Bourse ends lacklustre week

It was a lacklustre week at the Colombo Stock Exchange as ASPI shed massive 174 points week on week to close at 7231.92. Milanka descended by 81.52 points and ended at 6775.88.

The turnover value noted a nominal rise of 7 percent over the preceding week. The value of turnover increased from Rs 18.49 billion to Rs 19.79 billion.

The number of shares traded showed a gain with volumes registering a 207 percent rise.

The number of shares traded this week was 2108 million as against last week’s volume of 686.14 million shares.

Power and Energy was the major sector that contributed to the overall market turnover values with 35.3 percent share followed by Banking, Finance and Insurance and Diversified with 15.42 percent and 13.54 percent respectively.

Sector index for the Power and Energy was up by 1.91 points as compared to the earlier week.

Power and Energy also led the overall volumewise turnover contribution with total exposure at 42.97 percent.

The other sectors that dominated the market volumes tally were Banking and Finance sector with 19 percent contribution and Manufacturing at 15.62 percent.

Market Capitalization was noted at Rs 2461 billion while the Market Price Earning Ratio was 24.3 and Price to Book Value was at 3.10. PAP was the counter that led the turnover tally with 31.52 percent share arising from 855.52 million shares translating into a turnover of Rs 6.2 billion. The share price rose from Rs 4.6 to Rs 6.8 during the week showing an increase of 47.83 percent. The other major turnover contributors were JKH and Blue Diamonds with Rs 1.21 billion and Rs 1.16 billion representing 6.16 percent and 5.91 percent of the total turnover respectively. People’s Merchant Bank was amongst the top ten turnover counters as 19.68 percent of its stake held by LOLC was sold.

Top price gainer for the week was Kalamazoo where the price shot up by 125.52 percent from Rs 2438.4 to Rs 5499. Singer Industries increased from Rs 203 to Rs 444.90, up by 119.16 percent from the preceding week.

The other key price gainers were Harishchandra (90.73 percent) and Blue Diamonds(57.14 percent).

The weekly top loser was Pan Asia with price decline from Rs 56.3 to Rs 28.5, down by 49.38 percent. Hunters, Mercantile Shipping and Ceylinco Insurance were some of the other scrips that also witnessed price fall by 34.76 percent, 29 percent and 25 percent respectively.

Foreign purchases were witnessed at Rs 1.2 billion recording a dip of 6.0 percent in comparison with previous week. Foreign Sales reported at Rs 1.8 billion indicating an increase of 29.6 percent against last week. The week closed as the net foreign sellers with Rs 631.57 million.

Shares of Panasia Power recorded highest volumes at 40.57 percent as a high networth investor invested in the scrip.

Blue Diamonds accounted for 9.9 percent of the turnover with 208.87 million shares. Free Lanka, SMB Leasing and E-Channelling were other major contributors to the share volumes during the week.

Point of view

Activity at Colombo bourse for the week was largely driven by selected stocks which were flocked by retail investors.

Selling sentiments dominated the market throughout the week taking the indices further to lower levels.

Retail investor interest in midcaps is expected to continue in the ensuing week as also profit booking on several counters.