During the short trading week the All Share Price Index (ASPI) declined by 46.90 points to close at 7,664.72 points, while the Milanka Price Index (MPI) declined by 139.90 points to close at 7,029.42 points. The daily average turnover was SLRs. 3.8bn compared to SLRs. 2.5bn last week and the week ended with foreign buying amounting to SLRs. 4.7bn whilst foreign selling was SLRs.1.2bn.
On Monday largest contribution in terms of turnover was made by Laugfs Gas nonvoting which closed up SLRs.1.20 at 42.30 with more than 4.5mn shares traded. Approximately 4.1mn shares of The Finance Company traded during the day between SLRs.42.90 and 46.30 of which over 3mn was bought by Dr.Senthilverl at SLRs.45.00 increasing his stake to near 30%. People's leasing Finance which announced a rights issue with attached warrants made a significant contribution to the day's turnover. Total turnover for the day amounted to SLRs.2.2bn while indices moved in opposite directions with ASPI gaining 86.34 points while MPI losing 28.43 points.
On Tuesday Ceylon Guardian Investments purchased approximately 21.7mn rights of Guardian Capital Partners (WAPO) that was provisionally allotted to Carsons Cumberbatch, for a total consideration of SLRs.223mn. A total of 22.1mn rights traded during the day posting the day's single largest turnover of SLRs.405mn. Approximately1mn shares of Commercial Bank traded at SLRs.270.00 making a significant contribution to turnover followed by Lanka Tiles and Sampath Bank. Total turnover for the day amounted to SLRs.2.7bn and the market closed on a negative note with ASPI and MPI losing 96.77 points and 44.36 points respectively.
On Thursday 6.4mn shares of Laugfs Gas traded between SLRs.51.00 and 53.50 posting day's largest turnover. Lanka Hospital Corporation made the second largest contribution to turnover with over 5mn shares traded between SLRs.40.90 and 54.50 to close up SLRs.12.20 (30.4%) at SLRs.52.30 being day's top gainer. Over 1.1mn shares of Ceylon Grain Elevators changed hands while the share closed down SLRs.9.60 at 194.90. Panic selling by investors resulted in ASPI and MPI losing 180.45 points and 120.07 points respectively.
Market recovered on Friday as both ASPI and MPI closed up 143.98 points and 52.93 points respectively. Total turnover for the day amounted to SLRs.7.68bn with Lanka Hospital Corporation making the highest contribution. More than 70.8mn shares of the counter were traded generating a turnover of SLRs.4.3bn. This included a crossing of 64,120,915 shares at SLRs.62.00 as Distilleries Company of Sri Lanka sold its 28.6% stake to a foreign investor. Ceylon Grain Elevators posted the day's second largest turnover of SLRs.860mn with 4.2mn shares traded between SLRs.198.00 and SLRs.211.00. This included two crossings amounting to 3.9mn shares at SLRs.205.00.
Technically, The Relative Strength Index (RSI) of the MPI reached a low of 25 on Thursday. This was first time since March 19th 2009 that such a degree of oversoldness was seen in the market. As expected the market bounced back on Friday and is likely to keep moving up in the coming week with ASPI moving up to retest the all time high reached on Monday (28th February)
source - www.dailymirror.lk
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