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Expectance of a new political era buoyed equity markets strongly last week with the benchmark All Share Price Index (ASPI) rising a cumulative 257.4 points over the previous week to break its previous 42 month high, Acuity Stock Brokers said in its weekly market review.
"Retail sentiments recovered strongly particularly on Friday as hopes of a constitutional change following the appointment of a new president supported equities," the report said.
Some analysts expected the UNP playing a prominent role in new administration to improve prospects for economic reforms saying that the market was optimistic after the results were in. This was apparent by Friday's surge with both indices gaining over 100 points each and turnover topping Rs. 3.7 billion.
Friday's gain on the ASPI accounted for approximately 42% of the week's cumulative contribution with gains in approximately 158 counters sharply off setting declines in 46 counters.
The broking house noted that positive retail sentiment was also reflected in the more liquid S&P SL20 index which gained approximately 86.53 points on Friday.
"Institutional and foreign investors however, retained a largely passive stance during the week with crossings accounting for approximately 15.97% of the week's market activity while the net foreign position for the week was net outflows of Rs. 411.18 million with net sales of approximately Rs. 546.29 million over the week."
Acuity expects the markets to retain bullishness though the holiday-shortened trading week, coupled with the papal visit, is likely to translate to marginally slower activity.
The report said that Access Engineering was the highest contributor to the week's turnover with a contribution of Rs. 850.3 million.
www.island.lk
"Retail sentiments recovered strongly particularly on Friday as hopes of a constitutional change following the appointment of a new president supported equities," the report said.
Some analysts expected the UNP playing a prominent role in new administration to improve prospects for economic reforms saying that the market was optimistic after the results were in. This was apparent by Friday's surge with both indices gaining over 100 points each and turnover topping Rs. 3.7 billion.
Friday's gain on the ASPI accounted for approximately 42% of the week's cumulative contribution with gains in approximately 158 counters sharply off setting declines in 46 counters.
The broking house noted that positive retail sentiment was also reflected in the more liquid S&P SL20 index which gained approximately 86.53 points on Friday.
"Institutional and foreign investors however, retained a largely passive stance during the week with crossings accounting for approximately 15.97% of the week's market activity while the net foreign position for the week was net outflows of Rs. 411.18 million with net sales of approximately Rs. 546.29 million over the week."
Acuity expects the markets to retain bullishness though the holiday-shortened trading week, coupled with the papal visit, is likely to translate to marginally slower activity.
The report said that Access Engineering was the highest contributor to the week's turnover with a contribution of Rs. 850.3 million.
www.island.lk
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