JKH tops week’s turnover
During the week the All Share Price Index (ASPI) increased by 13.14 points to close at 5,704.53 points, while the S&P SL20 increased by 39.70 points to close at 3,262.44 points. The daily average turnover was Rs.603mn compared to Rs.1.3bn reported during the previous week, and the week ended with foreign buying amounting to Rs.1.4bn whilst foreign selling was Rs.464mn.
The market was sluggish on Monday; turnover was limited to Rs.557mn and indices moved within a narrow range in opposite directions. ASPI declined 14.08 points and S&PSL20 gained 6.45 points. The day’s single largest turnover of Rs.135mn was reported from JKH that closed up Rs.1.70 at 234.70. Commercial Bank (COMB) also made an equally important contribution of Rs.103mn and the share closed up at Rs.103mn. HNB and NDB were also amongst the top five contributors to the day’s total turnover.
On Tuesday the market closed up on a positive note; ASPI and S&PSL20 gained 27.01 points and 17.90 points respectively though total turnover was a moderate Rs.671mn. Approximately 1.5mn shares of JKH traded between Rs.233.50 and 238.00 of which 1mn traded at Rs.237 through several crossings. JKH closed up Rs.2.80 at 237.50, followed by COMB which closed up Rs.1.60 at 110.00 posting the second largest turnover. Gains reported by JKH and COMB had a positive impact on the indices.
JKH continued to be the largest contributor in terms of turnover on Wednesday; a turnover of Rs.104mn was posted with 439,520 shares traded between Rs.237.00 and 239.00. Buying interest in banking sector shares continued; HNB closed up at Rs.155.90 having posted Rs.81mn in turnover followed by COMB with Rs.64mn. total turnover for the day was a mere Rs.447mn and the market closed down with ASPI and MPI losing 18.50 points and 11.85 points respectively.
On Thursday indices reported marginal gains of 3.16 points and 5.79 points on ASPI and S&PSL20. Total turnover reached Rs.610mn to which the single largest contribution of Rs.169mn came from JKH which closed up Rs.1.50 at Rs.238.60. Sampath Bank closed flat at Rs.234.00 and posted the day’s second largest turnover of Rs.106mn. P C House was the most heavily traded for the day; 3.7mn shares traded between Rs.3.80 and 4.10 but closed flat at Rs.4.00. The company announced a one for two rights issue at Rs.3.00 after the market closed for the day.
JKH posted the day’s largest turnover for the fifth consecutive day on Friday; 1.1mn shares of JKH traded between Rs.238.50 and 240.00 and the share closed up Rs.1.40 at Rs.240.00. Bukit Darah which closed up Rs.6.60 at Rs.715.00 posted Rs.97mn in turnover. An equally important contribution came from NDB where 544,900 shares traded between Rs.156.30 and 160.50 with the share closing up Rs.1.90. The market closed up on a positive note with both ASPI and S&PSL20 gaining 15.55 points and 21.41 points respectively.
Technically the ASPI managed to emerge out of the Bull Flag consolidation in which it was trapped for quite some time. Charts indicate that this could trigger a significant market recovery in the coming weeks.