Market has bottomed out

During the week the All Share Price Index (ASPI) declined56.41points to close at 6,436.28while S&PSL20 declined18.19 points to close at 3,706.02.

The daily average turnover was recorded at Rs.656mncompared to Rs.450mn reported during the previous week. Foreign buying for the week was Rs.1,743 mn and foreign selling was Rs.761mn.

Market was sluggish on Monday with total turnover being limited to Rs.412mn. Largest turnover for the day amounted to Rs.152mn which was posted by Sampath Bank (SAMP). Market closed on a mixed note; ASPI declined 6.93 points while S&PSL20 gained 10.72 points. Market plummeted on Tuesday with ASPI and S&PSL20 losing 44.85 points and 38.65 points respectively. Total turnover for the day amounted to Rs.1.1bn.

On Wednesday nearly 1mn shares of SAMP changed hands between Rs.285.30 and 295.00 and the share closed up Rs.8.10 (3%) posting the day’s single largest turnover of Rs.280mn. ASPI continued to decline during the day losing 23.50 points however S&PSL20 reported a marginal gain of 1.59 points.

There was less activity on Thursday with total turnover limited to Rs.335mn. JKH posted Rs.58mn in turnover which was the day’s single largest turnover. JKH share price gained Rs.1.50 to close at Rs.161.50. Market closed on a negative note; ASPI declined 9.29 points and S&PSL20 declined 7.06 points.

On Friday the market bounced back after losing 108 points within five trading sessions. ASPI gained 28.16 points and S&PSL20 gained 15.21 points.