Colombo Bourse hit the 23 month low on Wednesday but edged up in the last two days as bargain hunters picked up battered blue-chips.
The main share index declined by 86.48 index points (-1.8%WoW) to end at 4,798.70 at the end of the week which is near the major supporting level of 4,800. Sensitive MPI dropped 96.72 points (-2.2%WoW) to end at 4,246.76. Average turnover and activity levels weakened during the week registering a decrease of 26% and 28% respectively. Week’s average daily turnover was Rs 335.4 million. Two companies namely commercial leasing and Orient Finance listed during the week increasing the total number of listed companies to 284. Foreign participation accounted for 29% of the total market activity. At the end of the week foreign investors were net sellers with a net foreign outflow of Rs.5.6 million.
Colombo Stock Market reopened for the week on Tuesday in a red note and lost further Rs 20 billion market cap. Benchmark indices recorded notable losses as ASI lost 136.58 index points (-2.80%) to end at 4,748.60 while liquid MPI lost 135.68 index points (3.12%) to end at 4,207.80. Market turnover was lower at Rs 286.7 million. John Keells Holdings recorded the top turnover of Rs 95.4 million followed by National Development Bank (Rs 17.3 million) and newly listed Commercial Leasing & Finance (Rs 11.8 million). Commercial Leasing & Finance, John Keells Holdings traded heavily during the day. Further HVA Foods, Richard Pieris & Company and Environmental Resources Investments – warrant 0003 were among the mostly traded stocks.
The Colombo Stock exchange dipped further on Wednesday extending persistent concerns over the overall market sentiments. ASI decreased by 10.85 points (-0.23%) to close at 4,737.75, 23 months low and liquid MPI dropped by 9.54 points (-0.23%) to end at 4,198.26. Market turnover posted at Rs 246.4 million. National Development Bank recorded the top turnover for the day at Rs 29.7 million. In addition Royal Ceramic (Rs 17.1 million) and Tokyo Cement non-voting (Rs 11.6 million) registered notable turnover levels for the day. In the meantime counters such as Richard Pieris & Company, Environmental Resources and Swarnamahal Financial Services traded heavily in trading hours.
Market ended in green territory on Thursday where positive returns were recorded in both benchmark indices. ASI gained 20.23 index points (0.43%) to close at 4,757.98 while sensitive MPI closed at 4,223.35, up 25.09 index points (0.60%). Market turnover was Rs 499.5 million. John Keells Holdings recorded the top turnover of Rs 137.4 million followed by Vallibel One (Rs 55.5 million) and DFCC Bank (Rs 49.9 million). Meanwhile, Vallibel One, John Keells Holdings and Free Lanka Capital Holdings traded heavily throughout the day.
On Friday Colombo bourse ended with positive returns where ASI increased by 40.72 index points (+0.9%) to close at 4,798.70 and MPI increased by 23.41 index points (+0.6%0 to close at 4,246.76. daily market turnover was Rs 309.3 million. John Keells Holdings topped the turnover list today with an amount of Rs 61.0 million followed by National Development Bank (Rs 57.8 million) and Lion Brewery (Rs 40.7 million). Newly listed Sanasa Development Bank, Tess Agro and Environmental Resources Investments were the heavily traded counters during the day.
Lanka Securities Research
