Active participation in blue chip stocks

The market ended the week in green territory supported by active investor participation in blue chip stocks. The ASPI (All Share Price Index) closed the week at 4250.9 points, up by 15.3 points or 0.4 percent compared to last week, while the MPI (Milanka Price Index) appreciated by 22.6 points or 0.5 percent to close at 4761.3 points on Wednesday.

Commercial Bank was placed highest in terms of activity levels for the week with a trading volume of 3.8 million. The blue chip stock added over Rs 963 million to the week’s turnover. Commercial Bank closed the week at Rs 249.25 per share compared to last week’s closing price of Rs 248.50 per share, whilst trading between a price band of Rs 248.50 and Rs 250.00 per share over the week’s trading.

Apart from the above, Confifi Hotel and Hatton National Bank contributed considerably to the week’s turnover. Confifi Hotel contribution was approximately Rs 684.2 million and Hatton National Bank was Rs 410.6 million to the total turnover, with approximately 3.2 million Confifi Hotel and 1.6 million Hatton National Bank shares trading during the week. LOLC entered into the very attractive leisure sector with a purchase of approximately 43 percent stake in Confifi Hotel and 20 percent stake in Riverina Hotel via LOLC Securities, a joint venture between LOLC (70 percent) and Browns Group (30 percent). Confifi Hotel saw its price appreciating by 44.5 percent to close at Rs 318.00 per share this week, while Hatton National Bank ended the week at Rs 249.50 per share an increase of 2.9 percent Week-On-Week.

Riverina Hotel and Hayleys were also among the heavily traded stocks. Riverina Hotel price appreciated by 14 percent to close at Rs 125.75 per share this week, while Hayleys ended the week at Rs 294.25 per share, a drop of 0.25 percent Week-On-Week.

Overall activity levels ebb drastically by 28.6 percent to Rs 5.1 billion this week.

The average daily turnover stood at Rs 1.71 billion compared Rs 1.44 billion posted last week.

Foreign investors were net sellers this week amounting to a net amount of Rs 676 million. Foreign purchases showed a significant decrease of 55.9 percent to stand at Rs 818 million, while foreign sales witnessed a decrease of 27.6 percent amounting to Rs 1.49 billion. Foreign participation stood at 22.5 percent of total activity.

Volume wise highest traded stocks this week were, Nawaloka, Renuka Agri, Fortress Resorts and Commercial Bank. Confifi Hotel recorded the highest price change for the week with a 44.5 percent price appreciation to close at Rs 318.00.

Earnings season continue

Overall activity levels abated drastically by 28.6 percent to Rs 5.1bn turnover (WOW) due to the holiday dragged three day week. While the ASPI ended the week at 4250.9 points, and the more liquid MPI ending at 4761.3 points. During the week the ASPI increased by 15.3 points and the MPI 22.6 points. At the end of the week, 120 companies released their March quarterly results.

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