The holiday shortened trading week ended with both indices closing on a decline. The ASPI lost 91.93 points (or 1.21%) to close at 7513.86 points; the S&P SL20 Index meanwhile, declined 0.57% (or 24.47 points) to close at 4248.03 points.
Turnover and Market Capitalization | JKH was the highest contributor to the week’s turnover value with a contribution of Rs 642.34 mn that accounted for 13.15% of total turnover. Commercial Bank followed suit accounting for 12.94% of turnover (value of Rs 631.74mn) while Distilleries Company contributed Rs 468.12mn to account for 9.58% of the week’s turnover.
The daily average turnover value over the three day week amounted to Rs 1.63bn (down 24.80% W-o-W) compared to last week’s four day week average of Rs 2.16bn.
Total turnover value for the week amounted to Rs 4.88bn relative to last week’s value of Rs 8.66bn. Market capitalization too decreased 1.18% (or Rs 38.35bn) to Rs 3200.55bn relative to last week’s value of Rs 3238.90bn.
Liquidity (in Value Terms)
The Banking and Finance sector was the highest contributor to the week’s total turnover value, accounting for 36.38% (or Rs 1.77 bn) of market turnover.
Sector turnover was driven primarily by Commercial, Union, HNB and Sampath which cumulatively accounted for 70.27% of the sector’s total contribution.
The second highest sectoral contribution stemmed from the Diversified sector, which contributed 18.55% (or Rs 902.28mn). The sector was helped by JKH and Hemas Holdings which accounted for 88.33% of the sector’s total turnover value.
The Manufacturing sector was also amongst the top sectoral contributors to the market, accounting for 12.30% (or Rs 598.54mn) of the week’s total turnover value.
Foreign investors closed the week in a net selling position, with daily average net outflows amounting to Rs 17.85mn relative to daily average foreign outflows of Rs 102.80mn recorded last week (+82.64% W-o-W). Daily average foreign purchases increased 137.86% W-o-W to Rs 0.71bn, from Rs 0.30bn recorded last week, while daily average foreign sales amounted to Rs 0.72bn, relative to last week’s value of Rs 0.40bn (+81.16% W-o-W). In terms of volume meanwhile, Commercial Bank and Asiri Hospital Holdings led foreign purchases while Union Bank and Vallibel One led foreign sales. In terms of value, Commercial Bank and Chevron Lubricants led foreign purchases while Distilleries and Union Bank led foreign sales.
The sector was helped by Chevron which contributed 37.39% to total sector turnover.
Liquidity (in Volume Terms)
The Banking and Finance sector dominated the market in terms of share volume too, accounting for 21.59% (or 34.37mn shares) of total volume, with a value contribution of Rs 1.77bn.
The Manufacturing sector followed suit as 29.17mn shares (or 18.32%), amounting to Rs 598.54mn changed hands.
The Power and Energy sector meanwhile, contributed 10.77% to the week’s total turnover volume as 17.15mn shares were exchanged. The sector’s volume accounted for Rs 197.18mn of total market turnover value.
Week’s Top Gainers and Losers
Arpico Insurance which commenced trading this week was the week’s highest price gainer, increasing 17.50% from LKR 12.00 to close at LKR 14.10. Sinhaputhra Finance gained 14.58% W-o-W to close at LKR 220.00. Samson International meanwhile, gained 10.90% W-o-W to close at LKR 115.00. Gestetner and Shalimar were also amongst the week’s top price gainers with W-o-W gains of 10.19% and 8.89%, respectively.
Printcare was the week’s highest price loser as the stock declined 14.62% W-o-W to close at LKR 36.80, relative to LKR 43.10 last week. Tess Agro (NV) recorded a W-o-W price decline of 13.33% to close at LKR 1.30 while Fortress Resort closed at LKR 17.10, representing a W-o-W decline of 11.86%.
Point of View
Markets closed the three-day trading week in negative territory, as profit-taking on selected counters, foreign outflows, and muted retail activity weighed down indices.
The benchmark ASPI consequently recorded consecutive daily declines to end the week 91.93 points down. Volumes too were notably thin relative to last week, with daily average turnover value declining to LKR 1.63bn.
Turnover contribution from off-board transactions too declined, with total crossings accounting for 17.14% of total market turnover. Foreign investors meanwhile recorded net outflows -albeit lower than last week – as net inflows on Monday and Friday failed to offset net outflows of LKR 0.40bn on Tuesday.
Similar market momentum is likely to prevail in the week ahead, as investors adopt a watchful approach ahead of the new Government’s mini-budget to be presented on the 29th of January.
WB upgrades Regional Growth Forecast
The World Bank (WB) meanwhile, upgraded its GDP growth forecast for South Asia adding that a recovery in domestic demand – particularly investment – is likely to help accelerate regional growth. The Bank expects growth in South Asia to reach 6.1% in 2015E (cf. previous forecast of 5.9%) and improve to 6.8% by 2017E.
The Bank also upgraded its growth projection for Sri Lanka, forecasting a real GDP growth of 7.5% in 2015E cf. its previous forecast of 6.9%, while expecting growth to narrow to 6.5% in 2017E.
Near-term growth is expected to be fuelled by higher investment – following the recently held Presidential Election – and increased government spending, while private demand is likely to be supported by continued remittance inflows.
The Bank added however that supply-side bottlenecks, particularly in Sri Lanka where the economy is operating at near capacity, are likely to add pressure on growth.
