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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Pre-election trading drives turnover, ASPI up 81 points, S&P 49.5 CSE at fast forward with many sharp gains

Pre-election trading drives turnover, ASPI up 81 points, S&P 49.5 CSE at fast forward with many sharp gains

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

A spurt of pre-election activity saw the Colombo bourse advance fast forward yesterday with a turnover of Rs. 2.61 billion, over double the previous day’s Rs. 1.3 billion, with both indices gaining sharply – the ASPI by 80.98 points (1.10%) and S&P SL20 by 49.59 points (1.25%) with 170 gainers leaving 45 losers trailing by over three to one while 111 counters closed flat.

"The ASPI has been moving very rapidly in the past three weeks or so when the 7,000 point barrier was breached and now we are at nearly 7,459," a broker said. "There were very many stocks that gained sharply today."

Asked whether the election which was less than a week away had stimulated activity, he said "definitely," adding that while there was speculative election related purchasing there were also investors who were taking profit rather than gambling on the results.

Retail play was evident in many counters like Textured Jersey, Sanasa, MTD and Sampath where there were two big parcels with the rest being smaller traders.

Foreigners continued to be net sellers with sales of Rs. 733.64 million ahead of purchases of Rs. 438.11 million leading to an outflow of Rs. 295.53 million.

Block trades in Access, ComBank (voting), Tokyo (non-voting), ComBank (non-voting) and Hemas contributed over Rs. 790 million to turnover with many of the counters transacted off the floor also active on the trading floor.

Acess saw a a parcel of one million shares crossed at Rs. 27.10, Commercial Bank (voting) over 1.7 million shares crossed in seven parcels at Rs. 173, Tokyo (non-voting) over 2.3 million shares in three parcels at Rs. 44, a parcel of two million ComBank (non-voting) at Rs. 136 and two parcels of Hemas totaling over 0.9 million shares at Rs. 95.

Among the stocks that showed sharp price appreciation with quantity were Abans Electrical up Rs. 10.70, ACL Cables up Rs. 5.50, ACL Plastics up Rs. 9, Bairaha up Rs. 5.50, CDB up Rs. 5.30, Central Finance up Rs. 4.90, Central Industries up Rs. 5, Distilleries up Rs. 12.20, Hayleys up Rs. 10, Kelani Cables up Rs. 8.80, Nestle up Rs. 35.80, Sampath up Rs. 10, Sanasa up Rs. 8 and Singer up Rs. 12.10.

"The ASPI experienced robust gains today amid heavy trading," John Keells Stock Brokers said in a market report. "Most sectors saw advances with the banking, finance, manufacturing, diversified, and construction & engineering counters dominating turnover levels inclusive of crossings, with trading on COMB accounting for 14.5% of turnover."

Banks, Finance & Insurance was the most actively traded sector (+1.37%), it noted.

Chevron led the floor trades closing a rupee up at Rs. 405 on nearly 0.3 million shares done between Rs.400 and Rs. 405 contributing Rs. 112.7 million to the day’s turnover. Sampath followed closing Rs. 10 up at Rs. 275 on over 0.3 million shares done between Rs. 265.10 and Rs. 275 (Rs. 85 million) and ComBank (non-voting) closing Rs. 1.60 up at Rs. 136.10 on nearly 0.6 million shares done between Rs. 135 and Rs. 138 (Rs. 76.9 million).

Textured Jersey closed 90 cents up at Rs. 31 on nearly 1.9 million shares done between Rs. 30 to Rs. 31.10 (Rs. 58.2 million) while Sanasa hit a one-year high during intra-day trading closing eight rupees up at Rs. 172 90 with over 0.3 million shares done between Rs. 165 and Rs. 173 (Rs. 52.8 million).

Other counters that showed volume and price gain (barring CDB) were MTD closing 30 cents up at Rs. 63.70 on 0.8 million shares, CDB (non-voting) closing flat at Rs. 100 on over 0.5 million shares, Browns closing Rs., 7.30 up at Rs. 132 on 0.4 million shares, Access closing 70 cents up at Rs. 27.40 on nearly 1.5 million shares and Seylan (non-voting) closing Rs. 1.90 up at Rs. 79.50 on nearly 0.5 million shares.
Courtesy: The Island 11 August 2015

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