During the week the All Share Price Index (ASPI) increased 433.87 points to close at a new all time high of 6,457.28 points, while the Milanka Price Index (MPI) also increased by 479.47 points to a new high of 6,757.50 points. The daily average turnover was SLRs.4.3bn compared to SLRs.4.2bn last week and the week ended with foreign buying amounting to SLRs.2.32bn whilst foreign selling was SLRs.2.34bn.
On Monday the market surged with great vigour with ASPI and MPI increasing 107.81 points and 157.04 points respectively while the market capitalisation passed the two trillion mark for the first time. Day's largest turnover was posted by 2.75mn shares of Distilleries which actively traded between SLRs.170.00 and 183.50 and closed up SLRs.13.20 (8%) at 180.10. Commercial Bank Richard Pieris Royal Ceramics and JKH were also amongst the top contributors to day's total turnover of SLRs.4.3bn.
On Tuesday total turnover amounted to SLRs.3.9bn to which blue chip counters made a massive contribution. Approximately 1.4mn shares of Distilleries traded between SLRs.175.00 and 194.00 and closed up at SLRs.183.60 posting day's single largest turnover, followed by LOLC which closed up SLRs.104.70 (9.5%) at 1,204.10 with more than 200,000 shares traded. Aitken Spence, and RICH were also actively traded, each posting in excess of SLRs.200mn in terms of turnover. Touchwood Investments was amongst the most heavily traded stocks for the day and closed up SLRs.3.40 (10%) at SLRs.38.40 with 4mn shares traded. The market closed on a positive note with ASPI and MPI increasing 43.84 points and 16.91 points respectively.
On Wednesday the Regulators issued a directive to remove the 10% price band on share prices with effect from next Monday. Amaya Reef which have increased approximately 10% daily for 10 consecutive days since it announced a share consolidation and a rights issue, continued to close up a further 9.5% at SLRs.13.80 with 17.9mn shares traded posting the day's largest turnover. Commercial Bank which closed up SLRs.10.00 (4.6%) made a significant contribution in terms of turnover with more than 1mn shares actively traded. Approximately 3.8mn shares of TWOD traded between SLRs.37.00 and 40.80, and closed flat at SLRs.38.40. There was renewed interest in the banking sector shares amongst which NTB, PABC, and Peoples Merchant Bank (PMB) closed up almost 10%. Total turnover for the day amounted to SLRs.3.9bn while ASPI and MPI surged 63.39 points and 36.45 points respectively.
On Thursday 1.1mn shares of JKH posted day's largest turnover of SLRs.314mn followed by Amaya Reef which continued to gain a further 10% to close at SLRs.15.10 and was also the most heavily traded (19.2mn shares). There was heavy buying interest on banking sector shares amongst which PMB, Seylan Bank, NTB, Merchant Bank and PABC closed up almost 10% posting a significant turnover. The indices recorded a rapid rise of 105.26 points and 127.32 points on ASPI and MPI respectively. 6.5mn shares of TWOD traded during the day while the share closed down SLRs.3.30 as no judgement was delivered in the case filed by Sri Lanka Accounting & Auditing Standards Monitoring Board and the next hearing was put off to December 3rd.
On Friday 213,600 shares of Aitken Spence traded between SLRs. 2,950.00 and SLRs.3,000.00 posting the day's largest turnover of SLRs. 640mn followed by JKH with a turnover of SLRs. 477mn. More than 1.6mn shares of the counter traded with 1mn shares changing hands through crossings. Banking sector continued to attract interest with both NTB voting share and warrant closing up 10%. Day's total turnover amounted to SLRs. 5.3bn while the indices continued its rapid growth with both ASPI and MPI gaining 113.57 points and 141.47 points respectively.
With the removal of the controversial price bands from Monday we expect the market to continue to move up, despite the possibility of investors booking profits on counters which moved up substantially over the last week.
