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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » ASPI records largest weekly loss

ASPI records largest weekly loss

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1ASPI records largest weekly loss Empty ASPI records largest weekly loss Mon Sep 07, 2015 9:22 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
CB allows free-float of LKR
ASPI records largest weekly loss Z_piv-ASPI-01
ASPI records largest weekly loss Z_piv-ASPI-02
[url=http://www.dailynews.lk/sites/default/files/styles/original_watermarked/public/news/2015/09/06/z_piv-ASPI-03.jpg?itok=kL49_c-H]ASPI records largest weekly loss Z_piv-ASPI-03
[/url]
John Keells Holdings contributed LKR 212.61mn to account for 7.04% of the week’s turnover. Total turnover value for the week amounted to LKR 3.02bn relative to last week’s value of LKR 9.70bn, while daily average turnover value amounted to LKR 603.66mn (-68.87% W-o-W) compared to last week’s average of LKR 1.94bn.
Indices ended the week on a negative note. The ASPI lost 135.41 points (or -1.84%) to close at 7215.11 points while the S&P SL20 Index closed at 3957.83 points, down 91.32 points (or -2.26%).
Turnover & market capitalization
Commercial Bank was the highest contributor to the week’s turnover value with a contribution of LKR 351.78mn that accounted for 11.65% of total turnover value. Ceylon Hotels Corporation followed suit, accounting for 10.08% of turnover (value of LKR 304.32mn).
John Keells Holdings contributed LKR 212.61mn to account for 7.04% of the week’s turnover. Total turnover value for the week amounted to LKR 3.02bn relative to last week’s value of LKR 9.70bn, while daily average turnover value amounted to LKR 603.66mn (-68.87% W-o-W) compared to last week’s average of LKR 1.94bn.
Market capitalization meanwhile, decreased 1.84% W-o-W (or LKR 57.50bn) to LKR 3065.35bn relative to last week’s value of LKR 3122.85bn.
Liquidity (in value terms)
The Banking & Finance sector was the highest contributor to the week’s total turnover value, accounting for 28.58% (or LKR 862.59mn) of market turnover.
Sector turnover was driven primarily by Commercial Bank, Sampath Bank, Commercial Bank (NV) and Hatton National Bank (NV) which accounted for 71.67% of the sector’s total turnover value.
ASPI records largest weekly loss Z_piv-ASPI-04 The second highest sectoral contribution stemmed from the Manufacturing sector, which contributed 13.99% (or LKR 422.22mn). Sector turnover was driven primarily by Textured Jersey and Tokyo Cement (NV), which accounted for 63.56% of sector turnover. The Diversified sector was also amongst the top sectoral contributors to market turnover, accounting for 13.44% (or LKR 405.78mn) of the week’s total turnover value.
Sector turnover was driven primarily by John Keells Holdings which accounted for 52.40%.
Liquidity (in volume terms)
The Banking & Finance sector dominated the market in terms of share volume too, accounting for 14.65% (or 16.30mn shares) of total volume, with a value contribution of LKR 862.59mn.
The Diversified sector followed adding 14.47% to the week’s total turnover volume as 16.09mn shares were exchanged. The sector’s volume accounted for LKR 405.78mn of total market turnover value.
Services meanwhile, contributed 15.45mn shares (or 13.89%), amounting to LKR 54.68mn.
Week’s top gainers & losers
Kalamazoo was the week’s highest price gainer, increasing 39.90% W-o-W from LKR 1300.70 to close at LKR 1819.70. Union Chemicals gained 13.95% W-o-W to close at LKR 593.80 while Radiant Gems gained 13.15% W-o-W to close at LKR45.60.
The Nuwara Eliya Hotels Company and Tea Smallholder Factories were also amongst the week’s top price gainers with W-o-W gains of 10.01% & 9.97%, respectively.
PC Pharma was the week’s highest price loser as the stock declined 20.00% W-o-W to close at LKR 0.80, relative to LKR 1.00 last week.
Eden Hotel Lanka closed at LKR 19.10, representing a W-o-W decline of 15.11%, while Serendib Hotels and Adam Investments declined 13.27% and 11.54% W-o-W to close at LKR 34.00 & LKR 2.30, respectively.
Foreign investors closed the week in a net selling position with total net foreign outflows improving 95.08% W-o-W to LKR 0.11bn relative to last week’s net selling position of LKR2.21bn.
Total foreign purchases decreased 67.07% W-o-W to LKR 0.69bn from last week’s value of LKR 2.10bn, while total foreign sales amounted to LKR 0.80bn relative to LKR 4.31bn recorded last week (-81.43% W-o-W).
In terms of volume, Tokyo Cement (X) and Asiri Hospital Holdings led foreign purchases, while FCL holdings and Malwatte led foreign sales. In terms of value Tokyo Cement (X) and Commercial Bank (X) led foreign purchases while JKH and Commercial Bank led foreign sales.
Point of view
Markets continued its post-election decline this week, as sentiment remained weighed down by global macro uncertainties, profit taking and speculation about the LKR following its free-float.
The benchmark ASPI recorded its largest weekly loss since March 2015, dropping 92 points and breaking a crucial support level of 7227.5 to close 59 points above its new support level of 7155.8 points.
Since the conclusion of the General Elections, the ASPI has lost 3.70%, paring down gains of 6.78% achieved in the run up to the elections. Average turnover levels too declined to LKR 0.6Bn, 65% lower than the average over the previous two weeks.
In terms of foreign investor activity however, despite the 1st trading week of September continuing the August trend of a net selling position, this week’s net sales of LKR 0.1Bn was significantly lower than that of last week’s net sales of LKR 2.2Bn.
Soft trading conditions are expected to continue into next week as global macro developments and LKR movements continue to dominate the domestic equity space.
CB allows free-float of LKR
In a largely unanticipated move meanwhile, the Central Bank (CB) on Friday allowed the free-float of the LKR, allowing the market to determine the value without its guidance of a specific rate.
The move, which came as a surprise, pushed the LKR lower but low trading volumes contained the depreciation and the LKR closed at 136.47 against the USD on Friday, 1% lower than Thursday’s close but 0.22% higher than last week’s close.
The LKR has depreciated 3.3% against the USD since the start of the year reflecting both the country’s debt repayments and the CB’s intervention to reduce excess volatility domestic FX markets.
Despite speculation of an increase in policy rates post the General Elections meanwhile, the Central Bank held policy rates unchanged for the 4th consecutive month citing stronger private credit growth, low inflation and positive developments on the external front.
Rates on the 5-year bond however, rose 97bps to 9.35% reflecting the fact that market rates have begun to price in higher rates.
Courtesy: Daily News 7 September 2015

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