Market Review 21st Mar 2013

· The All Share Price Index gained 29.0 points to close at 5,763.8 (0.5%) while the S&P SL20 Index rose 13.7 points to close at 3,313.3 (0.4%).

· Total turnover for the day stood at LKR672.4 mn (USD5,300.6 k) vs. 12-months average daily turnover of LKR858.2 mn (USD6,765 k), whilst the volume traded for the day was 36,336 k against the 12-month average daily volume of 37,724 k.

· Top contributors counters towards the turnover for the day were, Hatton National Bank LKR116.0 mn (USD914.8 k, 2.8%), East West Properties  LKR92.8 mn (USD731.5 k, 7.2%), Commercial Bank LKR64.6 mn (USD509.0 k, -), Asian Hotels & properties LKR38.5 mn (USD303.8 k, 1.5%) and PC House LKR31.3 mn (USD246.8 k, 3.3%).

· The Colombo Bourse continued to trend upwards amidst lower turnovers and volumes being recorded over the course of the day. This was despite the hike in the yields of treasury securities and political risk over the verdict of the United Nations Human Rights Council (UNHCR) which took place today. Hatton National Bank was the top contributor towards the day’s turnover accounting for approx. 17% of the day’s turnover.

This was on the back of a crossing which took place on the counter where 500 k shares change hands at a price of LKR 165. Retail interest was witnessed in counters such as Central Investments & Finance, Janashakthi Insurance and Seylan Merchant Bank, East West Properties witnessed a significant crossing over the course of the day where 6 mn shares change hands at a price of LKR 15, which triggered interest in the stock resulting in a 7.2% price appreciation ending the day at LKR 13.40. In addition crossings were also witnessed on the following counters; PC House benefitted from a crossing of approx. 9.85 mn shares at a price of LKR 3.10 and Central Finance witnessed a crossing of approx. 121.4 k shares at a price of LKR 180.

· Foreign purchases amounted to LKR219.4 mn (USD1,729.8 k), whilst foreign sales amounted to LKR119.7 mn (USD944.0 k). This resulted in a net foreign inflow of LKR 99.7 mn being recorded at the end of the day’s trading.

· Market capitalization stood at LKR 2,215.8 bn. YTD performance is 2.1%.

Source: Asia Wealth Management research