On Monday, Union Bank gathered further steam led retail investors. The bullish trend on Union Bank seemed to have rubbed off on other mid-capped counters such as Colombo Land and Vallibel One. Meanwhile Kegalle Plantations saw a private deal taking place on the normal board. Normally, a sluggish period is seen with minimal activity in the past during the upcoming festivities. But there seems to be a clear reversal this year.
Profit taking was quite evident on Tuesday as retail investors cashed in before the weekend. Activity on blue-chips remained relatively low which was reflected by a lower turnover. Weligama Properties, a subsidiary of East West Properties announced a private placement with the latter rising by almost 10%.
On Wednesday, gains on Sri Lanka Telecom and Nestle helped boost indices whilst retail sentiment also picked up. Turnover levels low with institutional activity on the sidelines. With treasuries holding steady, it will bring a sense of relief to equity investors.
ASI gained 26.70 points (0.46%) to close at 5,794.30 and the S&P SL20 index gained 5.74 points (0.17%) to close at 3,322.49. turnover was Rs. 309.4Mn.Top contributors to turnover were Commercial Bank with Rs. 27.4Mn, National Development Bank with Rs. 25.5Mn and Central Finance with Rs. 23.7Mn. Most active counters for the day were East West Properties, Union Bank and Nation Lanka Finance.Foreign participation was 10.41% of total market turnover with net foreign buying of Rs. 11.4Mn.