The ASPI continued to lose ground by 18.63 points (-0.29% W-o-W) last week to close on Friday at 6,390.74 points with retail activity remaining mostly flat with some profit taking as concerns over Inland Revenue Bill eased buoying market sentiment somewhat among bigger players, Acuity Stockbrokers said in their Share Market Weekly.
"Turnover value however rose by 22.8% W-o-W to LKR 3.24Bn, supported mostly by institutional participation in crossings which accounted for 30.88% (or LKR 1.00Bn) of the total turnover value," the report said.
"Counters including JKH, Nestle, Amana Takaful, Commercial Bank and Sampath garnered significant high net worth investor interest among crossings, with large transactions in these counters contributing to 28.53% of the week’s total market turnover that helped drive the rebound in turnover."
As a result, week’s average daily turnover value stood at LKR 0.81Bn over the week, compared to LKR 0.53Bn in the week before, Acuity noted.
Meanwhile, foreign investors who have been net buyers almost on a daily basis recently, driving inflows from abroad into the bourse this year, moved in the opposite direction ending the week on a net selling position of LKR 0.43Bn after 30 consecutive weeks of buying. This was mostly attributable to the LKR 0.50Bn transaction in Aitken Spence on Tuesday.
In terms of foreign purchases, JKH topped foreign purchases while Aitken Spence topped foreign sales (both in terms of value and volume of shares), Acuity said.
"We expect activity in the following week to be determined by policy direction on the Inland Revenue Bill expected to be presented in the parliament on Sept. 6," the report said.
"Turnover value however rose by 22.8% W-o-W to LKR 3.24Bn, supported mostly by institutional participation in crossings which accounted for 30.88% (or LKR 1.00Bn) of the total turnover value," the report said.
"Counters including JKH, Nestle, Amana Takaful, Commercial Bank and Sampath garnered significant high net worth investor interest among crossings, with large transactions in these counters contributing to 28.53% of the week’s total market turnover that helped drive the rebound in turnover."
As a result, week’s average daily turnover value stood at LKR 0.81Bn over the week, compared to LKR 0.53Bn in the week before, Acuity noted.
Meanwhile, foreign investors who have been net buyers almost on a daily basis recently, driving inflows from abroad into the bourse this year, moved in the opposite direction ending the week on a net selling position of LKR 0.43Bn after 30 consecutive weeks of buying. This was mostly attributable to the LKR 0.50Bn transaction in Aitken Spence on Tuesday.
In terms of foreign purchases, JKH topped foreign purchases while Aitken Spence topped foreign sales (both in terms of value and volume of shares), Acuity said.
"We expect activity in the following week to be determined by policy direction on the Inland Revenue Bill expected to be presented in the parliament on Sept. 6," the report said.
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