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Indices pick up

Market remained silent for most part of the week as shares suffered on early profit taking following weeks of sharp gains. Furthermore on Thursday the court ruling against the privatization of Distilleries group Company Sri Lanka Insurance impacted adversely on overall market sentiment.

However the indices picked up on Friday with both indices gaining moderately. The ASPI (All Share Price Index) closed the week at 2178.1 points down by 37.9 points or 1.7 percent, compared to last week, meanwhile the MPI (Milanka Price Index) showed a notable 72.2 point or 2.9 percent dip to close at 2447.6 points.

The highest contributor towards turnover for the week was S.M. Leasing (SMLL), which contributed Rs. 448.4 million. On Friday Peoples Leasing Company reportedly acquired a stake consisting of 84.5 per cent of SMLL at a price of Rs. 23.00 per share. However WoW the share price of the counter observed a 1.2 percent decline compared to last week. The share closed at Rs. 21.00 per share, while trading at a high of Rs. 20.50 and a low of Rs. 22.25 per share for the week.

NDB saw its share price declining by 0.8 percent during the week, to close at Rs. 119.00 per share, while trading at a high of Rs. 125.00 and a low of Rs. 114.00 per share.

The counter was the second highest contributor towards turnover this week with contribution towards weekly turnover amounting to Rs. 254.9 million. 2.2 million shares of NDB traded during the week

Distilleries was among the top losers this week, with the share price shedding 13.0 percent WoW, to close at Rs. 79.00 per share.

Distilleries’ was seen actively trading ahead of the court ruling with a total of 2.9 million shares trading for the week adding Rs. 249.0 million to the week’s turnover.

The counter traded within the range of Rs. 66.00 per share and Rs. 97.00 per share for the week. Notable quantities of JKH shares were seen trading this week, with the most part of shares trading on Friday.

The share contributed Rs. 222.2 million towards turnover, becoming the fourth highest contributor towards total turnover for the week.

The counter traded within a range of Rs. 109.00 and Rs. 115.5 per share to close the week at Rs. 111.00 per share, down by 3.7 percent WoW. Total volume traded of JKH amounted to 2.0 million.

Total turnover amounted to Rs. 2.7 billion this week, with the average daily turnover amounting to Rs. 533.5 million.

WoW activity levels were down by 46.6 percent. Friday posted the highest daily turnover for the week amounting to Rs. 1.1 billion with S.M. Leasing strategic deal taking place.

Foreign investors were net buyers this week after a period of two weeks amounting to Rs. 240.3 million. Foreign purchase for the week amounted to Rs. 916.5 million, while foreign sales amounted to Rs. 676.2 million.

Foreign participation for the week stood at a notable 29.9 percent of total activity this week. Among the highest traded stocks in terms of volume for the week were Janashakthi, S.M. Leasing, Pan Asia Distilleries and Seylan Merchant (Non Voting).

Point of View Volatility to continue

As expected by us, the market was extremely volatile this week with healthy activity levels. The All Share Price Index (ASPI) lost 1.7 percent during the week while the sensitive Milanka Price Index (MPI) declined by 2.9 percent compared to last week.

The indices are likely to remain volatile in the coming week amidst a mix of profit taking and bargain hunting at regular intervals. Therefore we advice investors to focus on the possible trading opportunities in the marketplace while continuing to accumulate fundamentally sound stocks that are trading at attractive levels.

The information contained herein has been compiled from sources that Acuity Stockbrokers (Private) Limited (ASB) believes to be true and reliable but we do not hold ourselves responsible for its completeness or accuracy. No matter published herein create any liability of any kind on ASB.

All opinions, views, findings and conclusions included in this report constitute ASB’s judgment of this date and are subject to change without notice.

ASB has the sole copyright for this report and the information and views contained cannot be reproduced or quoted in part or whole in any form whatsoever without the written permission from ASB.

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