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The All Share Price Index of the Colombo Stock Exchange is now at a year-to-date low of 5,937.28 points, down 2.4% from the previous week with the index falling below the strategic 6,000 point barrier, Acuity Stockbrokers said in a market report.
"The ASPI slipped below the 6,000 point mark last week amid consecutive daily losses on the back of the continued foreign equity sell-off," the Acuity market report said.
"Despite the equity sell-off easing somewhat (28%) lower from the previous week’s sell out, the main price index hit a year-to-date low of 5,937.28 points."
The report noted that volumes had also dwindled amid lower retail interest except on Friday when crossings in JKH and Amana Bank boosted turnover value to Rs.1.07 billion.
Acuity expect market activity this week when there will be only four working days to remained muted and dominated by high net worth and institutional investors.
The brokerage reported that quarterly earnings of approximately 79% of the market now in have been "broadly mixed" with roughly half of these companies recording year-on-year gains in earnings.
At a sectoral level, the beverage food and tobacco, leisure, motors and power and energy sectors have gained year-on-year while plantations, construction and land and property sectors have declined.
The ASPI was down 146.11 points (2.40%) last week while S&P lost 87.94 points (2.64%) with JKH topping the list of top contributors to market turnover.
JKH saw Rs.903.1 million worth of shares traded accounting for 23.43% of the week’s total turnover while Nations Trust Bank turned over Rs.535.29 million (13.89%) and Dialog Rs.334.49 million (8.68%).
Daily average turnover for the week at Rs.770.78 million was down 31.28% from the previous week’s Rs.1.13 billion daily average.
(Island Sunday newspaper-23/02/2014)
"The ASPI slipped below the 6,000 point mark last week amid consecutive daily losses on the back of the continued foreign equity sell-off," the Acuity market report said.
"Despite the equity sell-off easing somewhat (28%) lower from the previous week’s sell out, the main price index hit a year-to-date low of 5,937.28 points."
The report noted that volumes had also dwindled amid lower retail interest except on Friday when crossings in JKH and Amana Bank boosted turnover value to Rs.1.07 billion.
Acuity expect market activity this week when there will be only four working days to remained muted and dominated by high net worth and institutional investors.
The brokerage reported that quarterly earnings of approximately 79% of the market now in have been "broadly mixed" with roughly half of these companies recording year-on-year gains in earnings.
At a sectoral level, the beverage food and tobacco, leisure, motors and power and energy sectors have gained year-on-year while plantations, construction and land and property sectors have declined.
The ASPI was down 146.11 points (2.40%) last week while S&P lost 87.94 points (2.64%) with JKH topping the list of top contributors to market turnover.
JKH saw Rs.903.1 million worth of shares traded accounting for 23.43% of the week’s total turnover while Nations Trust Bank turned over Rs.535.29 million (13.89%) and Dialog Rs.334.49 million (8.68%).
Daily average turnover for the week at Rs.770.78 million was down 31.28% from the previous week’s Rs.1.13 billion daily average.
(Island Sunday newspaper-23/02/2014)
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