Market finds support at 6,000 on ASPI
During the week the All Share Price Index (ASPI) declined by 19.44 points to close at 6,028.74 while the S&P SL20 gained 1.97 points to close at 3,385.43. The daily average turnover was Rs. 293mn compared to Rs. 645mn reported during the previous week, and the week ended with foreign buying amounting to Rs.300mn whilst foreign selling was Rs. 173mn.
The heavy weight JKH lost Rs.8.00 on Monday to close at Rs.241.00 posting the day’s largest turnover. Approximately 1.4mn shares of NTB traded between Rs.63.50 and 65.00 that made a significant contribution of Rs.88mn in terms of turnover. Price weakening in JKH and few other selected blue chips dragged down the market by 52.54 points on the ASPI to close below 6,000, and 31.97 points on S&P SL20.
Market remained sluggish on Tuesday while indices edged down 15.48 points and 3.53 points on ASPI and S&P SL20 respectively. Total turnover was a mere Rs.254mn to which SAMP bank contributed Rs.54mn being the day’s largest turnover. JKH edged up marginally to close at Rs.241.80 posting the second largest turnover for the day.
On Wednesday the total turnover was limited to Rs.228mn though the market bounced back with ASPI and S&P SL20 gaining 35.89 points and 17.12 points. JKH closed up Rs.3.80 at 245.60 posting Rs.54mn being the day’s single largest turnover. PC House was the day’s most heavily traded; Rs.11.7mn changed hands between Rs.1.20 and 1.60 and closed up 20 cents at 1.20.
On Thursday JKH revealed its plan to build a multimillion dollar luxury resort in the heart of Colombo. This made the share to regain its lost ground; share closed up Rs.7.70 at 253.30. This gave some vigour to the overall market with gainers outperforming losers. ASPI closed up 46.33 points and the S&P SL20 gained 27.82, however the activity levels were subdued with total turnover limited to Rs.242mn.
On Friday Approximately 61mn shares of PC House changed hands between Rs.1.10 and 1.50 of which majority traded at Rs.1.10. This accounted for the day’s single largest turnover of Rs.75mn while the day’s total turnover reached Rs.328mn. JKH closed down Rs.3.40 at 249.90 chipping in a relatively important contribution of Rs.44mn. Market closed down with ASPI losing 33.64 points and the S&P SL20 losing 7.47 points.