Market disregards rate hike

During the holiday shortened week, the All Share Price Index (ASPI) declined 34.90points to close at 6,393.87while the S&PSL20 declined 14.19 points to close at 3,414.39.

The daily average turnover was recorded at Rs.471mn compared to Rs.535mn reported during the previous week. Foreign buying for the week was Rs.1,103mn and foreign selling was Rs.895mn.

The market closed down on Monday losing 31.68 points on ASPI and 16.62 points on S&PSL20. Total turnover for the day was limited to Rs.285mn.

Market continued to be sluggish on Tuesday with total turnover for the day being low as Rs.265mn. Hayleys was among the top gainers; share price gained Rs.13.70 (5%) to close at Rs.300.

DIST posted the day’s single largest turnover on Wednesday and the share closed up Rs.5.80 (2%). The market closed with ASPI and S&PSL20 reporting marginal loses of Rs.5.43 and 4.96 points.

Total turnover on Thursday reached Rs.1bn to which the single largest contribution of Rs.471mn was made by Dialog Axiata (DIAL). Market closed on a positive note with ASPI and S&PSL20 gaining 9.73 points and 12.87 points respectively.

Friday the market closed on a mixed note with marginal change in indices despite the Central Bank’s decision to raise key policy rates. ASPI gained 1.72 points while S&PSL20 declined 0.27 points. Total turnover for the day amounted to Rs.447mn.