Bourse ends week on the up

The Colombo stock market ended the week on the up though indices were bit erratic on sentiments and profit taking.

Softlogic Stockbrokers said the trading day commenced with the benchmark index and the S&P SL20 index recording losses. However the more liquid MPI saw an upward climb of 14 points during the initial hour. Amidst significant fluctuations in the indices the ASPI settled at 5,971.99 points dipping 0.2% from its intra-day peak of 5,982.78 points (+0.6%) while the MPI index saw its peak at 5,654.54 points (+1.4%) before cementing its stride in the green at 5,645.95 points.

Turnover remained steady with 15 crossings constituting 53% of the day’s turnover.

The core contributors to the MPI index were; East West Properties (+5%) , Colombo Fort Land and Buliding (+4.5%), PC House (+4.2%),  Free Lanka Capital (+3.4%) and John Keells Holdings (+1.8%) while the major gains of the S&P SL20 index were derived from National Development Bank (+3.2%) and DFCC Bank (+1.9%) as the index headed +0.6% for the day to close at 3,240.98 points.

Commercial Bank spearheaded the turnover backed by strong accumulation leading to 6 large off-board deals constituting around 5.95 million shares being handled off-market at a 52-week high price of RS.115.00. The counter saw its price taking a steep upward movement to close at its intra-day peak of RS.116.00. Hatton National Bank [Non-Voting] too regained interest as it saw a block of 200k shares being transacted off-board at RS.166.00.

John Keells Holdings, surrounded by consistent investor focus, was seen renewing its 52-week high yet again  at RS.229.90 (+2.2%) whilst emerging to be a substantial contributor  to the index as it added 5 parcels constituting of c.829k  shares to the off-board transaction list at a prices of RS.228.00 and RS.229.00 before closing at RS.229.10.

National Development Bank edged up amidst strong investor focus despite some profit taking in the counter to touch an intra-day gain of 4.9% at RS.152.00 and closed with a gain of 3.2% at RS.149.40. Aviva NDB Insurance extended its losses as it touched a low of RS.362.00 (-9.2%) before its close at RS.374.70. NDB Capital Holdings which renewed its 52-week high price at RS.510.00 yesterday closed with a dip of 2.8% at RS.479.80.

With recent activity noted in Access Engineering and Touchwood Investment, both counters saw a gradual up climb in their share prices during the day as they touched intra-day highs of RS.22.10 and RS.21.60 respectively. The former witnessed an on-board pick of c.240.9k shares at RS.21.00. Renewed interest was observed in Dipped Products and Dunamis Capital. The latter witnessed a crossing carrying 7 mn shares consisting of a 2.8% stake, which was executed at RS.15.00 while the former recorded two off-board deals amounting to c.904k shares at RS.110.00 and RS.115.00.

Interest in Asiri Hospital Holdings persisted amidst some profit taking which leading to its price slipping 0.9% at its intra-day low of RS.11.40. Leasing companies; Lanka Orix Leasing Company and People’s Leasing Company denoted some interest today. The latter which witnessed some large trades this week continued its trend while the former gained 0.2% at its close of RS.50.50. Madulsima Plantations was seen trading at a 52-week high of RS.22.50 (+7.7%) whilst the largest gain among plantation sector counters stemmed from Elpitiya Plantations (+7%). ACL Cables gathered interest with an on-board trade of 186k shares taking place at RS.75.00.

Retail play was observed in Touchwood Investments (+11.5 %), Access Engineering (+0%), Seylan Developments (+8.9%), Free Lanka Capital (+3.4%), First Capital Holdings (+7.1%), Swarnamahal Finance (-1.9%) and PC House (+4.2%) which topped the day’s most active counters.