Investors take profits

REPORT: The market recorded a downturn this week with both indices falling during the course of the week. On Friday, which was the only day the market rose, indices managed to inch only marginally higher compared to the pervious day' s close.

Comparing Week on Week (WoW) the ASPI (All Share Price Index) slipped by a notable 24.7 points or 1.09%, to close at 2233 points, while the MPI (Milanka Price Index) fell by 29.9 points or 1.04% to close the week at 2842.2 points.

The week was sparse of large trades in the scale of what was witnessed during the past two weeks. However one key trade, which was seen during the week, was the sale of Balangoda plantations shares by Central Finance.

On Tuesday Central Finance sold off 4.3 million shares or an approximately 18% stake of Balangoda plantations at a price of Rs.15 per share.

Meanwhile the counter saw its share price appreciate by 23.2% during the week to close the week at Rs.17.25 per share. Approximately 4.7 million of Balangoda shares were seen trading for the week, contributing Rs.72.4 million towards weekly turnover.

JKH remained the highest contributor towards turnover for consecutive weeks, with the counter contributing Rs.93.2 million towards total turnover.

Approximately 0.6 million shares of JKH traded this week with the share price showing little change from last week, closing the week at Rs.158 per share. During the week the stock traded between the range of Rs.159 and Rs.155.75 per share.

Renewed interest was witnessed in Leisure sector counters this week, with the major part of the top gainers being denoted by hotel counters. Investor appetite was aroused in the back of reports that tourist numbers to the country have risen by 40% for the 2 month period up to February.

Among the hotel counters that observed a sizable appreciation to its share price this week were, Pegasus Hotels, Beruwala Walkinn, Tangerine, Confifi Hotel and Royal Palms.

The share prices of these stocks rose WoW by 52.8%, 32.8%, 20.5%, 20% and 19.5% respectively. All of the above counters though witnessing notable increases to their share price saw only modest quantities being traded during the week.

Among other counters, which contributed notably to this week's turnover were, manufacturing stock Lanka Aluminum and property stock CT Land. Lanka Aluminum was the second highest contributor towards weekly turnover contributing Rs.77.5 million.

A sizable increase was witnessed in its share price, with prices rising by a notable 28% compared to last week to close the week at Rs.26.25 per share. During the week 3.4 million of the counters traded, between a high of Rs.26.50 and a low of Rs.20.50 per share.

CT Land contributed Rs.52.5 million towards weekly turnover, with 3.4 million shares trading for the week. However WoW the share price declined slightly by 1.67% to close the week at Rs.14.75 per share.

Activity levels were significantly low this week with total turnover amounting to Rs.1.26 billion, compared to last week (only 4 trading days), which recorded Rs.2.47 billion.

Comparing average daily turnover levels this week witnessed a sizable 59.1% decline compared to last week, amounted to Rs.253.17 million.

Foreign participation also fell further during this week, standing at 18.1% compared to last week's participation level of 25%. Foreign investors were net buyers for the week amounting to Rs.135.9 million. Analyzing WoW both Foreign purchases and sales were notably below levels seen last week.

Foreign purchases for the week totaled Rs.296.9 million compared to last week's Rs.627.5 million, while foreign sales amounted to Rs.161 million compared to last week's sales level of Rs.636.8 million.

Volume wise highest traded stocks were Balangoda, Dialog, CT Land, Lanka Aluminum and Ceylinco Seylan.

"This information has been compiled from sources that we believe to be reliable but we do nothold ourselves responsible for its completeness or accuracy. No matter published herein create any liability of any kind of HNB Stockbrokers (Private) Limited or its associates.