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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Foreigners net sellers as volume reaches new high

Foreigners net sellers as volume reaches new high

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

* Stage set for bull-run, warnings against herd mentality

All three indices closed in the green on Monday (03) continuing last week’s positive run with the market volume reaching the highest since December 01, 2011 while foreigners became net sellers after dominating the buying side for weeks.

The All Share Price Index gained 70.84 points to close 1.37 percent higher at 5,250.99. The Milanka Price Index of more liquid stocks gained 1.92 percent to close at 4,904.53, up 92.54 points. The S&P SL20 closed 0.69 percent higher, gaining 19.88 points to 2,897.76.

Turnover reached Rs. 982.2 million on nearly 114.9 million shares changing hands during the day.

For the first time in weeks, foreigners were seen as net sellers yesterday.

Foreign selling amounted to Rs. 79.4 million while foreign buying amounted to Rs. 56 million.



"Dominant retail participation was evident for yet another day with a surge in activity levels setting a record to be the highest for the year while being the highest since 01.12.2011. Lanka Orix Leasing Company (+12.6%), Distilleries (+5.7%), Cargills (+4.0%) and AHOT Properties (+13.9%) were leading positive contributors to the index with market registering 3 gainers for every 1 loser," Softlogic Equity Research said.

"The renewed investor confidence has set the stage for a bull run where the market has already appreciated over 8% during the last 2.5 weeks. In certain instances it is observed that the herd mentality is still followed specially in the retail favourite counters. We believe buying interest is likely to remain across the board, but with the heavy selling pressure that is likely to be present in the retail favourite counters, it is advised to switch to counters with strong earnings performance," it said.

"E-Channelling topped the day on turnover with 22mn shares changing hands on-board coupled with one off-market deal towards the latter part of the day. The crossing in the counter accounted for 8.7mn shares dealt at a price of LKR4.7. Strong buying interest allowed the counter to peak at LKR5.2. The counter closed at the peak price recording a price gain of 10.6%.

"More retail favourite counters entered the top performers list with heavy volumes changing hands. Environmental Resources Investment (+3.1%), Seylan Developments (+14.5%), Nation Lanka Finance (+8.8%) and Blue Diamonds [Non-Voting] (+15.8%)topped the list.

"The fundamentally sound counters too were part of the action. John Keells Holdings recorded the 2nd largest turnover for the day with a volume of 253k shares which consisted of a single large block of 100k shares dealt at LKR198.0 as the counter closed at LKR198.5 (+0.4%). Commercial Bank saw a crossing of 200k shares at LKR105.0. The counter closed at LKR105.2 (+1.2%) after peaking at LKR106.0," Softlogic Equity Research said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=60688

Fresher


Moderator
Moderator

Not something new. Foreign net selling is there mostly when the bourse is up ... specially by this much! Anyway this is a small net sale.
Let's wait and see if it changes.

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