Bourse falls after two-day bull run

* Stock Market Review for the week ending 14th December 2012:



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The week opened on a positive note with foreign buying interest in selective blue-chip counters helping to boost the market’s momentum. The All Share Price Index gained 18 points to close at 5,404 and the Milanka gained 13 points to close at 4,906. Turnover for the day was recorded at Rs 560 million on the back of several crossings in blue-chip counters. Dialog was the top traded counter contributing Rs 192 million followed by John Keells with Rs 91 million, Ceylon Tobacco with Rs 84 million and Nestle with Rs 70 million. The share price of Dialog closed flat at Rs 8.10 while John Keells Holdings gained Rs 1.00 to close at Rs 211.00. Meanwhile Ceylon Tobacco and Nestle gained Rs 39.00 and Rs 83.50 to close at Rs 750.00 and Rs 1,454.00 respectively. A net foreign inflow of Rs 174 was witnessed during the day.


On Tuesday the market continued the previous day’s momentum resulting in the both the indices gaining higher. The All Share Price Index gained 12 points to close at 5,417 while the Milanka gained 7 points to close higher at 4,913. A turnover of Rs 488 million was recorded owing to continued block trades in blue-chip counters. Hatton National Bank was the top traded counter contributing Rs 169 million followed by Nestle with Rs 73 million, NDB Bank with Rs 68 million and John Keells Holdings with Rs 36 million. Foreign interest in Nestle and John Keells continued. The share price of Hatton National Bank closed flat at Rs 141.00 and Nestle gained Rs 57.00 to close at Rs 1,510.00. Meanwhile NDB bank lost Rs 1.40 to close at Rs 131.10 while John Keells Holdings gained Rs 1.00 to close at Rs 212.00. A net foreign inflow of Rs 36 million was recorded for the day.


The announcement of a surprised reduction in yields on government securities by the Central Bank on Wednesday caused the All Share Price Index to close higher 98 points at a three week high of 5,514. The Milanka gained 97 points to close at 5,011. Rs 479 million were recorded as turnover owing to both institutional and retail interest prevalent in the market. Continued interest was witnessed in Hatton National Bank, Nestle and John Keells Holdings with Hatton National Bank leading by turnover. Renewed interest was seen in Commercial Bank and Peoples Leasing and Finance. The share price of Hatton National Bank lost Rs 1.00 to close at Rs 140.00 while Nestle increased by Rs 0.60 to close at Rs 1,505.00. Meanwhile John Keells Holdings and Commercial Bank increased by Rs 3.20 and Rs 1.10 to close at Rs 215.00 and Rs 101.10 respectively. Peoples Leasing and Finance closed Rs 0.30 lower at Rs 13.00. Foreigners were net sellers ending two consecutive days of net buying with an outflow of Rs 31 million being recorded.


On Thursday the market extended the previous day’s Bull Run with the All Share Price Index closing 30 points higher at 5,547 while the Milanka gained 52 points to close at 5,011. Turnover levels increased to record Rs 702 million spurred on by local and foreign institutional participation. Buying interest continued, which resulted in the market to move higher for the fourth consecutive session. Ceylon Tobacco headed the top contributor list followed by Chevron Lubricants, NDB Bank and Sampath Bank. The share price of Ceylon Tobacco gained Rs 40.00 to close at Rs 800.00 and Chevron Lubricants gained Rs 2.00 to close at Rs 199.90. NDB Bank and Sampath Bank appreciated by Rs 2.00 and Rs 9.00 to close at Rs 134.00 and Rs 200.00. Foreigners were net sellers for the second straight session with an outflow of Rs 23 million being recorded.


The market closed lower on Friday with profit taking by retailers bringing down the indices. The All Share Price Index closed 24 points lower to close at 5,522 while the Milanka too closed lower by 18 points to close at 5,045. A market turnover of Rs 505 million was recorded as a result of institutional activity in Commercial Bank, with the counter being the top traded counter for the day. The other top traded counters were John Keells Holdings, Distilleries and Dialog. Commercial Bank lost Rs 0.70 to close at Rs 102.00 while John Keells gained Rs 0.10 to close at Rs 218.00. Meanwhile Distilleries appreciated by Rs 2.50 to close at Rs 160.00 and Dialog fell by Rs 0.10 to close at Rs 8.10. After a brief lapse of two days a net foreign inflow of Rs 23 million was recorded.


(Courtesy Innovest Investments (Pvt) Ltd, an Investment Management Company licensed by the Securities & Exchange Commission of Sri Lanka)


 
 
 
 
 
 
 
 

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