Market up towards end of the week

During the week the All Share Price Index (ASPI) declined 77.25 points to close at 4,854.22 points, while the Milanka Price Index (MPI) declined 9.87 points to close at 4,370.88 points. The daily average turnover was Rs.355mn compared to Rs.823mn reported during the previous week, and the week ended with foreign buying amounting to Rs. 823mn whilst foreign selling was Rs.458mn.

On Monday JKH posted the largest turnover for the day which amounted to Rs.215mn with approximately 1.1mn shares bought by foreign investors.

Total turnover for the day amounted to Rs.354mn with low activity reported on other companies. Indices moved within a narrow range and closed down marginally losing 2.97 points and 0.48 points on ASPI and MPI.

JKH continued to be largest contributor to the revenue on Tuesday by posting Rs.98mn with 530,597 shares traded. Ceylon Tobacco also made a relatively significant contribution of Rs.48mn while total turnover for the day reached Rs.320mn. ASPI and MPI declined 30.28 points and 15.25 points respectively as the central bank kept the key policy rates unchanged.

On Wednesday the market remained sluggish and the day’s total turnover was limited to only Rs.160mn. Single largest turnover for the day was a mere Rs.18mn generated from Dialog Axiata which closed flat at Rs.6.00 with 2.9mn shares traded. Indices continued the negative trend with ASPI and MPI losing 8.35 points and 11.00 points respectively.

On Thursday total turnover reached Rs.774mn to which the largest contribution of Rs.275 was made by JKH with approximately 1.5 mn shares traded that was followed by PCH Holdings which closed down Rs.3.10 at 9.10 posting Rs.254mn and was also the most heavily traded (27.8mn shares) Sampath Bank also posted a significant turnover of Rs.110mn while the share closed up Rs.4.00 at Rs. 160.00. The market closed showing mixed results with ASPI losing 37.99 points and the MPI gaining 0.43 points.

On Friday the market closed up 2.34 points and 16.43 points on ASPI and MPI respectively though the total turnover was limited to Rs. 168mn. HNB voting reported the highest turnover with 210,000 shares traded by way of a crossing at Rs. 130 generating a turnover of Rs. 27mn. Approximately 2.1mn shares of E-Channelling were actively traded between Rs. 4.50 and Rs. 4.70 generating a turnover of Rs. 10mn. The share closed up by 4.55% at Rs. 4.60.

Corporate ear nings being reported for the June quarter are better than what was anticipated by most Analysts thus shares have become even more attractive as a medium to long term investment that would bring very high returns. Foreign Investors are grabbing the available bargains and net foreign buying for the weak amounted to Rs. 364mn.