The Colombo Stock Market staged a late rally last week with the All
Share Price Index closing 25.75 points stronger from a week earlier
despite declining 26.30 points at the start of the week, Acuity Stock
brokers said in a market report attributing the development to foreign
investors returning to the market.
``Index gains
were led mainly by index-heavyweight JKH has increased buying interest
in the counter and pushed the ASPI to a 2-week high," the report said.
"Overall
investor sentiment however, remained largely subdued as investors –
retail and high net worth – remained on the sidelines."
The
report said that the sluggish market sentiment was evident in low
volumes, with weekly turnover levels averaging just Rs.0.37 billion,
62.7% lower than the year-to-date average of Rs.0.99 billion.
"Foreign activity however recovered to a net buying position after a
four-week hiatus as interest in manufacturing and diversified counters led to the rebound," the report said.
"Despite the tapering of the foreign equity selling – net foreign flows totaled just Rs.37.8 million over the week."
The
rupee meanwhile strengthened over the week to close at an average of
Rs.130.60 per USD, a 0.33% appreciation from Rs.131.03 the previous
week.
Money market liquidity continued to its year-to-date
surplus position as available liquidity hit three 3-week high over the
week.
The report noted that the market closed in the green
with the ASPI increasing 25.75 points (0.43%) to close the week at
5,966.06 points while S&P SL20 closed at 3,244.99 points (up 21.33
points or 0.66%).
People’s Leasing was the highest
contributor to the week’s total market turnover accounting for 9.19%
(Rs.171.1 million) of turnover value followed by Commercial Bank (7.06%
or Rs.131.36 million) and Sampath Bank (Rs.122.78 million or 6.60%).
John
Keells Stockbrokers noted that the ASPI edged higher over the week due
to gains on some selected sets of large caps led by JKH.
"Activity
levels remained low with large trades on People’s Leasing, Commercial
Bank (voting and non-voting) Sampath and JKH collectively accounting
for 35% of the weekly turnover," the report said.
"Foreign participation resulted in a net inflow of Rs.37.8 million for the week."
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