During the week, the ASPI thrived in green with a total gain of 512 points predominantly led by banking counters.
Initially, profit booking was observed on small and mid-cap counters while LIOC gathered interest following the proposal issued by the Indian Oil cooperation for an oil distribution pipeline connecting Nagapattinam, Trincomalee and Colombo.
By mid-week banking and treasury counters backed the index exceptionally well ahead of the weekly treasury bill auction amidst active retail participation. Towards the end of the week, buying interest toned down on banking counters while selected blue-chips and consumer stocks enticed considerable level of activities from both foreign and local investors. Further, EXPO gained in price during the latter part of the week following the dividend announcement.
The weekly average turnover was recorded at Rs. 3.7 bn, higher than the monthly average of Rs. 3.0 bn backed by several crossings noted on index heavyweights and the banking sector as high net-worth and foreign investors took positions on fundamentally sound shares. Moreover, the average share volumes for the week was recorded at 144.7 mn recording above the monthly average volume of 128.3 mn.
Over the week, the Banking sector dominated overall turnover while Capital Goods sector and Diversified Financials sectors contributed to strengthen overall turnover.
Foreign investors remained net buyers, recording a net foreign inflow of Rs. 406.5 mn driven by SAMP which recorded a net outflow of Rs. 122.9Mn, respectively during the week. Among the top foreign purchases SPEN and NTB dominated the inflows, recording Rs. 156.0 mn and Rs. 42.5 mn.
- First Capital Research