The bourse extended gains from the previous week with the indices opening higher on Monday, after the country’s request for an IMF stand by facility was granted approval on 24th Friday. However the momentum slowed down as market headed towards the month end with the usual profit taking coming in.
Overall the ASPI (All Share Price Index) gained 33.9 points or 1.4% to stand at 2,525.7 points while the liquid MPI (Milanka Price Index) ended 45.2 points or 1.6% higher at 2,838.4 points.
Dominating the week’s market turnover was the most favored blue chip counter JKH standing as the highest contributor on Tuesday, Wednesday and Thursday. JKH traded 4.1 million shares during the week, generating a turnover of Rs.572.4 million. The counter switched hands at a highest price of Rs.144.00 and a lowest of Rs.134.00 before closing 2.5% lower Week on Week (WoW) at Rs.135.75 per share. The bulk of turnover from JKH came on Tuesday, amounting to Rs.318.9 million.
Telecom counter stock Dialog was the highest traded stock this week, with 38.3 million shares trading for the week. The share price appreciated 14.3% WoW, to close at Rs.6.00 per share. Strong interest was witnessed on the counter on Monday and Wednesday while its contribution for the week amounted to Rs.212.4 million. The counter traded within the range of Rs.5.25 per share and Rs.6.50 per share during the week.
Hayleys MGT was on the spot light this week, amid a 6.9 million stake being sold by NDB amounting to Rs.210.0 million. Reportedly the block was bought over by Hayleys, increasing its stake to 55% from 41%. During the week MGT traded at a lowest price of Rs.38.00 per share, while the highest traded price stood at Rs.39.00 per share.
Meanwhile banking stock Sampath saw 1.3 million of its shares trading for the week contributing Rs.151.6 million towards the weekly market turnover. The counter traded between a wide price range of Rs.113.00 and Rs.125.00 per share, before closing up 11.0% higher WoW at Rs.123.25 on Friday.
Turnover for the week amounted to Rs.2.6 billion, which was a 28% decline compared to last week’s turnover of Rs.3.6 billion. Average daily turnover for the week stood at Rs.522.2 million.
Foreign participation stood slightly lower at 28.9% of total activity this week compared to 31.2% posted last week. However, the levels have largely seen improving from 12% - 15% at the beginning of the year. Foreign purchases for the week amounted to Rs.764.1 million, down by 37.9% while foreign sales added up to Rs.744.5 million witnessing a 27.7% decline compared to last week.
The highest traded stocks during the week were Dialog, Janashakthi Insurance, Piramal Glass, Hayleys-MGT, Sierra Cables and Lanka Cement.