ASPI neutral amidst reduced turnover levels

It was an overall neutral week for the Colombo Stock Exchange amidst reduced turnover levels. The ASPI closed at 6428.77 up by 0.09% compared to the previous week with the S&P SL20 closing at 3428.58 up by 0.36%. The ASPI recorded a year to date loss of 6.39% as at weekly closure.

The turnover levels for the week decreased by 51% and the aggregate weekly turnover was Rs. 2.14 bn. Foreigners appeared to be bullish during the week having recorded inflows of Rs. 727.8 mn; resulting in a net foreign inflow of Rs. 193.17 mn. The year to date net foreign outflow stands at Rs. 4.8 bn.

The top three positive contributors to the ASPI during the week were Distilleries Company of Sri Lanka PLC (Rs. 234.90, + 8.75%), Dialog Axiata PLC (Rs. 11.00, +1.85%), Nestle Lanka PLC (Rs. 2,398.70, +1.23%).

The top three negative contributors to the ASPI were Ceylon Tobacco Company PLC (Rs. 970.40, -1.87%), Indo-Malay PLC (Rs. 1,429.60, -13.83%), Lanka Orix Leasing Company PLC (Rs. 82.00, -2.96%).

On a technical analysis perspective, the ASPI indicates a neutral view where the daily RSI stands at 55.98. The ASPI is below its 200 day Simple Moving Average level of 6580. The key support levels are 6360 and 6250, whereas the key resistant levels stand at 6489 and 6677. Candor - Wealth Catalysts