Banking and motor stocks stand out:

Market records new high

The Colombo bourse witnessed new record levels, boosted by heavy trading in banking stocks. Further reduction in import tax levies by the Government were seen as a positive move by the investors, resulting in high interest on import oriented motor sector. The ASPI (All Share Price Index) closed the week at 4354.2 points, up by 103.3 points or 2.4 percent compared to last week, while the MPI (Milanka Price Index) appreciated by 207 points or 4.3 percent to close at 4968.3 points on Friday.

John Keells Holding was placed highest in terms of activity levels for the week with a trading volume of 13.4 million. The blue chip stock added over Rs 2.5 billion to the week’s turnover. John Keells Holding closed the week at Rs 192.00 per share compared to last week’s closing price of Rs 180.00 per share, while trading

between a price band of Rs 180.00 and Rs 194.50 per share over the week’s trading.

Apart from the above, Hatton National Bank and Confifi Hotel contributed considerably to the week’s turnover. Hatton National Bank contribution was approximately Rs 618.1 million and Confifi Hotel was Rs 554.6 million to the total turnover, with approximately 2.3 million Hatton National Bank and 2.6 million Confifi Hotel shares trading during the week.

Hatton National Bank saw its price appreciating by 8.9 percent to close at Rs 271.75 per share this week, while Confifi Hotel ended the week at Rs 212.25 per share, a decrease of 33.2 percent Week-On-Week.

During the week DFCC Bank sold 23.4 million ordinary shares or to 9.99 percent of the issued voting shares in Commercial Bank. The residual ordinary voting shares held by DFCC Bank in Commercial Bank has now reduced to 43.6 million or 18.67 percent of the issued voting shares in Commercial Bank. Overall activity levels increased drastically by 259 percent to Rs 18.4 billion this week. The average daily turnover stood at Rs 3.68 billion compared to Rs 1.71 billion posted last week.

Foreign investors were net buyers this week amounting to a net amount of Rs 4.3 billion. Foreign purchases showed a significant increase of 804.2 percent to stand at Rs 7.4 billion, while foreign sales witnessed an increase of 107.4 percent amounting to Rs 3.1 billion.

Foreign participation stood at 28.5 percent of total activity. Volume wise highest traded stocks this week were, John Keells Holding, Commercial Bank, Pan Asia Bank and Kotmale Holding. E B Creasy recorded the highest price change for the week with a 78.5 percent price appreciation to close at Rs 750.00.

Earnings season continue

Overall activity levels increased drastically by 259 percent to Rs 18.4Bn turnover (WOW), while the ASPI ended the week at 4354.2 points, and the more liquid MPI ending at 4968.3 points. During the week the ASPI increased by 103.3 points and the MPI 207 points.

At the end of the week, 209 companies released their March quarterly results. (6235jpg Stock Market picture)

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.