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Monday, 13 September 2010

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Market gathers upward momentum

The four day trading week saw the market dipping marginally at the start of the week, but both indices climbed up at an accelerated pace to close off at ASPI 6023.4 and MPI 6278.31.

The ASPI records an all time high at Friday’s close, gaining 142.9 points (2.4 percent) while the MPI gained 211.5 points (3.49 percent) WoW.

Total turnover for the week is Rs 17.08 billion which was an increase of 15.47 percent from last week’s total of Rs 14.798 billion. Share volumes traded this week was 353.4 million shares as against 503.18 million shares traded last week recording a decrease in volumes traded by 29.77 percent. Highest contributors to market turnover this week was the Diversified sector contributing 35.8 percent of the turnover amounting to Rs 6.1 billion, overtaking the Banking and Finance sector which was holding this position last week.

The banking and finance sector accounted for 19.5 percent of the total weekly turnover, amounting to Rs 3.3 billion. The diversified sector index gained 86.32 points to close at 2050 while banking and finance sector index gained 461.78 points week on week to close at 13144.47 Aitken Spence leads the list of top contributors to turnover recording Rs 3.08 billion representing 13.13 percent of total turnover.

Distilleries increased their holdings in Aitken Spence to consolidate its position as an associate company. JKH amounted to 4 percent of total turnover, posting Rs 2.03 billion.

SMB Leasing topped the list of heavily traded stocks this week with 48.1 million shares changing hands while Keells Hotels traded 44.4 million shares respectively.

Foreign investors were net sellers this week amounting to an outflow Rs 2.40 billion as against a net selling of Rs 340.4 million recorded last week. Foreign purchases amounted to Rs 1.98 billion while foreign selling amounted to Rs 4.39 billion. Foreign trading levels sky rocketed on the second trading day and slowed down closer to end of this week with both buying and selling showing an increase of 57 percent and 173.68 percent respectively.

Alliance is the top price gainer for the week gaining 45.9 percent to close at Rs 736. Reefcomber and Three Acre farms recorded 43.9 percent and 36.3 percent gains on price respectively.

Top losers were Trans Asia losing 49.6 percent to close at Rs 186.2 followed by Ceylon Hospitals Ltd, losing 17 percent and The Finance Co. losing 15.9 percent.

Point of view

The market took an early breather this week on the back of profit taking, however picked up pace and gathered momentum during the week’s trading to close at an all time high with the ASPI surpassing 6000 points to close at 6023.41.

The market has seen a 20 percent gain within the last 31 trading days taking the ASPI from the 5000 points range to this new high today. The market capitalization currently stands at 1,983.09 billion.

We expect the current momentum to continue to the week ahead with investor interest in fundamentally strong stocks continuing to boost market activity.

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