A clear shift in investor interest towards fundamentals was seen last week as activity on market heavy weight counters climbed with notable gains in prices.

The surge in overall stock prices on the back of high investor confidence pushed the MPI above 3,000 points this week while the ASPI reached the highest levels since May 2007.

Comparing Week on Week (WoW) the ASPI (All Share Price Index) increased by a sizeable 209.6 points or 8.0% to close the week at 2,840.3 points, while the MPI (Milanka Price Index) rose by 187 points or 6.3% to close at 3170.6 points.

The highest capitalized stock at the Colombo bourse JKH was the number one contributor to the week’s market turnover with Rs.833.2 million or 14.8% of weekly turnover. JKH witnessed several crossings with the major part of Rs.443.9 million coming on Thursday. Approximately 5.8 million JKH shares traded for the week while share price rose 7.9% WoW to close on Friday at Rs.146.25 per share after trading on range of Rs.136.00 to Rs.149.00 per share over the week.

Heavy investor interest was witnessed on banking sector counters, with the four largest listed banking stocks coming among the top 10 contributors while showing positive price movements.

Amongst banking stocks, Commercial Bank (COMB) was the highest contributor amounting Rs.357.8 million this week, which observed a 8.9% increase in price compared to last week to close at Rs.165.00 per share.

Sampath, DFCC, HNB (Non Voting) injected Rs.187.8 million, Rs.163.2 million and Rs.120.7 million respectively towards the week’s turnover with share prices improving by impressive 16.6%, 7.0% or 22.9% to close at Rs.170.00, Rs.148.25 and Rs.77.75.

Dockyard (DOCK) became the fourth highest contributor towards the total market turnover this week with a turnover of Rs.178 million on a volume of 1.1 million shares. DOCK which has seen its price improving rapidly over the last couple of weeks appreciated by another 20.4% during this week to close at Rs.170.00 per share. Over the week DOCK shares traded within a highest price of Rs.172.00 and a lowest price of Rs. 141.25.

Total turnover for the week recorded at Rs.5.6 billion, showing an increase 82.8% compared to last week’s Rs.3.1 billion. Average daily turnover for the week stood at a noteworthy Rs. 1.1 billion.

Foreign participation remained slightly higher this week amounting to 15.6% of total activity compared to 14.5% posted during last week. Nonetheless, foreign investors were net buyers this week amounting to Rs.108.7 million.