New Year bonanza for bourse
The optimistic sentiments ran through the week as indices gained each
week day adding healthy turnover to the bourse. ASPI closed at 6,891.96
adding 256 points and was up 3.86 percent. MPI gained 225.42 points
reflecting a growth of 3.19 percent against last week to end at
7,286.88.
Major contributors to the upward momentum were Banking, Finance and
Insurance, Diversified and Manufacturing at 15 percent. Market turnover
was up both value and volume wise by 128 percent and 179 percent
respectively.
Aggregate weekly turnover more than doubled with Rs 15 billion as
against Rs 6.5 billion in the preceding week.
Average daily turnover for the week increased to Rs 3 billion over Rs
1.3 billion last week. Market capitalization improved to Rs 2,297
billion as against Rs 2,210 billion in the previous week. Market P/E
Ratio improved to 26.1 and PBV to 3.2.
Point of view
The bourse ushered in the
year with optimistic sentiments leading to active trading
and healthy turnover backed with commencement of margin
trading and return of retail investors.
We expect the movement to
persist in the ensuing week, profit taking on several
counters after a certain level is likely while fundamental
stocks will be sought after by the investors. |
Banking, Finance and Insurance continued to lead the turnover at
18.92 percent followed closely by Diversified at 18.8 percent while
Manufacturing ended at 15.03 percent. The aggregate Banking turnover for
the week was at Rs 2.83 billion with volumes of Rs 615 million. JKH and
RICH together added nearly 15 percent to the Diversified sector.
Laugfs lifted the Manufacturing sector; the Company invested Rs 500
million in mini hydro plant and also entered into JV with BPCL of India
for innovative metal cutting.
Banking, Finance and Insurance at 57.92 percent remained the foremost
contributor to the market volumes with SMB Leasing both voting and Non
Voting and Amana Takaful Insurance being the major contributing
counters.
The volumes traded in the sector rose to 616 million as compared to
208 million shares of the preceding week.
JKH was at the top of the turnover chart with 7.71 percent share
amounting to Rs 1.15 billion as couples of crossings were recorded in
the scrip during the week. Richard Pieris was at 6.97 percent with
contribution of Rs 1.04 billion and the scrip closed at Rs 13.4.
The most traded stock for the week was SMB Leasing both non voting
and voting with 156.5 million and 103.5 million shares respectively
adding 15 percent and 10 percent while Richard followed with 82 million
shares.
The bourse closed as net foreign sellers maintaining the selling
momentum as last week. Foreign purchases recorded Rs 850 million and
sales accounted for Rs 1,872 million. The foreign purchase noted a dip
of 17.1 percent while sales recorded an increase of 41.5 percent against
last week.
Citrus Leisure dominated the bourse as the top gainer with scrip
closing at Rs 73.7 reflecting an increase of 72.6 percent against last
week. Kotmale Holdings scrip recorded an increase of 62.5 percent
reporting a turnover of Rs 176 million. following additional 8 percent
acquisition by Cargills (Ceylon) Plc.
Laugfs Gas (Non Voting) and E B Creasy emerged as other top gainers
recording a rise of 61.08 percent and 56.82 percent respectively.
Morisons outlined as the major loser of the bourse during the week
accounting a slip of 18.69 percent, followed by Selinsing and Good Hope
accounting a dip of 18.18 percent and 17.25 percent compared to last
week with scrip closing at Rs 450 and Rs 455.10 respectively. |