Market awaits direction
The market gained 92.58 points at the closing of the three days week.
However, southwards dip persisted during the week and the market
witnessed lowest levels since September ‘10. ASPI was down by 0.53
percent over last week to end at 6565 while Milanka declined by 42.52
points to close at 7115.43.
The Colombo stock exchange
The cumulative market turnover for the three day week was at Rs 5.46
billion with an improved average of Rs 1.82 billion over the preceding
week’s average of Rs 0.87 billion.
Turnover rise was due to strategic acquisition of 3 percent stake in
Aitkens by Distilleries. Market Capitalization was recorded at Rs
2172.92 billion as against Rs 2,184.50 billion of the earlier week.
Diversified sector dominated the market turnover with nearly 50
percent share and a gain of 10.61 points with the sector index closing
Aitken Spence, JKH and Hemas Holdings were the counters that added to
the diversified sector, Banking, Finance and Insurance followed the
turnover statistics at 16.47 percent and Hotels and Travels at 14.16
Sampath and HNB added to the Banking sector while Hotels and Travels
were supported by Hotel Services and Keells Hotels.
Point of view
|The activity levels though
suppressed during the week were strengthened towards the closing
with investor interest in selected stocks.
The market is waiting for directions with the
policy reforms to be tabled through the budget at the beginning
of the ensuing week.
Aitken Spence contributed nearly 40 percent to the market turnover
with Rs 2.15 billion and 11.96 million shares.
Hotel Services was another major that added 11 percent amounting to
Rs 601.88 million to the turnover with share volumes of 23.6 million.
Sampath and JKH contributed Rs 327.75 million and Rs 299.6 million
respectively to the turnover.
The most traded scrip during the week was Hotel Services with 23.6
million shares to close at Rs 26. SMB Leasing, Piramal Glass and Spence
were other heavily traded stocks with volumes of 22.89 million, 14.6
million and 11.96 million shares. There was heavy selling by foreign
investors during the week with aggregate purchases of Rs 615 million as
against sales of Rs 2.62 billion. SMB Leasing (non voting) was the
week’s top gainer with 12.5 percent price rise and the counter closed at
Mercantile Shipping and Hapugastenne were other major gainers that
closed at Rs 212.50 and Rs 57 with the gain of 12.32 percent and 11.55
E B Creasy at Rs 931.30 was the major loser for the week which was
down by 15.34 percent.
The other major losers were Vidullanka, Blue Diamonds (NV) and Huejay
losing value by 10.45 percent and 10 percent each.