It was a week of mixed bag as the weak indices improved midweek only to drop in the end. The All Share Price Index shed 128.08 points, down by 1.75 percent to close at 7184.94. Milanka lost nearly 2 percent as it decreased by 130.56 points to scale down to 6691.60.
The weekly accumulated turnover was down by nearly 30 percent over the previous week. Turnover witnessed for the week was at Rs 7.13 billion as against Rs 10.05 billion pushed the daily average from Rs 2 billion to Rs 1.43 billion.
Sectors adding to weekly turnover were Banking, Manufacturing, Diversified, Investment Trusts and Power and Energy.
Banking, Insurance and Finance added 24.16 percent with flow of Rs 1.72 billion; manufacturing sector contributed 19.10 percent to the total weekly turnover with input of Rs 1.36 billion while Diversified and Investment Trusts shared 10.93 percent and 10.71 percent with value contribution of Rs 779 mn and Rs 764 mn respectively.
Banking dominated the activity volumes with 29 percent share followed closely by Power and Energy at 28.17 percent while the Manufacturing volumes were 14.04 percent of the total market statistics. Union Assurance consolidated the Banking and Insurance sector turnover with 12 percent share at Rs 847.70 mn on account of increase in stake by JKH from 80.7 percent to 95.6 percent by infusing Rs 840.63 mn. Scrips that pulled turnover in the Manufacturing sector were Grain Elevators, Piramal Glass and Tokyo Cements.
The Diversified segment was supported by Richard Pieris and JKH. Ascot Holdings contributed Rs 387.02 mn to turnover in the Investment Trust segment. Market Capitalization continued to descend during the week and was noted at Rs 2.39 trillion towards the close of the week.
Ascot Holdings topped the price gainers list indicating an increase of 28 percent against last week, share closed at Rs 108.80. Tea Services and Gestetner witnessed a climb up of 14.65 percent and 14.31 percent, closing at Rs 860 and Rs 119 respectively.
Lankem Development, CDIC and Three Acre Farmers were other gainers during the week noting an increase of 13.17 percent, 12.51 percent and 12.06 percent as compared with previous week prices.
East West noted as the major loser during the week highlighting a dip of 24.83 percent against last week.
The scrip closed at Rs 10.90. E B Creasy and Union Chemicals recorded a decrease of 15.51 percent and 14.17 percent closing at Rs 2404.5 and Rs 515.0 respectively.
Sigiriya Village, Sinhaputhra Finance and Metropolitan Resources Holdings were reported as other top losers.
Foreign investors were net buyers for Rs 1.91 billion. The aggregate foreign buying was indicated at Rs 2.76 billion while selling was recorded at Rs 857.35 mn.
The foreign buying noted an increase of 186.89 percent while selling showed a dip of 46.91 percent vis a vis last week figures.
Pan Asian Power recorded the highest volume within the week where 72 mn shares were traded. The counter reported 25.7 percent of the aggregate market volume of the week. S M B Leasing (Non Voting) reported 6.6 percent of the aggregate market share volume with 18.6 mn shares.
Piramal Glass, Richard Pieris and S M B Leasing generated share volume of 14.4 mn, 13.6 mn and 11.3 mn shares respectively.
The downturn in the market continued with slight midway recovery; however the indices could not be lifted on a positive note. Short term Profit booking, settlement pressures and blocking of funds in IPOs strained the activity levels .
Investor interest was indicated as fresh buying on several counters and also net foreign buying was noted during the week.
The year to date return of 8 percent at Colombo bourse point towards overall positive investment outlook.
Although the existing sentiments are likely to persist, we expect revival in activity levels with investors likely to strengthen their portfolios by tapping fundamentally sound scrips which has high growth potential.
source - www.dailynews.lk
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