HNIs and retailers drove share market last week: Acuity
With the Colombo Stock Market now at a three-year high, a leading stockbroker said in a market report that active retail and high net worth investor participation continued to drive market activity with the bourse closing last week 16.24 points stronger.
"Consecutive daily gains on the benchmark index were helped by significant interest in mid-cap counters and relatively higher retail participation, helping offset mid week profit taking on selected counters," Acuity Stockbrokers said in its Weekly Market Review.
"Daily average turnover levels consequently amounted to Rs.2.25 billion (against the year-to-date daily average of Rs.1.26 billion), with crossings contributing 23.4% to total market turnover.
Net foreign inflows however had declined from the previous week amid significant outflows on Monday, the report said.
Foreigners nevertheless closed in a net buying position helping to extend the year-to-date net position to an inflow of Rs.11.23 billion.
Acuity expected the markets this week to retain the positive sentiment with institutional and retail investors generating sustained buying interest.
John Keells Stock Brokers said in its weekly market review that the All Share Price Index had closed 0.22% higher last week having recovered Monday’s loss over the rest of the week.
"Buying interest was evident across most sectors with turnover dominated by trades in the manufacturing, banking and finance, construction and diversified sectors including multiple crossings,’’ JKSB reported.
Foreign participation resulted in a net inflow of Rs.11.1 billion for the week, JKSB said.
JKH headed last week’s list of top contributors to market turnover accounting for 9.59% of the total (Rs.1.08 billion). Access Engineering with 7.95% (Rs.893.16 million) and Commercial Bank (4.20% or Rs.471.39 million) followed.
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