Market ends lacklustre week

The Stock market endured a lacklustre week of trading with both indices ending on a red note. Benchmark ASI dropped 118.08 points WoW (-1.6 percent) to close at 7,456.82 and liquid MPI lost 117.14 points WoW (-1.7 percent) to close at 6,947.11.


Average daily turnover of the week was low at Rs 1.7 billion (-42.7 percent WoW). Foreign participation was 12.7 percent of the total market activity and at the end of the week foreign outflow outweighed the foreign inflows by Rs 865.9 million.

The Colombo stock market fell on Monday after erasing early gains in the morning session. ASI weakened by 27.07 points (-0.35 percent) to close at 7,547.79 and MPI lost 25.55 points (-0.36 percent) to close at 7,038.70. NDB (Rs 700.3 million) was the largest contributor to the market turnover followed by the newly listed Free Lanka Capital Holdings Plc (Rs 524 million) and Central Finance Company Plc (Rs 256 million).

Meanwhile high level trading were seen in stocks such as Union bank, Lanka Aluminum and Alufab.

On Tuesday, the market extended its losses for the second consecutive trading day. ASI closed at 7,475.16, down by 72.63 points (-0.96 percent) while MPI closed at 6,944.79 down by 93.91 points (-1.33 percent). Aitken Spence Company Plc (Rs 166.8 million), Free Lanka Capital Holdings Plc (Rs 92.6 million) and Bairaha Farms Plc (Rs 59.1 million) were the major contributors to the daily turnover.

In addition Lanka Aluminium Industries Plc, Union Bank Plc and Arpico Finance Company Plc were actively traded during trading hours.

After a green opening the Colombo stocks closed around the day's low on Wednesday. ASI slipped down marginally by 0.66 points (-0.01 percent) to close at 7,474.50 and more sensitive MPI showed a moderate decline of 7.64 (-0.11 percent) to close at 6,937.16.

Aitken Spence Company Plc (Rs 167.1 million), Aitken Spence Hotels Plc (Rs 141.6 million) and Central Finance Company Plc (Rs 126.7 million) emerged as the strong contributors to the market turnover where as active level of trading were witnessed in National Lanka Finance Plc, Lake house Printers and Publishers Plc and the newly listed company Free Lanka Capital Holdings Plc. The market ended its operations on Thursday on a subdued manner reflecting increased investor risk averseness. ASI lost 17.68 points (-0.24 percent) to close at 7,456.82 and MPI ended at 6,947.11 down by 9.95 points (-0.14 percent).

High level of contribution was made to daily turnover by Ceylon Grain Elevators (Rs 100.2 million), Diesel and Motor Engineering Plc (Rs 91.5 million) and Dialog Telekom Plc (Rs 82.1 million).

In addition counters such as Lankem Development Plc, Free Lanka Capital Holdings Plc and National Lanka Finance Plc were aggressively traded. Lanka Securities Research

source - www.dailynews.lk