April: unexciting time for the stock exchange

Sentiment at the Colombo Stock Exchange was unexciting in April, Barleet Mallory Stockbrokers (BMS) said in a recent report.

"The overall sentiment was unexciting within the month of April, with the seasonal effect taking its toll on the market. Lack of liquidity slowed down market activity, and resulted in volatile All Share Price Index (ASPI) movement. Investor interest seen in relatively illiquid stocks during the later part of the month aided in upward trends in the broader ASPI. A more retail driven market was evident during the month," BMS said.

"The ASPI gained 130.85 points (1.85 percent) during the month and closed at 7,356.97. The Milanka Price Index (of more liquid stocks), however, lost 51.97 points (0.71 percent) to close at 6,822.77. Total turnover for April was Rs. 31 billion compared to Rs. 53 billion recorded in the previous month," it said.

BMS said foreign investors selling overran buying to record a net foreign outflow of Rs. 1.2 billion.

"The month also saw the releasing of March quarter financial statements, with companies belonging to the manufacturing and banking sectors releasing strong quarter-end results," BMS said.

Sector wise, the Motors counter gained 37.19 percent during the month, stores and supplies were up 20.65 percent, services 13.72 percent and chemicals and pharmaceuticals 12.3 percent.

The banking, finance and insurance counter fell 0.75 percent, power and energy was down 1.74 percent while telecommunications 1.35 percent.

Adopted from island.lk