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The Colombo Stock Market last week hit an 11-month high with the All Share Price Index "sailing past the 6,300 point mark", Acuity Stockbrokers said in a market report.
"Despite some mid-week profit-taking paring down early gains, the main ASPI recovered 30 points on Friday to help push the broad market index to a year-to-date (an 11-month) high," the report said.
"Markets since mid-March had been on an uptrend as investor sentiment has rebounded on the back of low interest rates and an easing of the foreign equity sell-off."
The report noted that prime lending rates had declined 134 bps since January while rates on government securities had declined between 97 to 127 bps.
"The foreign equity sell-off that had dominated the early part of the year meanwhile has reduced significantly," Acuity said.
It reported that net foreign outflows had declined to Rs.0.35 billion in April from Rs.5.10 billion in February and a net inflow of Rs.7.88 billion had so far been recorded in May.
"Corporate earnings for the quarter ending March 2014 meanwhile had been broadly positive with approximately 60% of 66 companies that have so far reported earnings recording year-on-year gains."
"We expect market sentiment in the week ahead to be largely determined by the Central Bank’s rates decision," the report said.
The ASPI was up 30.32 points (0.48%) during the three-day trading week last week while S&P SL20 gained 21.91 points (0.63%).
JKH dominated turnover with the week’s turnover value accounting for 28.99% (Rs.938.53 million) of the total.
Commercial Bank followed posting a week’s turnover of Rs.174.97 million (5.04%) while Nestle Lanka contributed Rs.171.7 million (5.03%).
The daily average turnover value last week at Rs.1.08 billion was down 53.60% from the previous week’s average of Rs.2.33 billion. Total turnover for the 3-day trading week at Rs.3.24 billion compared to the previous week’s 5-day total of Rs.11.63 billion.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=103491
"Despite some mid-week profit-taking paring down early gains, the main ASPI recovered 30 points on Friday to help push the broad market index to a year-to-date (an 11-month) high," the report said.
"Markets since mid-March had been on an uptrend as investor sentiment has rebounded on the back of low interest rates and an easing of the foreign equity sell-off."
The report noted that prime lending rates had declined 134 bps since January while rates on government securities had declined between 97 to 127 bps.
"The foreign equity sell-off that had dominated the early part of the year meanwhile has reduced significantly," Acuity said.
It reported that net foreign outflows had declined to Rs.0.35 billion in April from Rs.5.10 billion in February and a net inflow of Rs.7.88 billion had so far been recorded in May.
"Corporate earnings for the quarter ending March 2014 meanwhile had been broadly positive with approximately 60% of 66 companies that have so far reported earnings recording year-on-year gains."
"We expect market sentiment in the week ahead to be largely determined by the Central Bank’s rates decision," the report said.
The ASPI was up 30.32 points (0.48%) during the three-day trading week last week while S&P SL20 gained 21.91 points (0.63%).
JKH dominated turnover with the week’s turnover value accounting for 28.99% (Rs.938.53 million) of the total.
Commercial Bank followed posting a week’s turnover of Rs.174.97 million (5.04%) while Nestle Lanka contributed Rs.171.7 million (5.03%).
The daily average turnover value last week at Rs.1.08 billion was down 53.60% from the previous week’s average of Rs.2.33 billion. Total turnover for the 3-day trading week at Rs.3.24 billion compared to the previous week’s 5-day total of Rs.11.63 billion.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=103491
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