Bourse ends up with mixed retail sentiments

The Colombo stock market ended a shortened week on the up though retail sentiments were bit mixed yesterday.

The benchmark ASPI closed 0.15% or 10.72 points firmer at 7,032.60, its highest close since Oct.

4. It has gained 6.3 percent in the last 11 sessions.

“Market continued with mixed retail sentiments in today’s abridged trading. However, ASPI gained marginally amidst the upward trend of banking sector. Institutional investors may enter the market after interim results are released,” NDB Stockbrokers said.

Bank, Finance & Insurance and Power & Energy sectors were the highest contributors to the market turnover. Bank, Finance and Insurance sector index increased by 0.97% while Power & Energy sector index decreased by 1.26%.

Central Finance made the highest contribution to the market turnover with two crossings of 148,800 shares at Rs 875. The share price increased by Rs 41.40 (4.82%) and closed at Rs 900.

Pan Asian Power also contributed to the market turnover while share price increased by Rs 0.50 (11.90%) and closed at Rs 4.70.

Colombo remains Asia’s best performer with 5.98 percent gain so far in 2011 after being the top performer last year with a 96 percent return.

Foreign investors were net sellers of Rs. 18.6 million on Friday and they have sold a net Rs. 1.8 billion worth shares so far this year after selling a net 26.4 billion rupees in 2010.

Turnover was Rs. 1.7 billion as the share and money markets closed early for a holiday being celebrated on Saturday. Last year’s daily average was Rs. 2.4 billion.

The bourse is trading at a forward price-to-earnings (P/E) ratio of 17.8, the highest among emerging markets, compared with 13.2 in Asian markets and 12.3 in global emerging markets, Thomson Reuters StarMine data showed. Its 14-day relative strength index is at 81.5, beyond the overbought limit of 70.

The traded share volume in the half-day was 128.1 million against five-day and 30-day average of 121.9 million and 65.2 million respectively. The 90-day average volume is 68.8 million. Last year’s daily average volume was 69.2 million.

Sri Lanka’s rupee closed flat at 110.76/79 a dollar in thin trade, currency dealers said.

Meanwhile Asian stock markets were lower today, after Wall Street’s losses on yesterday.