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Turnover on the Colombo bourse last week hit a 23-month high helping to push the All Share Price Index to an 11-month high, Acuity Stockbrokers said in its Weekly Market Review.
"Significant foreign inflows dominated markets this week helping turnover hit a 23-month high," the report said. "Japanese logistics group Sagawa (via its holding company SG Holdings) acquired a 30% stake in Expolanka, triggering a mandatory offer on the company and dominating the day’s turnover."
This transaction accounted for approximately 88% of Friday’s turnover and helped push the ASPI to an 11-month high of 6,284.87.
The report said that significant foreign inflows stemming from the transaction boosted net foreign inflows during the week to Rs.6.89 billion helping narrow the year-to-date net outflow position to Rs.0.6 billion. This compared to a net outflow of Rs.6.88 billion excluding the Expolanka transaction.
"Markets in the weeks ahead are likely to retain the positive momentum as institutional and retail investors generate sustained buying interest," the report said.
It noted that the market had maintained the previous week’s positive momentum with both indices ending the week with ASPI gaining 0.58% (36.43 points) and S&P SL20 gaining 0.62% (21.45 points).
The Expolanka deal accounted for 60% of the week’s total market turnover followed by Seylan (non-voting) contributing 5.28% and JKH contributing 3.28% of the week’s turnover value
The daily average market turnover at Rs.2.33 billion was up 162.61% from a week earlier while total turnover for the week at Rs.11.63 billion compared with Rs.3.54 billion in four trading days the previous week.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=103100
"Significant foreign inflows dominated markets this week helping turnover hit a 23-month high," the report said. "Japanese logistics group Sagawa (via its holding company SG Holdings) acquired a 30% stake in Expolanka, triggering a mandatory offer on the company and dominating the day’s turnover."
This transaction accounted for approximately 88% of Friday’s turnover and helped push the ASPI to an 11-month high of 6,284.87.
The report said that significant foreign inflows stemming from the transaction boosted net foreign inflows during the week to Rs.6.89 billion helping narrow the year-to-date net outflow position to Rs.0.6 billion. This compared to a net outflow of Rs.6.88 billion excluding the Expolanka transaction.
"Markets in the weeks ahead are likely to retain the positive momentum as institutional and retail investors generate sustained buying interest," the report said.
It noted that the market had maintained the previous week’s positive momentum with both indices ending the week with ASPI gaining 0.58% (36.43 points) and S&P SL20 gaining 0.62% (21.45 points).
The Expolanka deal accounted for 60% of the week’s total market turnover followed by Seylan (non-voting) contributing 5.28% and JKH contributing 3.28% of the week’s turnover value
The daily average market turnover at Rs.2.33 billion was up 162.61% from a week earlier while total turnover for the week at Rs.11.63 billion compared with Rs.3.54 billion in four trading days the previous week.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=103100
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