By Paneetha Ameresekere
Ceylon Finance Today: Envisaged poor earnings in the quarter ended 30 September 2014, coupled with the 'bona fides of the bourse' being questionable, continued to dog the stock market for the second consecutive market day yesterday, with the ASPI losing steam by 1.87% to close the day at 7,184.22 points and the S&P SL 20 Index by 2.32% to 4,014.55 points on a Rs 2 billion turnover, market sources told Ceylon FT.
The bourse, in the last two working days up to yesterday has seen the ASPI fall by 2.7% to 7,184.22 points and the S&PSL 20 Index by 3.3% to 4,014.55 points. Yesterday saw a mere 26 gainers, while losers were nine times that figure at 233.
In the review period, Rs 85.8 billion worth of shareholder wealth has been lost, with market capitalization (market cap) in the last two market days up to yesterday having had declined by 2.7% to Rs 3.055 trillion, data showed.
The market's fall yesterday would have had been steeper, if not for the performances of two highly capitalized stocks, which saw steep gains on their share prices on nominal turnovers and volumes, an analysis of data further showed.
Stocks such as CTC and Bukit Darah, because of their high influence on overall market cap, ipso facto, also do have relatively high impacts on market indices as well, even if their individual shares were uplifted on nominal values, as was the case yesterday.
CTC, which cigarette prices were raised by between Rs 1-2 a stick last week, surprisingly saw its share price increase by 1.96% to Rs 1,147 a share on a nominal share volume (SV) of 222 yesterday. Meanwhile Bukit too was similarly uplifted, where its share price gained a steep 1.31% to Rs 710 a share, on a nominal SV of 222 and on a miserly Rs 158,916 turnover.
Total number of shares traded yesterday was 128,673,847, a decline of 31.8% over its previous day's volumes.
The performances of market indices are intrinsically connected to the stock market's market cap. Higher the overall market cap, higher will be the market indices, while the reverse is also true.
The two high value stocks in question, CTC and Bukit are the market's second and eighth largest capitalized respectively. The bourse has some 288 listed companies on its role. CTC's market cap was equivalent to 7.43% of overall market cap as at yesterday. In the case of Bukit, it was 2.5%.
Nevertheless, the silver lining is that foreign buying getting the better of foreign selling at yesterday's trading, sources said yesterday saw a net foreign inflow (NFI) of Rs 284.1 million, taking NFIs in the year to date to Rs 9.7 billion. NFIs yesterday were led by People's Leasing (Rs 80.3 million) and Hemas Holdings (Rs 78 million).
Meanwhile, the biggest contributor to yesterday's turnover was Chevron, with Rs 264.5 million on a SV of 777,978. Chevron closed, down 0.32% to Rs 340 a share. Chevron's contribution to overall market cap yesterday was 1.41%.
The second highest contributor to yesterday's turnover was JKH, the market's largest capitalized stock with Rs 236.3 million on a SV of 944,974. JKH closed, down 0.64% to Rs 249.30 a share. JKH's contribution to overall market cap yesterday was 8.55%.
www.ceylontoday.lk
Ceylon Finance Today: Envisaged poor earnings in the quarter ended 30 September 2014, coupled with the 'bona fides of the bourse' being questionable, continued to dog the stock market for the second consecutive market day yesterday, with the ASPI losing steam by 1.87% to close the day at 7,184.22 points and the S&P SL 20 Index by 2.32% to 4,014.55 points on a Rs 2 billion turnover, market sources told Ceylon FT.
The bourse, in the last two working days up to yesterday has seen the ASPI fall by 2.7% to 7,184.22 points and the S&PSL 20 Index by 3.3% to 4,014.55 points. Yesterday saw a mere 26 gainers, while losers were nine times that figure at 233.
In the review period, Rs 85.8 billion worth of shareholder wealth has been lost, with market capitalization (market cap) in the last two market days up to yesterday having had declined by 2.7% to Rs 3.055 trillion, data showed.
The market's fall yesterday would have had been steeper, if not for the performances of two highly capitalized stocks, which saw steep gains on their share prices on nominal turnovers and volumes, an analysis of data further showed.
Stocks such as CTC and Bukit Darah, because of their high influence on overall market cap, ipso facto, also do have relatively high impacts on market indices as well, even if their individual shares were uplifted on nominal values, as was the case yesterday.
CTC, which cigarette prices were raised by between Rs 1-2 a stick last week, surprisingly saw its share price increase by 1.96% to Rs 1,147 a share on a nominal share volume (SV) of 222 yesterday. Meanwhile Bukit too was similarly uplifted, where its share price gained a steep 1.31% to Rs 710 a share, on a nominal SV of 222 and on a miserly Rs 158,916 turnover.
Total number of shares traded yesterday was 128,673,847, a decline of 31.8% over its previous day's volumes.
The performances of market indices are intrinsically connected to the stock market's market cap. Higher the overall market cap, higher will be the market indices, while the reverse is also true.
The two high value stocks in question, CTC and Bukit are the market's second and eighth largest capitalized respectively. The bourse has some 288 listed companies on its role. CTC's market cap was equivalent to 7.43% of overall market cap as at yesterday. In the case of Bukit, it was 2.5%.
Nevertheless, the silver lining is that foreign buying getting the better of foreign selling at yesterday's trading, sources said yesterday saw a net foreign inflow (NFI) of Rs 284.1 million, taking NFIs in the year to date to Rs 9.7 billion. NFIs yesterday were led by People's Leasing (Rs 80.3 million) and Hemas Holdings (Rs 78 million).
Meanwhile, the biggest contributor to yesterday's turnover was Chevron, with Rs 264.5 million on a SV of 777,978. Chevron closed, down 0.32% to Rs 340 a share. Chevron's contribution to overall market cap yesterday was 1.41%.
The second highest contributor to yesterday's turnover was JKH, the market's largest capitalized stock with Rs 236.3 million on a SV of 944,974. JKH closed, down 0.64% to Rs 249.30 a share. JKH's contribution to overall market cap yesterday was 8.55%.
www.ceylontoday.lk
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