Stock market ends week on the up

Saturday, 9 June 2012 02:33 - - {{hitsCtrl.values.hits}}

The Colombo stock market moved up yesterday giving a positive finish for the week with an improvement in investor sentiment.

The All Share Index gained 0.86% or 40.72 points, to close at 4,798.70 points. However for the week, it was down 1.77% whilst MPI which also showed double digit gain yesterday ended the week down by 2.2%

“Market had a promising start, commencing the day with significant activity in Lion Brewery which was followed by high net worth and institutional interest in National Development Bank,” NDB Stockbrokers said.

It said further accumulation was witnessed in Central Finance and John Keells Holdings while retail activity was seen in Lanka Orix Leasing and Singer Finance.

Stock...Banking, finance and insurance sector emerged as the top contributor to the turnover due to NDB and the sector inex lost 0.15%. NDB gained by Rs. 3 or 3% to close at Rs. 103. Sampath Bank gained by Rs. 2.60 to close at Rs. 151.60.

Diversified sector was the second largest contributor to turnover due to JKH and Carson whilst the sector index rose by 0.8%. JKH was down by 60 cents or 0.3% to close at Rs. 178.50 while Carsons gained by Rs. 5.90 or 1.3% to close at Rs. 467.

“Both indices dwindled during the 1st hour of trading and settled to an upward trend with lower selling pressure witnessed in the market,” Arrenga Capital said. “Though no crossings were recorded a number of large blocks changed hands in selected counters signalling signs of buying interest returning to the market,” it added.

A single block of 890,000 shares of Laugfs Gas [Non-Voting] brought the counter among the top performers as the counter gained 1.8% to at Rs. 11.2.

Reuters quoting unnamed analysts said trade was thin as investors remain concerned over the global economic outlook.

Turnover was Rs. 309.3 million, well below the daily average of Rs. 968.7 million this year.

The rupee ended flat at 130.35/45 against the dollar in dull trade as importer dollar demand was offset by the exporter sales of greenback, dealers said.