary shares) commenced trading in the secondary market on Wednesday posting day's single largest turnover of SLRs.821mn being the most heavily traded with 30mn shares traded between SLRs.24.90 and 31.00 before closing up at SLRs.26.50. Approximately 5.5mn shares of Tokyo Cement nonvoting traded during the day posting day's second largest turnover while the share closed up SLRs.1.70 at 38.10. Market closed on a negative note with ASPI and MPI declining 14.77 points and 18.86 points respectively.
On Thursday indices dipped marginally by 8.54 points and 3.05 points on ASPI and MPI while total turnover amounted to SLRs.1.9bn to which JKH contributed SLRs.495mn with approximately 1.7mn shares traded. Laugfs Gas nonvoting which commenced trading in the secondary market posted day's second largest turnover of SLRs.252mn with more than 15mn shares traded between SLRs.16.20 and 17.10.Dialog Axiata and Tokyo Cement was also amongst the top contributors to day's total turnover. Nation Lanka Finance closed up SLRs.3.90 (20.6%) at 22.80 with 4.8mn shares traded being amongst the heavily traded top gainers for the day.
On Friday the indices declined further with ASPI closing down 13.02 points while MPI declined by 30.44 points. Total turnover for the day amounted to SLRs.1.2bn with Dialog Axiata making the biggest contribution with a turnover of SLRs.141mn which included a crossing of 5mn shares at SLRs. 12.00. Tokyo Cement Non Voting posted the second largest turnover of SLRs.118mn with more than 3mn shares trading between SLRs.37.50 and SLRs.39.60 while the counter closed up 2.37% at SLRs.38.90.
The market which at present is oversold with relative strength indices reaching low forties is waiting for a trigger for a strong upsurge.
source - www.dailymirror.lk
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