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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Bourse readying for a run?

Bourse readying for a run?

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1Bourse readying for a run? Empty Bourse readying for a run? Mon Sep 03, 2012 2:50 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Stock Market Review for the week ending 30th August 2012

The market indices catapulted to record higher levels of 5180 points on the ASPI (+167), Milanka 4811 points (+175) due to a surge in retail investments that began to pour in from Monday 27 Aug onwards. Astute stock pickers were chasing small cap company stocks such as Central Industries which closed at Rs.73/20 (up from Rs.68.60 making a neat gain 6.7% from the previous week’s close), Lanka Aluminium closed at Rs.31.00 (up from Rs.26.60 a week ago gaining 16.5% in just a week), Kalpitiya Beach closed at Rs.6.20 making a gain of 8.7% after rising from its previous close of Rs.5.70, ACL Cables closed at Rs.60.70 up 5.57% from a price of Rs.57.50 recorded in the previous week. Despite the fact that there was some selling occurring on Wednesday in the latter part of the day and Thursday as the trading sessions began, the market witnessed renewed buying interest. Buying was as a result of retail investors returning to relatively low priced counters offering good value.

On Monday trading commenced on a very positive note as the ASPI moved up by 60 points to record 5073 (+60 points) and the Milanka registered 4724 gaining 87.81 points, and the turnover recorded was Rs.454.2m. Main counters attracting investors were Central Finance, JKH, Colombo Land and Commercial Bank contributing to high turnover and also providing price stability among blue chips.

On Tuesday both, the ASPI and the Milanka moved up by 29 points each to close at 5,102 and 4,753 respectively. The turnover recorded a staggering Rs. 3 billion mainly due to a high turnover being achieved on account of a crossing amounting to 23m shares of Aitken Spence at Rs.110.00 contributing as much as 80% of the day’s turnover. Other highly traded shares were Colombo Land, DFCC, REEF and, Distilleries. Among top gainers were Ceylon & Foreign Trades with a superb 27% gain while Asiri Surgical and Three Acre Farms moved up by 10.6% and 9.2% respectively.

On Wednesday, the bourse continued its positive momentum with activity being mainly driven by retail investors. Colombo Land closing at Rs.37.90 remained among top contributors in terms of turnover for a third consecutive day, while Environmental Resources achieving a turnover of Rs.32m and closing at Rs.16.00 too attracted increased investor attention on Wednesday. Kalpitiya Resort also gained 8.2% to close at Rs.6.60. This resulted in the ASPI gaining 11.50 points to close at 5114.15 while the Milanka gained 2.51 points to close at and the Standard & Poor (S&P SL20) index surged 9.39 points to close at 2866.13. Other stocks contributoring to turnover Colombo Land at Rs. 32.3Mn and Kalpitiya Beach at Rs. 18.4Mn. Most active counters for the day were Colombo Land, Citrus Kalpitiya and Environmental Resource.

On the last day of the shortened trading week, saw early stock pickers positioning themselves in several mid caps across the board, and as a result prices began to recover in the last hour of hectic trading witnessed on Thursday.

Net foreign investments recorded during the week were low at an average net inflow of Rs.21m per day, while the average turnover per day recorded in the past week stood at Rs.1.1 billion. With a welcomed tilt on the advance / decline ratio the market appears to be preparing for a run.

(Courtesy: Innovest Investments (Pvt) Ltd – an Investment Management Company, founded by Dian Gomes, Ajit Jayaratne & Arosha Gunasekera, and licensed by the Securities & Exchange Commission of Sri Lanka)
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=60627

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