The Bank meanwhile added that downside risks to regional growth include political tensions, energy constraints and weak business environments.
/www.dailynews.lk
Turnover and Market Capitalization | JKH was the highest contributor to the week’s turnover value with a contribution of Rs 642.34 mn that accounted for 13.15% of total turnover. Commercial Bank followed suit accounting for 12.94% of turnover (value of Rs 631.74mn) while Distilleries Company contributed Rs 468.12mn to account for 9.58% of the week’s turnover.
The daily average turnover value over the three day week amounted to Rs 1.63bn (down 24.80% W-o-W) compared to last week’s four day week average of Rs 2.16bn.
Total turnover value for the week amounted to Rs 4.88bn relative to last week’s value of Rs 8.66bn. Market capitalization too decreased 1.18% (or Rs 38.35bn) to Rs 3200.55bn relative to last week’s value of Rs 3238.90bn.
Liquidity (in Value Terms)
The Banking and Finance sector was the highest contributor to the week’s total turnover value, accounting for 36.38% (or Rs 1.77 bn) of market turnover.
Sector turnover was driven primarily by Commercial, Union, HNB and Sampath which cumulatively accounted for 70.27% of the sector’s total contribution.
The second highest sectoral contribution stemmed from the Diversified sector, which contributed 18.55% (or Rs 902.28mn). The sector was helped by JKH and Hemas Holdings which accounted for 88.33% of the sector’s total turnover value.
The Manufacturing sector was also amongst the top sectoral contributors to the market, accounting for 12.30% (or Rs 598.54mn) of the week’s total turnover value.
Foreign investors closed the week in a net selling position, with daily average net outflows amounting to Rs 17.85mn relative to daily average foreign outflows of Rs 102.80mn recorded last week (+82.64% W-o-W). Daily average foreign purchases increased 137.86% W-o-W to Rs 0.71bn, from Rs 0.30bn recorded last week, while daily average foreign sales amounted to Rs 0.72bn, relative to last week’s value of Rs 0.40bn (+81.16% W-o-W). In terms of volume meanwhile, Commercial Bank and Asiri Hospital Holdings led foreign purchases while Union Bank and Vallibel One led foreign sales. In terms of value, Commercial Bank and Chevron Lubricants led foreign purchases while Distilleries and Union Bank led foreign sales.
The sector was helped by Chevron which contributed 37.39% to total sector turnover.
Liquidity (in Volume Terms)
The Banking and Finance sector dominated the market in terms of share volume too, accounting for 21.59% (or 34.37mn shares) of total volume, with a value contribution of Rs 1.77bn.
The Manufacturing sector followed suit as 29.17mn shares (or 18.32%), amounting to Rs 598.54mn changed hands.
The Power and Energy sector meanwhile, contributed 10.77% to the week’s total turnover volume as 17.15mn shares were exchanged. The sector’s volume accounted for Rs 197.18mn of total market turnover value.
Week’s Top Gainers and Losers
Arpico Insurance which commenced trading this week was the week’s highest price gainer, increasing 17.50% from LKR 12.00 to close at LKR 14.10. Sinhaputhra Finance gained 14.58% W-o-W to close at LKR 220.00. Samson International meanwhile, gained 10.90% W-o-W to close at LKR 115.00. Gestetner and Shalimar were also amongst the week’s top price gainers with W-o-W gains of 10.19% and 8.89%, respectively.
Printcare was the week’s highest price loser as the stock declined 14.62% W-o-W to close at LKR 36.80, relative to LKR 43.10 last week. Tess Agro (NV) recorded a W-o-W price decline of 13.33% to close at LKR 1.30 while Fortress Resort closed at LKR 17.10, representing a W-o-W decline of 11.86%.
Point of View
Markets closed the three-day trading week in negative territory, as profit-taking on selected counters, foreign outflows, and muted retail activity weighed down indices.
The benchmark ASPI consequently recorded consecutive daily declines to end the week 91.93 points down. Volumes too were notably thin relative to last week, with daily average turnover value declining to LKR 1.63bn.
Turnover contribution from off-board transactions too declined, with total crossings accounting for 17.14% of total market turnover. Foreign investors meanwhile recorded net outflows -albeit lower than last week – as net inflows on Monday and Friday failed to offset net outflows of LKR 0.40bn on Tuesday.
Similar market momentum is likely to prevail in the week ahead, as investors adopt a watchful approach ahead of the new Government’s mini-budget to be presented on the 29th of January.
WB upgrades Regional Growth Forecast
The World Bank (WB) meanwhile, upgraded its GDP growth forecast for South Asia adding that a recovery in domestic demand – particularly investment – is likely to help accelerate regional growth. The Bank expects growth in South Asia to reach 6.1% in 2015E (cf. previous forecast of 5.9%) and improve to 6.8% by 2017E.
The Bank also upgraded its growth projection for Sri Lanka, forecasting a real GDP growth of 7.5% in 2015E cf. its previous forecast of 6.9%, while expecting growth to narrow to 6.5% in 2017E.
Near-term growth is expected to be fuelled by higher investment – following the recently held Presidential Election – and increased government spending, while private demand is likely to be supported by continued remittance inflows.
The Bank added however that supply-side bottlenecks, particularly in Sri Lanka where the economy is operating at near capacity, are likely to add pressure on growth.
The Bank meanwhile added that downside risks to regional growth include political tensions, energy constraints and weak business environments.
/www.dailynews.lk
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