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Market opened the week on Monday with retailers taking the limelight. Buying interest on retail heavy counters outdid the selling pressure to lay a solid platform for better times ahead. Foreign participation declined as it was evident these funds took a wait and see approach on the developments ahead.
Retail activity improved further on Tuesday with renewed activity seen on selected counters The only instance of notable institutional activity was when a large parcel Aitken Spence changed hands between related parties. Foreign participation was at its lowest in months although they still remained net buyers. Yields on all maturing treasury bills edged higher on this day.
On Wednesday with the appointment of the new chairman been announced, the market saw high volatility in the morning hours with retail active counters remaining the most actively traded throughout the day. Indices held on onto green territory with selling pressure seen evident for the first time this week. Foreign participation remained low although they were still net buyers.
Market continued its winning ways today with attention being drawn to new counters which helped to sustain the momentum of the market. Activity on most blue-chips remained low although selected counters saw renewed activity. Activity on John Keells stepped up today.
ASI gained 68.09 points (1.33%) to close at 5,182.24, MPI gained 65.43points (1.38%) to close at 4,821.48 and the S&P index gained 15.84 points (0.55%) to close at 2,881.97. Turnover for today was Rs. 554.0Mn.
Top contributors to turnover were John Keells Holdings with Rs. 54.6Mn, Colombo Fort Land & Building with Rs. 52.1Mn and Citrus Leisure Kalpitiya with Rs. 30.1Mn. Most active counters for the day were Janashakthi Insurance, Colombo Fort Land & Buildings and Entrust Securities.
Notable gainers for the day were Colombo Fort Land & Building up by 19.6% to close at Rs.34.00, Entrust Securities up by 16.3%% to close at Rs. 25.00 and Janashakthi Insurance up by 13.3% to close at Rs. 11.90. Notable losers for the day were Citrus Leisure Kalpitiya down by 3.1% to close at Rs. 6.20, Citrus Leisure down by 1.9% to close at Rs. 30.00 and Citrus Leisure warrant 19 down by 1.5% to close at Rs. 6.80.
Cash map for today was 60.44% which indicates bullish sentiment. Foreign participation for the day was 6.8% of total market turnover with foreigners being net buyers of Rs. 40.4Mn.
