The Bourse Weekly Performance (Week-ended 30th
August 2013)
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Week-ended 23rd August 2013
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Week-ended 30th August 2013
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All Share Price Index
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5,951.83
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5,834.04
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S&P SL20 Index
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3,342.96
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3,261.33
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Total Turnover for the week (Rs.)
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3,715,349,258/-
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2,427,574,218/-
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Total Net Foreign Inflow/ (Outflow) (Rs.)
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1,021,289,824/-
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186,063,267/-
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Market Capitalisation (Rs.)
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2,451,390,332,928/-
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2,402,882,748,421/-
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Market PER
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16.90
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The Colombo bourse fell
drastically this week and reached its near 5 month-low figures. The ASPI
reached its lowest for the week on Wednesday 5753 a figure last seen on 4th
April 2013. This week saw the LKR reach its all time low levels which was
considered as the main cause for the dipping bourse. Market heavy weight JKH,
was seen dragging the bourse to low levels even though it announced a mega
rights issue inclusive of warrants to finance plan the biggest-ever private
sector project of US$650 Million.
The market performance saw
the ASI and S&P indices losing a total of 117 and 81 points respectively,
while the loss was equivalent to Rs.48 Billion in market capitalization.
However, turnover remained 35% lower than previous week while the average daily
turnover for the week was recorded at Rs.485 Million (the average daily
turnover for the year is Rs.906 Million). Highest contributors for the weekly
turnover were counters such as JKH, Sampath Bank, Commercial Bank, NDB, Distilleries,
etc which were seen to be heavily traded. In sector statistics, the highest
contribution for the weekly turnover came in from the Banking Finance and
Insurance and Diversified Holdings sectors. The week saw JKH share price
dropping over 11% to close at 214, which also resulted in the Diversified
Holdings sector index reporting the highest loss for the week. The biggest
gainer this week was the Information Technology sector.
Reuters reports indicate
that though there are concerns over the US policy on Syria, the dollar
continues to grow stronger, while Bloomberg reported that, Derivatives traders are expecting
Federal Reserve to reduce stimulus as soon as next month. The dramatic world
markets and the uncertainty of the domestic currency led foreigners to be net sellers
during mid week with a notable amount of foreign outflows. However, the
situation is seen to be common to most South Asian markets, and MSCI index
indicate that the Colombo bourse has out-performed the South Asian market index
which records a month to date yield of -9.91% as opposed to the -3.37% recorded
at the Colombo bourse. Year to date the Colombo bourse still generate gains of
3.39% as opposed to a -10.89% in the South Asian index. The 14 day RSI is 33.54
suggesting a near over sold situation where the losses generated at the bourse
is greater than the gains.
