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Monday, 22 October 2012

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Markets closed in red

Markets closed in the red this week with the main ASPI closing at 5649.53 points, down 1.55% (or 88.71 points) from last week. The MPI lost 123.63 points over the week to close down 2.35% at 5136.48 points while the S&P SL 20 index declined 1.82% (or 56.44 points) to close at 3041.98 points.

JKH accounted for the highest turnover value for this week, recording a value of LKR 1.01bn to represent 29.79% of total market turnover. Environmental Resources Investments contributed 9.49% of total market turnover as it contributed LKR 321.47mn while Colombo Dockyard accounted for 3.74% as it contributed LKR 126.92mn to the market. The week’s total turnover value amounted to LKR 3.39bn, an increase of 34.75% compared to last week’s total turnover of LKR 2.52bn. The daily average turnover value for the week meanwhile amounted to LKR 677.84mn relative to last week’s LKR 503.05mn. Market capitalization however decreased 1.54% (or LKR 33.95bn) to LKR 2163.83bn from last week’s value of LKR 2197.78bn.

The Diversified sector remained the highest contributor to the week’s turnover value - aided once again primarily by JKH (LKR 1.01bn) - accounting for LKR 1.14bn or 33.69% of total market turnover. The Banking and Finance sector meanwhile contributed LKR 575.10mn or 16.97% of turnover value while the Investment Trust sector accounted for 15.92% with a total contribution of LKR 539.61mn.

In terms of turnover volume, the Investment Trust sector dominated this week as 61.89mn shares traded to account for 37.75% of total market volume. The Banking and Finance sector meanwhile accounted for 17.84% of total volume as 29.25mn shares changed hands. The Diversified sector meanwhile accounted for 20.27mn share trades this week, helping the sector account for 12.36% of total turnover volume.

Good Hope topped the price gainers list this week, rising 11.94% w-o-w to close at LKR 1330.00 relative to last week’s close of LKR 1188.10. Paragon Ceylon closed the week at LKR 1300.00 to represent a w-o-w gain of 10.17% while Kalamazoo Systems gained 10.12% to close the week at LKR 2770.40. Nuwara Eliya Hotels and Beruwela Walkinn were also amongst the top price gainers for the week, rising 8.09% and 7.66%, respectively. Coco Lanka was the top price loser for the week, declining 18.99% to close the week at LKR 46.50 compared to last week’s close of LKR 57.40. Colonial Motors dropped 18.55% to close the week at LKR 180.00 while Alufab closed the week at LKR 27.90 to represent a 14.68% decline.

Foreign investor activity improved significantly this week with net foreign inflows amounting to LKR 1.08bn relative to inflows of LKR 0.17bn last week (519.65% w-o-w), to average LKR 216.42mn compared to last week’s average of LKR 34.93mn.

Total foreign purchases amounted to LKR 1.99bn relative to LKR 0.82bn recorded last week (143.45% w-o-w) while total foreign sales increased 41.48% to LKR 0.91bn relative to LKR 0.64bn last week. In terms of volume, JKH and Overseas Realty led foreign purchases, while Nation Lanka and Colombo Dockyard led the foreign sales. In terms of value meanwhile, JKH and Chevron Lubricants led foreign purchases, while Colombo Dockyard and National Development Bank led foreign sales.

Point of view

Markets struggled to garner momentum this week, with indices continuing their downward trend despite the main share index gaining a cumulative 63 points on Thursday and Friday. Week-on-week gains in volume however were evident as the selling pressure prevalent last week tapered off by end-week.

Crossings in select blue-chips early in the week also helped boost weekly turnover levels. Net foreign inflows meanwhile continued unabated for the 12th consecutive week since July, recording a 520% week-on-week gain to hit a year-to-date net inflow of LKR 33.6bn. Muted investor sentiment however, is likely in the week ahead.

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