The market dropped significantly this week as profit taking and political developments pushed indices lower. The ASPI lost 3.35% (or 247.72 points) to close at 7153.90 points. The S&P SL 20 Index dropped 156.14 points (or 3.78%) closing at 3971.12 points.
Turnover & Market Capitalization
Access Engineering topped this week’s list of highest contributors to market turnover as the counter accounted for 10.36% (or LKR 817.65mn) of total market turnover. Central Finance made a contribution of LKR 675.89mn (or 8.56%) to the market while JKH contributed LKR 630.57mn (or 7.99%) to total turnover. Total turnover for the week decreased 33.84% W-o-W to LKR 7.89bn compared to last week’s total of LKR 11.93bn.
Daily average turnover value for the week meanwhile, amounted to LKR 1.58bn compared to last week’s average of LKR 2.39bn. Market capitalization too decreased over the week losing LKR 105.20bn (or 3.35%) to close at LKR 3039.20bn compared to last week’s close of LKR 3144.40bn.
Liquidity (in Value Terms)
The Banking & Finance sector was the highest contributor to the week’s total turnover value, accounting for 33.80% (or LKR 2.67bn) of market turnover. Sector turnover was driven primarily by Central Finance, Commercial Bank & Peoples Leasing which cumulatively accounted for 47.17% of the sector’s total contribution. The second highest sectoral contribution stemmed from the Diversified sector, which accounted for 14.82% (or LKR 1.17bn) of turnover. The sector was helped by JKH & Hemas Holdings which cumulatively accounted for 69.43% of the sector’s total turnover value. The Construction & Engineering sector was also amongst the top sectoral contributors to the market, accounting for 11.02% (or LKR 870.07mn) of the week’s total turnover value. The sector was helped by Access Engineering which contributed 93.98% to total sector turnover.
Liquidity (in Volume Terms)
The Banking & Finance sector dominated the market in terms of share volume too, accounting for 28.70% (or 109.96mn shares) of total volume, with a value contribution of LKR 2.67bn. The Diversified sector followed suit as 49.43mn shares (or 12.90%), amounting to LKR 1.17bn changed hands. The Telecom sector meanwhile, contributed 12.00% to the week’s total turnover volume as 45.98mn shares changed hands. The sector’s volume accounted for LKR 602.77mn of total market turnover value.
Week’s Top Gainers & Losers
Despite one share been traded for the week, Office Equipment topped the list as the highest price gainer. The counter gained 21.74% from LKR 2,800.00 to close at LKR 2,300.00. Shalimar gained 10.76% W-o-W to close at LKR 1,987.00. Anilana Hotels meanwhile, gained 9.86% W-o-W to close at LKR 7.80. Good Hope and Hemas Power were also amongst the week’s top price gainers with W-o-W gains of 5.54% and 4.05%, respectively. Lanka Cement was the week’s highest price loser as the stock declined 58.33% W-o-W to close at LKR 4.00, relative to LKR 9.60 last week. Orient Garments recorded a W-o-W price decline of 25.77% to close at LKR 14.40 while SMB Leasing (NV) closed at LKR 0.40, representing a W-o-W decline of 20.00.
Foreign investors closed the week in a net buying position as total net inflows amounted to LKR 1.15bn, relative to total net inflows of LKR 1.24bn last week (-7.16% W-o-W).
Total foreign purchases increased 16.61% W-o-W to LKR 1.88bn from LKR 1.61bn recorded last week, while total foreign sales amounted to LKR 0.73bn, relative to LKR 0.37bn recorded last week (+95.38% W-o-W). In terms of volume, Dialog Axiata and Access Engineering led foreign purchases, while Anilana Hotels and Textured Jersey Lanka led foreign sales. In terms of value too, Dialog Axiata and Access Engineering led foreign purchases too, while JKH and Textured Jersey Lanka led foreign sales.
Point of View
Negative investor sentiment and profit-taking dominated markets this week with the ASPI hitting an 11-week low, as muted retail activity dragged both indices lower. Despite market activity picking up on Friday, the 38.01point gain in the benchmark ASPI failed to offset the W-o- W decline of 247.72 points. Volumes too, were notably thin with weekly turnover value declining approx. 33% (cf. last week’s weekly average) as turnover value hit a 4-week low of LKR 1.08bn on Tuesday.
Robust foreign inflows and HNI interest however, helped support some buying activity and foreign flows to equities extended its positive run for the 7th successive week as foreigners remained net buyers on five consecutive days. Crossings meanwhile contributed approx.
45.7% to total turnover value - amid strong HNI interest in Access Engineering and Dialog – increasing significantly from last week’s contribution of 27.8%. Markets in the week ahead are likely to remain largely unchanged as investors begin to close year-end positions.
September Corporate Earnings Grow 53%
Total market earnings1 of the recently concluded earnings season indicated a significant rebound; with earnings for the quarter rising 52.4% Y-o-Y to LKR 50.6Bn (cf. LKR 33.2Bn in September 2013). Corporate earnings for the cumulative 6 months2 of the year were also robust, gaining 33.0% Y-o-Y to LKR 87.7Bn relative to LKR 65.9Bn in 6M 2013 and LKR 72.7Bn in 6M 2012.
