Stock market ends week on a positive note

The Colombo market ended the week on a positive note with the broader market index, the All Share Price Index (ASPI) ending 0.39% (24.85 points) higher over Thursday’s close to end the day at 6,348.44 points whilst the Milanka Price Index (MPI) closed at 5,661.89 points for the week, rising by a marginal 0.19% (10.98 points).

Market turnover on Friday was on a par with Thursday’s levels, narrowing down marginally to Rs. 533.2Mn, recording the lowest turnover for the year, SC Securities said.

The primary contributors to the days’ turnover were Capital Alliance Finance Limited (CALF), HVA Foods (HVA), Singer Sri Lanka (SINS), Diesel & Motor Engineering Co. (DIMO) & Panasian Power (PAP).

CALF was the highest turnover generator of the day with close to 1.7Mn shares changing hands. The counter contributed a turnover of 61.11Mn to the days’ turnover, equivalent to 11.46% of the days’ total turnover. The shares closed at Rs. 36.50, rising by 0.55% over the previous close.SINS climbed 4% (Rs. 4.70) over the previous close to end the day at Rs. 121.60. A volume of 177k shares of SINS traded during the day. Moreover DIMO which reported impressive quarterly results witnessed investor interest. The share rose 9.84% (Rs. 118.10) to end the day at Rs. 1,318.10. A quantity of 15k shares of DIMO transacted yesterday.

Foreigners ended the day as net buyers with foreign purchases of Rs. 63.78Mn against foreign sales of Rs. 54.46Mn, resulting in a net foreign inflow of Rs. 9.33Mn.

NDB Stockbrokers said interest was witnessed in fundamentally strong counters despite low transaction volumes recorded. Though both indices closed in green, for the week the ASPI and MPI closed 0.13% and 0.23% down respectively. Interest continued in John Keells Holdings.

Bank, Finance and Insurance sector was the main contributor to the market turnover (due to Capital Alliance Finance) and the sector index increased by 0.10%. The share price of Capital Alliance Finance increased by Rs 0.20 (0.55%) to close at Rs 36.50.

HVA Foods continued to significantly contribute to the turnover. The share price of HVA Foods increased by Rs 0.60 (1.46%) to close at Rs 42.10. Singer Sri Lanka was another notable contributor to the market turnover. The share price increased by Rs 4.70 (4.02%) to close at Rs 121.60. Interest in Brown and Company, Sampath Bank and Diesel and Motor Engineering was witnessed whilst activity in Singer Finance and Colombo Land and Development was noteworthy.