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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » All Share Index tops 6,100 amidst investor value hunting

All Share Index tops 6,100 amidst investor value hunting

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dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics

he Colombo stock market last week saw its All Share Index (ASI) surpass the 6,100-point mark as investor pursued value.
“The Bourse rallied ahead during the short trading week as the ASPI crossed the 6,100 mark supported by robust investor activity as it settled at 6,180.76,” Softlogic Stockbrokers said.
“Value hunting underscored the week ahead of the upcoming earnings season with several counters: LIOC, HHL, TJL, AEL, LGL and TKYO trading at 52-week high levels,” it added.
Foreign investors focused on large caps; JKH and COMB while the former topped weekly turnover. Acuity Stockbrokers said the ASI gained by 85 points to hit a nine week high. It said previous week’s renewed momentum by foreign investors continued last week, helping push the ASPI to a 9-week high of 6180.76 points.
Despite just two days of trading, overall activity levels improved as continued foreign inflows into selected blue-chips reinforced retail and local high networth investor (HNI) buying interest across the board.
“Over 40% of the week’s turnover volume was generated through foreign trades, helping daily average weekly turnover levels increase approximately 4% to Rs. 700 million,” Acuity added. In terms of volume, Expolanka and JKH led foreign purchases.
Acuity said markets in the week ahead are likely to retain this positive momentum as investors gear-up in anticipation of positive quarterly earnings to be released in a few weeks.
With the economy showing strong performance in industrial sector, First Capital Equities said the manufacturing sector and construction related companies are likely record impressive earnings similar to the final two quarters in December 2013 and September 2013. Further banking and finance sector counter earnings are expected to show signs of improvement led by the lower impairment charges resulting from improvement in economic conditions. Softlogic Stockbrokers on its part said: “We expect market activity levels to pick up further over the coming weeks driven by strong focus on value counters in anticipation of the earnings season.”

http://www.ft.lk/2014/04/21/all-share-index-tops-6100-amidst-investor-value-hunting/

SHARK aka TAH

SHARK aka TAH
Expert
Expert

ASI around 6200, the current phase towards 6265 would be very crucial as RSI is already in a OVERBOUGHT situation and MACD giving Bullish signal. We may see some reversal technically this week or next week.
If the Bulls are strong forget about 6265 it will pass 6300 Smile

SHARK aka TAH

SHARK aka TAH
Expert
Expert

Any moment till 6265 MACD could turn down and indicate a SELL phase is due..... good luck

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