Gains were led by the Diversified (+55% Y-o-Y), Financial Services (+39% Y-o-Y) and Manufacturing (+23% Y-o-Y) sectors and supported by strong rebounds in the Oil Palms, Plantations, Investment Trust, and Services sectors. Growth in September quarter earnings meanwhile too were driven largely by the Diversified, Financial Services and Manufacturing sectors which cumulatively accounted for approx. 59% of total market earnings in September cf. approx. 55% and 53% of total market earnings in June 14 and September 2013 respectively.
www.dailynews.lk/
Turnover & Market Capitalization
Access Engineering topped this week’s list of highest contributors to market turnover as the counter accounted for 10.36% (or LKR 817.65mn) of total market turnover. Central Finance made a contribution of LKR 675.89mn (or 8.56%) to the market while JKH contributed LKR 630.57mn (or 7.99%) to total turnover. Total turnover for the week decreased 33.84% W-o-W to LKR 7.89bn compared to last week’s total of LKR 11.93bn.
Daily average turnover value for the week meanwhile, amounted to LKR 1.58bn compared to last week’s average of LKR 2.39bn. Market capitalization too decreased over the week losing LKR 105.20bn (or 3.35%) to close at LKR 3039.20bn compared to last week’s close of LKR 3144.40bn.
Liquidity (in Value Terms)
The Banking & Finance sector was the highest contributor to the week’s total turnover value, accounting for 33.80% (or LKR 2.67bn) of market turnover. Sector turnover was driven primarily by Central Finance, Commercial Bank & Peoples Leasing which cumulatively accounted for 47.17% of the sector’s total contribution. The second highest sectoral contribution stemmed from the Diversified sector, which accounted for 14.82% (or LKR 1.17bn) of turnover. The sector was helped by JKH & Hemas Holdings which cumulatively accounted for 69.43% of the sector’s total turnover value. The Construction & Engineering sector was also amongst the top sectoral contributors to the market, accounting for 11.02% (or LKR 870.07mn) of the week’s total turnover value. The sector was helped by Access Engineering which contributed 93.98% to total sector turnover.
Liquidity (in Volume Terms)
The Banking & Finance sector dominated the market in terms of share volume too, accounting for 28.70% (or 109.96mn shares) of total volume, with a value contribution of LKR 2.67bn. The Diversified sector followed suit as 49.43mn shares (or 12.90%), amounting to LKR 1.17bn changed hands. The Telecom sector meanwhile, contributed 12.00% to the week’s total turnover volume as 45.98mn shares changed hands. The sector’s volume accounted for LKR 602.77mn of total market turnover value.
Week’s Top Gainers & Losers
Despite one share been traded for the week, Office Equipment topped the list as the highest price gainer. The counter gained 21.74% from LKR 2,800.00 to close at LKR 2,300.00. Shalimar gained 10.76% W-o-W to close at LKR 1,987.00. Anilana Hotels meanwhile, gained 9.86% W-o-W to close at LKR 7.80. Good Hope and Hemas Power were also amongst the week’s top price gainers with W-o-W gains of 5.54% and 4.05%, respectively. Lanka Cement was the week’s highest price loser as the stock declined 58.33% W-o-W to close at LKR 4.00, relative to LKR 9.60 last week. Orient Garments recorded a W-o-W price decline of 25.77% to close at LKR 14.40 while SMB Leasing (NV) closed at LKR 0.40, representing a W-o-W decline of 20.00.
Foreign investors closed the week in a net buying position as total net inflows amounted to LKR 1.15bn, relative to total net inflows of LKR 1.24bn last week (-7.16% W-o-W).
Total foreign purchases increased 16.61% W-o-W to LKR 1.88bn from LKR 1.61bn recorded last week, while total foreign sales amounted to LKR 0.73bn, relative to LKR 0.37bn recorded last week (+95.38% W-o-W). In terms of volume, Dialog Axiata and Access Engineering led foreign purchases, while Anilana Hotels and Textured Jersey Lanka led foreign sales. In terms of value too, Dialog Axiata and Access Engineering led foreign purchases too, while JKH and Textured Jersey Lanka led foreign sales.
Point of View
Negative investor sentiment and profit-taking dominated markets this week with the ASPI hitting an 11-week low, as muted retail activity dragged both indices lower. Despite market activity picking up on Friday, the 38.01point gain in the benchmark ASPI failed to offset the W-o- W decline of 247.72 points. Volumes too, were notably thin with weekly turnover value declining approx. 33% (cf. last week’s weekly average) as turnover value hit a 4-week low of LKR 1.08bn on Tuesday.
Robust foreign inflows and HNI interest however, helped support some buying activity and foreign flows to equities extended its positive run for the 7th successive week as foreigners remained net buyers on five consecutive days. Crossings meanwhile contributed approx.
45.7% to total turnover value - amid strong HNI interest in Access Engineering and Dialog – increasing significantly from last week’s contribution of 27.8%. Markets in the week ahead are likely to remain largely unchanged as investors begin to close year-end positions.
September Corporate Earnings Grow 53%
Total market earnings1 of the recently concluded earnings season indicated a significant rebound; with earnings for the quarter rising 52.4% Y-o-Y to LKR 50.6Bn (cf. LKR 33.2Bn in September 2013). Corporate earnings for the cumulative 6 months2 of the year were also robust, gaining 33.0% Y-o-Y to LKR 87.7Bn relative to LKR 65.9Bn in 6M 2013 and LKR 72.7Bn in 6M 2012.
Gains were led by the Diversified (+55% Y-o-Y), Financial Services (+39% Y-o-Y) and Manufacturing (+23% Y-o-Y) sectors and supported by strong rebounds in the Oil Palms, Plantations, Investment Trust, and Services sectors. Growth in September quarter earnings meanwhile too were driven largely by the Diversified, Financial Services and Manufacturing sectors which cumulatively accounted for approx. 59% of total market earnings in September cf. approx. 55% and 53% of total market earnings in June 14 and September 2013 respectively.
www.dailynews.lk/
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