Stock Market

Bartleet’s Weekly Market Commentary

This week’s trading which was limited to three days due to the upcoming holidays on Thursday and Friday, saw both the ASPI and MPI gaining on Monday and Tuesday while there was a marginal decline on Wednesday. The ASPI closed the week on 552.7 points up from the previous weeks closing 549.6 points while the MPI closed at 899.2 points up from the previous weeks closing of 892.5 points. Total turnover for the week was Rs. 159.23 Mn. with an average daily turnover of Rs. 53.08 Mn. up from the previous weeks Rs. 38.77 Mn. Foreigners were net buyers for the week totalling Rs. 12.77 Mn. with foreign purchases contributing 39% and foreign sales 31% of total market turnover. Market Capitalization showed a marginal gain from the previous weeks closing of Rs. 108.5 Bn. ending the current week at Rs. 109.09 Bn. We anticipate the market to fluctuate within a narrow band in the week ahead given the" await and see" attitude of investors.

Among the 16 sectors on the bourse, the Plantation sector index witnessed the largest gain (4%) owing to investor interest in the Plantation shares, while marginal gains were witnessed in the Trading, Banks, Finance & Insurance and Beverage Food & Tobacco sector indices while significant declines were witnessed in the Manufacturing (2.8%) Footwear & Textile (1.9%) and Hotels & Travels (1.5%) sector indices. Heavily traded stocks for the week include Talawakelle Plantation, Hatton National Bank, Distilleries, DFCC, and Grain Elevators.