CSE weekly market report for the week ended 22nd Jan 2010.
Despite positive close on Friday overall market ASI) dipped 31.41 points to close the week at 3531.73. With increased election fever market was unable to find the direction. Investors who did not wish to take the post election risk sold their shares to take the advantage of recent gains. Total equity turnover for the week was 6.06 billion rupees. Foreigners purchased 476.6 million worth of stocks while sold stocks valued 1512 million rupees.
Top gainers for the week.
· First Capital was up by Rs 35.00 (+125%) to close at Rs 63.00.
· Seylan Merchant gained Rs 1.55 (+32.98%) to close at Rs 6.25.
· MTD Walkers closed at Rs 364.00, up 84.75 (+30.35%).
· Ceylon Brewery closed at Rs 147.00, up 27.00 (+22.5%).
· Asiri Central Closed Rs 19.25 (+19.11%) higher at Rs 120.00.
Top percentage losers for the week.
· Nation Lanka lost 3.75 (-18.99%) to end the week at Rs 16.00.
· Ceylon Leather Products closed at Rs 92.75, down Rs 17.00 (-15.49%).
· People’s Merchant Bank lost Rs 4.50 (-11.32%) to close at Rs 35.25.
· Hotel Sigiriya lost Rs 5.75 (-10.18%) to end the week at Rs 50.75.
· Kandy Hotels closed at Rs 106.75, down Rs 11.25 (-9.53%).
Our opinion is long term investors should not worry over the Presidential Election results. Even if the result is one not expected by investors, the market fall will be very short term. It will be definitely picked up in medium term.
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