CSE on a bumpy ride
During the week the All Share Price Index (ASPI) gained 47.94 points to close at 5,039.15 points, while the Milanka Price Index (MPI) gained 28.53 points to close at 4,478.51 points. The daily average turnover was Rs.520mn compared to Rs.373mn reported during the previous week, and the week ended with foreign buying amounting to Rs.521mn whilst foreign selling was Rs.443mn.
On Monday the market reported a decline during its first half t hough bounced back to close up marginally with ASPI and MPI gaining 6.89 points and 12.07 points respectively. Total turnover for the day amounted to Rs.295mn to which Carsons made the single largest contribution of Rs.18.7mn with 40,030 shares traded. Ramboda Falls debuted trading in the secondary market by way of an introduction and posted the day’s second largest turnover while the share closed at Rs.24.10 up by Rs.14.10 compared to the reference price given by the company.
On Tuesday the market moved up consistently and the ASPI and MPI gained 61.19 points and 43.11 points respectively. Total turnover reached Rs.534mn to which the largest contribution came from the retail favourite HVA Foods which closed up Rs.1.50 (13.3%) at 12.80 with approximately 4.1mn shares traded and was the most heavily traded stock for the day. Citrus Leisure warrant 19 was the top gainer for the day with the share having closed up Rs.2.20 (49%) at Rs.6.70, while 38counters made gains over 10% during the day.
The buying spree of investors led the market to move up for the sixth consecutive day on Wednesday with ASPI and MPI gaining 18.77 points and 40.92 points respectively. HVA took the lead in terms of turnover with 5.7mn shares traded between Rs.13.20 and 14.50 posting Rs.80mn while total turnover for the day amounted to Rs.617mn. Cargills posted the day’s second largest turnover of Rs.77mn and the share closed down Rs.8.00 at 150.00.
On Thursday JKH closed up Rs.2.00 at 196.00 and posted the day’s largest turnover of Rs.56mn. However the market closed down with ASPI and MPI losing 35.99 points and 38.78 points respectively as some investors booked their extra ordinary profits made within a week. Total turnover for the day was Rs.530mn to which Distilleries Company contributed Rs.54mn being the second largest with the share price closing down Rs.3.50 at 130.00.
On Friday the single largest turnover of Rs.157mn was generated from Seylan Bank where 2.5mn shares traded at Rs.60.00 by way of a crossing and the share closed up Rs.3.50 at 59.90. An equally important contribution came from JKH which closed down Rs.2.10 at 193.90 posting Rs.146mn in turnover. Central Finance and Dialog were also amongst the main contributors to the day’s total turnover of Rs.674mn. The market declined marginally during intraday trading however recovered towards the end minimizing the losses to 2.92 points on ASPI and 28.79 points on MPI.
The market that was heavily oversold is showing signs of it starting to move up gradually and when the indices move up to 5,340on the ASPI and 4,750 on the MPI buy signals will be triggered on the weekly charts that will confirm it’s up move.