Both indices continued on the downward trend seen through most of June with the ASPI losing 47.85 points to close at 6844.71 and the MPI losing 94.87 to close at 6344.43.
ASPI contracted by 0.69 percent and the MPI by 1.47 percent. The weekly turnover value recorded an increase of 17.7 percent to Rs 10.45 billion amounting to a daily average value of Rs 2.09 billion when compared with last week's daily average turnover of Rs 1.77 billion. The number of shares traded declined by 36.4 percent, averaging 77.5 million shares traded daily as against 121.9 million traded last week.
Last week too, the Banking and Finance sector led the turnover in value as activity in finance counters was witnessed with the sector accounting for 23.5 percent of turnover in value amounting to Rs 2.45 billion, led by investor interest in Central Finance recording a turnover value of Rs 873.16 million representing 8.4 percent of the market turnover.
The manufacturing sector was the second highest contributor to turnover, accounting for 12.71 percent amounting to 1.33 billion. Third highest on the turnover value list was the Investment Trust sector with 11.76 percent or Rs 1.23 billion. Volume of turnover for the week was dominated by Banking and Finance sector with 122.3 million shares being traded or 31.58 percent of volume of turnover, followed by the Manufacturing sector which represented 19.66 percent of turnover volume as 76.2 million shares traded.
Third highest contributor to turnover volume was the Power and Energy sector, which accounted for 11.16 percent or 43.2 million shares.
Market Capitalization was at Rs 2,358.87 billion. Four counters generated 28.3 percent of the week's total turnover value namely; Central Finance, Aitken Spence, Distilleries and Environmental Resources. Abans Financial and AMF Co Ltd which commenced trading this week through introductions, were the major price gainers; Abans financial closed the week at 66.50 (from 9.50) and AMF Co Ltd closed at 200.00 (from 135.00).
Lanka Ashok was also a major price gainer, recording a 44.3 percent increase against last week's price of Rs 4,100. Swarnamahal Finance and Finlays Colombo recorded gains of 39 percent and 33 percent respectively. Union Assurance declined significantly over the week, decreasing 49.8 percent to close at Rs.108.7.
AHOT Properties was another loser, dipping 49.5 percent against last week's closing price of Rs 178.1 to close at Rs 89.90. Paragon declined 41.82 percent over the week to Rs 1,600. Harischandra and JKH fell 36.6 percent and 27.5 percent respectively.
Foreigners remained net sellers closing the week with a net sales position of Rs 1.01 billion. Foreign purchases totaled to Rs 349.4 million recording a 44.3 percent decline from last week's total of Rs 501.7 million. Foreign selling for the week amounted to Rs 1.36 billion an increase of 34.5 percent compared to last week.
SMB Leasing topped the volume list recording 37.1 million shares changing hands representing 9.6 percent of the aggregate share volume. Amana contributed 9.0 percent of aggregate share volume with 34.9 million shares changing hands.
Point of View
The Colombo bourse remained bearish during the week's trading with both indices continuing to lose ground, amidst persisting selling pressure to meet regulatory clearing and investments in primary market.
The year to date market return amounts to 3.15 percent, while the MPI records a year to date loss of 10.2 percent. The market recorded a gain of 35.7 percent during the same period in 2010. The market PER stands at 22.9x while the PBV is 2.9x.
Current market levels should spur buying interest ahead of the June earnings season, in selected stocks within key sectors such as Banking, Manufacturing, F&B which seem attractive on valuations at current prices. Liquidity is expected to improve mid July aided by the IPO refunds flowing back into the bourse.
source - www.dailynews.lk
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