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The Colombo bourse tumbled on Friday with the All Share Price Index making its biggest correction since the bull run began in mid-June this year, Acuity Stockbrokers said in a market report.
The ASPI dropped approximately 85 points over the three-day trading week with the week-on-week decline the largest weekly drop since the strong bull run began, the report said.
"Since June 23 the ASPI has gained approximately 16.2% against a 5.6% advance between January and June 22. This was relative to a 4% full year gain in 2013.
"The year-to-date gain on Sri Lankan equities has consequently averaged 22.7% but last week’s profit taking coupled with net foreign outflows helped trigger the correction," the report said.
Foreign investors remained net sellers for the third consecutive week with net outflows totaling Rs.526.9 million against the previous week’s Rs.948.9 million.
"Net foreign outflows from equities over the last three weeks had totaled Rs.1.9 billion, significantly lower than the Rs.10.6 billion equity sell-off early in 2014," Acuity said.
"Market sentiment in the week ahead is likely to take cues from expectations surrounding this week’s interest rate decision, and influenced by the level of profit taking over the week."
JKH was the highest contributor to the week’s turnover accounting for Rs.612.61 million (10.17%) of total turnover. Chilaw Finance followed (8.23%) while Millennium Housing Developers accounted for 7.66% of the week’s turnover.
The daily average turnover value over the holiday-shortened week amounted to Rs.2.01 billion against the previous week’s Rs.3.45 billion.
John Keells Stockbrokers attributed the sharp fall in the indices to profit taking in diversified, banking and finance, and land and property counters which accounted for a greater share of the week’s turnover.
www.island.lk
The ASPI dropped approximately 85 points over the three-day trading week with the week-on-week decline the largest weekly drop since the strong bull run began, the report said.
"Since June 23 the ASPI has gained approximately 16.2% against a 5.6% advance between January and June 22. This was relative to a 4% full year gain in 2013.
"The year-to-date gain on Sri Lankan equities has consequently averaged 22.7% but last week’s profit taking coupled with net foreign outflows helped trigger the correction," the report said.
Foreign investors remained net sellers for the third consecutive week with net outflows totaling Rs.526.9 million against the previous week’s Rs.948.9 million.
"Net foreign outflows from equities over the last three weeks had totaled Rs.1.9 billion, significantly lower than the Rs.10.6 billion equity sell-off early in 2014," Acuity said.
"Market sentiment in the week ahead is likely to take cues from expectations surrounding this week’s interest rate decision, and influenced by the level of profit taking over the week."
JKH was the highest contributor to the week’s turnover accounting for Rs.612.61 million (10.17%) of total turnover. Chilaw Finance followed (8.23%) while Millennium Housing Developers accounted for 7.66% of the week’s turnover.
The daily average turnover value over the holiday-shortened week amounted to Rs.2.01 billion against the previous week’s Rs.3.45 billion.
John Keells Stockbrokers attributed the sharp fall in the indices to profit taking in diversified, banking and finance, and land and property counters which accounted for a greater share of the week’s turnover.
www.island.lk
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