Equities rallied strongly last week with the benchmark All Share Price Index recording significant gains for the second consecutive week, Acuity Stockbrokers reported in their Share Market Weekly.
"The ASPI rose 231 points W-o-W, to close at a near four-month closing high on Friday helping push the Index 43 points above a key-support level of 6,250 points," the report said.
"Gains on blue chips & mid- caps such as JKH, CCS, CTC, MELS, COMB , LOLC, HHL,PLC & SPEN contributed 123 points to the Index, with average market turnover levels amounting to LKR 1.13 Bn (33% higher than YTD turnover of LKR 0.76Bn) last week as Institutional and high net worth (HNI) investors took advantage of the market’s over-sold position."
Crossings over the week consequently accounted for 36% of total market turnover, amid strong interest in mid-caps and blue-chips such as Cold Stores (38% of crossings) and JKH (33% of crossings), the report said.
Foreign investors meanwhile continued to be net buyers for the 10th consecutive week, with net foreign buying ending at LKR 1.71Bn (cf. 1.82Bn last week) bringing the total net inflows for the year to LKR 6.79Bn., it added.
Acuity expected markets in the week ahead as likely to retain the current positive momentum, although at a slower pace as the traditional new year holidays approach.
"The ASPI rose 231 points W-o-W, to close at a near four-month closing high on Friday helping push the Index 43 points above a key-support level of 6,250 points," the report said.
"Gains on blue chips & mid- caps such as JKH, CCS, CTC, MELS, COMB , LOLC, HHL,PLC & SPEN contributed 123 points to the Index, with average market turnover levels amounting to LKR 1.13 Bn (33% higher than YTD turnover of LKR 0.76Bn) last week as Institutional and high net worth (HNI) investors took advantage of the market’s over-sold position."
Crossings over the week consequently accounted for 36% of total market turnover, amid strong interest in mid-caps and blue-chips such as Cold Stores (38% of crossings) and JKH (33% of crossings), the report said.
Foreign investors meanwhile continued to be net buyers for the 10th consecutive week, with net foreign buying ending at LKR 1.71Bn (cf. 1.82Bn last week) bringing the total net inflows for the year to LKR 6.79Bn., it added.
Acuity expected markets in the week ahead as likely to retain the current positive momentum, although at a slower pace as the traditional new year holidays approach.
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