Opening on Monday, the market got off to a rather dismal start for the week with both the ASPI and Milanka losing 1.5% and 1.9% respectively. The ASPI lost 84 points to close at 5653 and the Milanka lost 100 points to close at 5160, and a turnover of Rs.1.5 billion was recorded. However this can be indicative that selling pressure has led the market to drop during the day. On a more positive note foreign buying amounted to Rs. 1.35 billion while a net foreign inflow of Rs. 813 million was recorded. JKH topped the list of top contributor’s while GREG voting shares and Warrants 6 and 3 contributed collectively to the 2nd, 3rd and 4th places. SMB Leasing gained 10% with Royal Palms and Browns gaining 4.75% and 3.14% respectively.
The market closed lower on Tuesday with the ASPI and Milanka losing 45 and 66 points respectively to close at 5608 and 5094. Compared to Monday’s turnover, a modest turnover of Rs.515 million was recorded with a net foreign outflow of Rs. 45 million. Asiri Hospitals recorded the highest turnover with approximately 5 million shares trading at Rs. 11.40. Fundamentally strong shares such as Dockyard, Commercial Bank, Sampath, Ceylon Tobacco and NDB attracted continued investor interest. The highest gainers were Hydro Power and SMB Leasing gaining 10% each and Hunas Falls recording 9% gain, closing at Rs. 64.90.
On Wednesday, after a positive start the indices declined marginally with the ASPI closing down 21 points and the Milanka closing down 38 points. A low turnover of Rs. 372 million was recorded. Continued investor interest was witnessed in Dockyard while Lanka IOC and Commercial Bank witnessed high net worth / institutional participation. Dockyard was the top contributor for the day followed by Lanka IOC and Commercial Bank. Dockyard closed flat at Rs. 220.00 and Commercial Bank lost 1.42% to close at Rs. 104.50 while Lanka IOC gained 1.16% to close at Rs. 17.50. Retail activity was witnessed among stocks that include Softlogic, Nation Lanka and City Housing with Softlogic gaining Rs. 0.10 at close whilst the latter two counters closing lower by Rs. 0.10.
Investors made hay while the sunshined when the market ended its falling trend on Thursday with the ASPI and Milanka closing higher by 38 and 74 points respectively. Turnover level achieved on Thursday was than the previous day recording Rs. 621 million. Institutional and high net worth interest in select blue-chip counters were seen supported by a spree of foreign inflows exceeding Rs.200 million. JKH attracted the most interest contributing Rs. 184 million while Hunas Falls and Chevron contributed Rs 58 and 32 million respectively. Continued interest was witnessed in Dockyard and Commercial Bank. Nations Lanka and Asiri Hospitals attracted continued retail interest with both counters gaining Rs. 0.70 and Rs. 0.40 at close.
The upward momentum continued on Friday with the ASPI and Milanka gaining 24 and 4 points to close at 5649 and 5136 respectively. However the market turned out to be subdued with a low turnover of only Rs. 306 million being recorded since August, with investors remaining on the sidelines. Top contributors were Distilleries, Central Finance, Commercial Bank and Dockyard. Hotel Sigiriya, Sathosa Motors and York Arcade all of which recorded gains in the region of 9% during the day.
(Courtesy: Innovest Investments (Pvt) Ltd – an Investment Management Company licensed by the Securities & Exchange Commission of Sri Lanka)