The research report attributed "broad based positivism" for driving the markets by over 200 points during the week with both retail and institutional investors showing renewed vigor.
Turnover value at Rs.4.1 billion hit a 32-week high on Monday amid active retail participation across the board, the report said. Total turnover for the week as a result increased to Rs.10.6 billion, averaging Rs.2.1 billion per day – over double the year-to-date daily average of Rs.1 billion.
``Upward sentiment is likely to continue in the week ahead," the Acuity report said.
The ASPI gained 3.94% (236.84 points) while S&P was ups 3.67% (121.91 points).
Lanka Ceramics was the top contributor to market turnover during the week following the purchase by Royal Ceramics of a significant 76.11 stake of Lanka Ceramics on May 6. This stock accounted for 30.73% of the total weekly turnover with a value of Rs.3.26 billion.
Commercial Bank came next accounting for 9.98% of turnover (Rs.1.06 billion) followed by Distilleries which contributed 7.07% (Rs.749.49 million).
Market capitalization was up 3.94% or Rs.90.77 billion to close at Rs.2,395.6 billion.
Foreign investors were in a net buying position of Rs.0.66 billion against the previous week’s Rs.0.35 billion.
John Keells Stockbrokers noted that the indices rose sharply over the week on the back of buying interest across the board led by large caps. Weekly turnover levels were boosted by Royal Ceramics acquiring a controlling 80% stake of Lanka Ceramics along with crossings of selected banking and beverage counters. There was a net foreign inflow of Rs.664 million over the week.