New Year Bonanza for bourse.
ASPI closed at 6891.96 adding 256 points and was up 3.86%. MPI gained 225.42 points reflecting a growth of 3.19% against last week to end at 7286.88. Major contributors to the upward momentum were Banking, Finance & Insurance , Diversified and Manufacturing at 15%.
Market turnover was up both value and volume wise by 128% and 179% respectively. Aggregate weekly turnover more than doubled with LKR 15 Bn as against LKR 6.5 Bn in the preceding week. Average daily turnover for the week increased to LKR3bn over LKR 1.3 Bn last week. Market Capitalization improved to LKR 2297 Bn as against LKR 2210 Bn in the previous week. Market P/E Ratio improved to 26.1 and PBV to 3.2.
Banking, Finance and Insurance continued to lead the turnover at 18.92% followed closely by Diversified at 18.8% while Manufacturing end at 15.03%.The aggregate Banking turnover for the week was at LKR 2.83 Bn with volumes of LKR 615 Mn. JKH and RICH together added nearly 15% to the Diversified sector.
Laugfs lifted the Manufacturing sector; the Company invested LKR 500mn in mini hydro plant and also entered into JV with BPCL of India for innovative metal cutting.
Banking, Finance & Insurance at 57.92% remained the foremost contributor to the market volumes with SMB Leasing both voting & Non Voting and Amana Takaful Insurance being the major contributing counters. The volumes traded in the sector rose to 616mn as compared to 208mn shares of the preceding week
JKH was at the top of the turnover chart with 7.71% share amounting to LKR 1.15 Bn as couples of crossings were recorded in the scrip during the week. Richard Pieris was at 6.97% with contribution of LKR 1.04 Bn and the scrip closed at LKR 13.4.
The most traded stock for the week was SMB Leasing both nonvoting and voting with 156.5 Mn and 103.5 Mn shares respectively adding 15% and 10% while Richard followed with 82mn shares .
The bourse closed as net foreign sellers maintaining the selling momentum as last week. Foreign purchases recorded LKR 850 Mn and sales accounted for LKR 1872Mn.The foreign purchase noted a dip of 17.1% while sales recorded an increase of 41.5% against last week.
Citrus Leisure dominated the bourse as the top gainer with scrip closing at LKR 73.7 reflecting an increase of 72.6% against last week. Kotmale Holdings scrip recorded an increase of 62.5% reporting a turnover of LKR 176 Mn. following additional 8% acquisition by Cargills (Ceylon) Plc. Laugh Gas (Non Voting) and E B Creasy emerged as other top gainers recording a rise of 61.08% and 56.82% respectively.
Morisons outlined as the major loser of the bourse during the week accounting a slip of 18.69% ,followed by Selinsing and Good Hope accounting a dip of 18.18% and 17.25% compared t last week with scrip closing at LKR 450 and LKR 455.10 respectively.
Acuity in their point of view indicated that the bourse ushered in the year with optimistic sentiments leading to active trading and healthy turnover backed with commencement of margin trading and return of retail investors. They expect the movement to persist in the ensuing week , profit taking on several counters after a certain level is likely while fundamental stocks will be sought after by the investors .
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