By Paneetha Ameresekere
Ceylon FT: Market turnover slipped by 70.1% yesterday compared to the previous week's daily average, with market sources telling Ceylon FT that simultaneous with poor turnover, indices gaining ground yesterday however was abnormal, saying that there is space for indices to come down by 100 points.
"Indices making gains yesterday was not good, only when it comes down can it go up," they said.
On a turnover of Rs 597.2 million, the ASPI gained by 0.56% to 6,699.03 points; while the S&P SL 20 Index increased by 0.35% to 3,721.23 points yesterday, over their closings the previous market day, Friday, 11 July.
In the previous week, daily average turnover was Rs 2,000 million.
The market yesterday recorded a pyrrhic net foreign inflow (NFI) of Rs 28.3 million led by Anilana Hotels, taking NFIs in the year to date to Rs 9.694 billion, from the previous day's figure of Rs 9.666 billion.
On a day largely dominated by traders (that is, those who don't have the holding power to hang on to their purchases and generally dispose of such at the first given opportunity and who generally the capacity to invest in only low value stocks), yesterday's turnover was given a boost by Com Bank, the market's fourth largest capitalized stock with Rs 43.4 million on a share volume of 297,241. Com Bank closed, down 0.14% over its previous day's close at Rs 146.10 a share.
The second largest contributor to yesterday's turnover was JKH with Rs 28.5 million on a share volume of 118,693. JKH closed at Rs 240.30 a share, up 0.12% over its previous day's close.
As the value of market indices is directly linked to market capitalization (market cap), when the share value of a stock increases, its market cap also increases. Stocks such as JKH and Com Bank which have large market caps, have a greater weightage in regard to the movement of market indices.
In this context, yesterday, the market's second and third largest capitalized stocks, namely CTC and Nestlé also saw their market shares gain in value, the former on a low turnover figure and the latter on both a low turnover and share volume, thereby giving a thrust to market indices.
CTC, on a Rs 3.7 million turnover saw its share value increase by 0.51% to Rs 1,107.30 a share, while Nestlé, on a Rs 1 million turnover, saw its share price gain by 0.28% to Rs 2,071.40 a share. CTC saw 3,330 shares traded, while in the case of Nestlé it was a miserly 499 shares.
CTC's gains come in the backdrop of the Supreme Court giving an adverse ruling to the company, asking it to display graphic warnings on its packs from next year, of the dangers of smoking.
Yesterday saw 123 gainers and 74 stock market losers of listed companies.
www.ceylontoday.lk
Ceylon FT: Market turnover slipped by 70.1% yesterday compared to the previous week's daily average, with market sources telling Ceylon FT that simultaneous with poor turnover, indices gaining ground yesterday however was abnormal, saying that there is space for indices to come down by 100 points.
"Indices making gains yesterday was not good, only when it comes down can it go up," they said.
On a turnover of Rs 597.2 million, the ASPI gained by 0.56% to 6,699.03 points; while the S&P SL 20 Index increased by 0.35% to 3,721.23 points yesterday, over their closings the previous market day, Friday, 11 July.
In the previous week, daily average turnover was Rs 2,000 million.
The market yesterday recorded a pyrrhic net foreign inflow (NFI) of Rs 28.3 million led by Anilana Hotels, taking NFIs in the year to date to Rs 9.694 billion, from the previous day's figure of Rs 9.666 billion.
On a day largely dominated by traders (that is, those who don't have the holding power to hang on to their purchases and generally dispose of such at the first given opportunity and who generally the capacity to invest in only low value stocks), yesterday's turnover was given a boost by Com Bank, the market's fourth largest capitalized stock with Rs 43.4 million on a share volume of 297,241. Com Bank closed, down 0.14% over its previous day's close at Rs 146.10 a share.
The second largest contributor to yesterday's turnover was JKH with Rs 28.5 million on a share volume of 118,693. JKH closed at Rs 240.30 a share, up 0.12% over its previous day's close.
As the value of market indices is directly linked to market capitalization (market cap), when the share value of a stock increases, its market cap also increases. Stocks such as JKH and Com Bank which have large market caps, have a greater weightage in regard to the movement of market indices.
In this context, yesterday, the market's second and third largest capitalized stocks, namely CTC and Nestlé also saw their market shares gain in value, the former on a low turnover figure and the latter on both a low turnover and share volume, thereby giving a thrust to market indices.
CTC, on a Rs 3.7 million turnover saw its share value increase by 0.51% to Rs 1,107.30 a share, while Nestlé, on a Rs 1 million turnover, saw its share price gain by 0.28% to Rs 2,071.40 a share. CTC saw 3,330 shares traded, while in the case of Nestlé it was a miserly 499 shares.
CTC's gains come in the backdrop of the Supreme Court giving an adverse ruling to the company, asking it to display graphic warnings on its packs from next year, of the dangers of smoking.
Yesterday saw 123 gainers and 74 stock market losers of listed companies.
www.ceylontoday.lk
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