Skip to Content

Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2676

Investors on upbeat

By Quintus Perera – Asian Tribune

Acuity – HNB Stockbrokers Research in their weekly market review indicated that indices continued to head north on healthy activity levels as more favorable news came in during the week boosting investor sentiment further. Gains accelerated on Thursday after Sri Lanka was voted in favour at the UN human rights council’s session on Wednesday. The All Share Price Index (ASPI) ended the week up 69.2 points or 3.2% at 2216.0 points while the liquid Milanka Price Index (MPI) ended 52.9 points or 2.1% higher at 2519.8 points.

JKH continued to top weekly turnover for the second consecutive week, recording Rs.866.5 million. A total of 7.7 million JKH shares changed hands during the week with bulk of the activity taking place on Thursday. JKH share price appreciated by 2.0% WoW, to close at Rs.115.25 per share on Friday, while trading within a range of Rs.109.00 and Rs.116.00 per share during the week.

Meanwhile the mobile telecom giant Dialog saw 134.4 million of its shares trading for the week amounting to a turnover of Rs.739.1 million. During the week Dialog share fluctuated within a price band of Rs.5.25 and Rs.5.75 per share, before closing unchanged at Rs.5.50 on Friday.

Investor interest remained high on the banking sector counter NDB, which saw 5.7 million of its shares trading this week The NDB share contributed Rs.670.0 million towards the weekly turnover becoming the 3rd in the list in terms of value. The counter saw its share price touching a highest of Rs.125.00 and lowest of Rs.114.00 and closed the week 2.1% up compared to last week’s closing level.

Commercial too managed to retain interest as counter generated Rs.245.6 million turnover after trading 2.0 million shares between a wide price range of Rs.117.00 and Rs.127.25 per share. WoW the share appreciated 8.8% to close at Rs.127.25 per share on Friday.

Turnover for the week amounted to Rs.5.0 billion, which was a 19.9% decline compared to last week’s Rs.6.2 billion while the average daily turnover stood at Rs.998.2 million against Rs.1.6 billion posted last week. However average daily activity levels have increased significantly from Rs.100-150 million levels recorded during early part of the year.

Foreign investors remained net sellers this week, amounting to Rs.341.1 million. Foreign purchases stood at Rs.1.7 billion showing 3.5% decline compared to last week, while foreign sales amounted to Rs.2.0 billion, showing a 36.5% drop WoW. Foreign participation for the week was relatively low at 36.6% of total activity this week, compared to 39.0% recorded during last week.

Dialog, Reefcomber, Tokyo Cement (Non Voting), JKH and Lanka Cement were among the highest traded stocks in volume terms.

In their point of view Acuity indicated that the bullish trend continued during the week amidst investor optimism on the revival of the economy with war coming to an end. Overall, the All Share Price Index (ASPI) increased by 3.2% while the Milanka Price Index (MPI) witnessed a 2.1% rise compared to last week’s closing levels.

Acuity indicated that they do not expect a shift in the existing market sentiment, thus the positive trend is likely to continue in the coming week. However they believe market could get more volatile amidst profit taking over the coming weeks after sharp gains enjoyed in recent times. Therefore they advise investors to look for bargain hunting opportunities while searching for possible trading prospects.

With the US summer driving season approaching, oil prices are likely to hold ground near the new highs. However much would depend on overall economic direction provided by the stock markets. They do not expect a sharp change in prices next week.

- Asian Tribune -

Share this