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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Hopes of stock market regaining some lost ground

Hopes of stock market regaining some lost ground

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CSE.SAS

CSE.SAS
Global Moderator
The Colombo stock market closed last week with brokers and analysts hopeful that a recovery process has begun although volumes remained thin.

"Positive sentiment appeared to return to markets this week with both indices moving up to end the market in the green,’’ Acuity Stockbrokers said in a market report.

It noted that the All Share Price Index had gained 4.01% (192.51 points) to close at 4,991.21 points on Friday while the Milanka was up 4.79 % (203.22 points).

Analysts noted that the All Share was now close to the 5,000 point benchmark through which it plunged last month.

The Acuity report also noted that weekly turnover value too had gained week-on-week with the average daily value up 11.31% to Rs.373.37 million from the previous week’s Rs.335.43 million.

The brokerage said that selected buying in counters with strong fundamentals early in the week encouraged retailers into speculative shares.

"Volumes, though thin, increased over the week with Friday’s volumes hitting a two-week high of Rs.0.8 million," the report noted.

"Markets are likely to retain this positive momentum in the week ahead," Acuity said.

John Keells Stockbrokers said in its Stock Market Weekly that the market had "picked up sharply during the week due to renewed buying interest across the board."

The report also noted that trades in banking, finance and diversified counters accounted for most of the week’s turnover though foreign activity remained subdued with a net inflow of just Rs.8.72 billion.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=54634

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
"Markets are likely to retain this positive momentum in the week ahead," Acuity said.

All of us are eager to see that.

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