ASPI ends week bearish despite foreign buying

It was an overall bearish week for the Colombo Stock Exchange. The ASPI closed at 6494.86 down by 0.68% compared to the previous week with the S&P SL20 closing at 3581.38 down by 0.52%. ASPI recorded a year to date loss of 5.42% as at weekly closure.

The turnover levels for the week decreased by 52% and the aggregated weekly turnover was Rs. 2.29 bn.

The foreigners appeared to be bullish during the week having recorded inflows of Rs.752.8 mn; resulting in a net foreign inflow of Rs. 186.4Mn. The year to date net foreign outflow stands at Rs. 2.77 bn.

The top three (03) positive contributors to the ASPI during the week were Hemas Holdings PLC (Rs.104.20, +7.42%), Ceylon Cold Stores PLC (Rs.640.00, +1.91%), Dialog Axiata PLC (Rs.11.40, +0.88%). Further, the top 3 negative contributors to the ASPI were John Keells Holdings PLC (Rs.149.00, -2.61%), Nestle Lanka PLC (Rs. 2,200.00, -2.24%), Cargills Ceylon PLC (Rs. 168.00, -5.08%).

On a technical analysis perspective the ASPI indicates a neutral view where the daily RSI stands at 42.78. The ASPI is above its 200 day Simple Moving Average level of 6486.

The key Support levels are 6489 and 6432, whereas the key resistant levels stand at 6539 and 6610. - Candor - Wealth Catalysts