Both indices continued on the downward trend seen for most of this month with the ASPI losing 157.47 points to close at 6892.56 and the MPI losing 161.57 to close at 6439.30. ASPI contracted by 2.23 percent and the MPI by 2.45 percent. The weekly turnover in value contracted by 38.4 percent to record a daily average turnover in value of Rs 1.77 billion when compared with last week’s daily average turnover of Rs 2.88 billion.
The number of shares traded declined by 43.8 percent, averaging 121.9 million shares traded daily as against 217 million traded last week. Banking and Finance sector returned to lead the turnover in value as activity in finance counters was witnessed with the sector accounting for 25.5 percent of turnover in value amounting to Rs 2.26 billion. Second highest contributor to turnover was Land and Property sector which accounted for 13.66 percent amounting to 1.21 billion. Third highest on the turnover value list was Manufacturing sector with 12.96 percent or Rs 1.15 billion.
Volume of turnover for the week was dominated by Banking and Finance sector 169.2 million shares being traded or 27.76 percent of volume of turnover, followed by the Manufacturing sector which represented 22.32 percent of turnover volume as 136 million shares traded. Third highest contributor to turnover volume was the Power and Energy sector, which accounted for 14.56 percent or 88.7 million shares. Market capitalization was at Rs 2,373.08 billion while the Market Price Earning Ratio was 23.3 and Price to Book Value at 3.0 East West dominated turnover list for the week recording a turnover of Rs 814.22 million, representing 9.2 percent of the market turnover.
Blue Diamonds contributed 5.6 percent of the aggregate market turnover recording Rs 499.28. Pan Asian Power accounted for 4.83 percent or Rs 428.64 million. Shalimar was the major gainer in price witnessing an increase of 42 percent in comparison with last week price of Rs 660.20.
The share closed at Rs 940.70. Swarnamahal Finance became another major price gainer witnessing an increase of 42 percent against last week price of Rs 40.00 to close the week at Rs 56.50. Morisons (Non Voting), Chilaw Finance, Indo Malay recorded a gain of 38 percent, 29 percent and 29 percent respectively.
Kalamazoo showed a significant price decrease of 47 percent against last week price of Rs 5945.00, to close at Rs 3145 this week. Singer Industries became another loser witnessing a dip of 23 percent against the previous week price of Rs 354.10 to close at Rs 271.2.
Hunter witnessed a decline of 21 percent compared to last week’s price of Rs 1192.40, closing the week at Rs 945. Foreigners remained net sellers this week as foreign purchases recorded an average daily buying of Rs 100.33 million, compared to last week’s average daily buying of Rs 294.62 million, witnessing a contraction of 65.94 percent week on week.
Average daily foreign sales increased by 55 percent from last week to record Rs 161.79 daily average selling as against last week’s daily average of Rs 104.1 million.
Pan Asian Power topped the volume list recording 80.09 million shares changing hands representing 13.14 percent of the aggregate share volume. Blue Diamonds (Non Voting) contributed 9.86 percent of aggregate share volume with 60.1 million shares changing hands. Blue Diamonds (Voting), East West and Amana were other popular shares for the week.
Point of view
As anticipated, retail dominance continued during the week’s trading with very low institutional participation.
Selling pressure continued due to settlement dates and investors cashing in on equity portfolios to meet liquidity requirements to invest in the primary offers. This resulted in both indices recording further declines from last week’s close.
Acuity stockbrokers research
source - www.dailynews.lk
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