The initial loss of over 180 points at open yesterday seemed to flush out the weak hearted and ofcourse the debters of the first week , who probably got forced to sell and the nervous investers to book profit. Overall the market closed down 37 points but most active counters except BIL Hayleys LOLC ,CIC, PARQ , had already gained lost ground including JKH that actually created a new high since 1st half of 2021 to close at 160. The brokering community rivalry is quite visible with the traditional foreign dominant players feeling the brunt of the lackadaisical performance of the companies with heavy Foreign invester influence trying hard to promote such counters to release the positions taken before the pandemic hit. The current situation where the large foreign held blocks of shares are not seeing local investor interest hence the uptrend in prices of such stocks have been limited and totally underperformed last year with the foreign contribution to the turnover of 2021 has been only around 5%
With the possible inflation hedge of real estate investment picking up the companies with such exposure are slowly getting the invester eye especially led by JKH , PLR, OSEA ,CSD, CABO, and a little clutter on social media on possible Indian influence on the Soft Logic group has driven it’s related share prices up significantly.
Overall the expectation is the mkt to turn green today and continue on the uptrend after the expected pull back from the 1000 point gain we saw last week.
Tile , Cable Palm Rubber and a new possitive sentiment directed towards tourism optimism is expected in KHL Aitken Spence , AHPL AHUN and some hotel sector shares.
