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Indices created wavy patterns during today’s trading amidst uncertainty
prevailing in the financial markets with the recent policy changes and the
governments’ decision to cut growth forecasts for 2012. The benchmark ASPI
fluctuated between a high and a low of 5,434.6 & 5,407.5 points, before
settling to close marginally in the red at 5,418.1 points. Nevertheless,
liquid MPI managed to secure a marginal 18.8 points gain at its close of
4,822.3 points amidst gains made in few heavyweights including Carsons
Cumberbatch, John Keells Holdings & Aitken Spence Hotel Holdings.
The current uncertainty prevailing in the financial markets over the
direction of interest rates, exchange rate and the resulting impact on the
economic growth, have clearly weighed on Sri Lankan equity. We expect the
investors’ “wait and see” approach to continue until the uncertainty over
the exchange rates & interest rates mild down to some extent. The overall
activity levels of the bourse remained slow, except for few large deals that
took place assisting the turnover to cross LKR1 bn mark after 5 trading
sessions.
A counter which has been relatively dormant in the recent past, Aviva NDB
Insurance, saw renewed activity. A single off – market deal carrying 1.5 mn
shares (a 5% stake) in the insurance sector player assisted it to top the
turnover list for the day with a 26.5% contribution. The deal was seen
handled at LKR203.0, where the counter closed the day at LKR209.5, advancing
by 3.2%.
Strategic deals were also evident in related companies, PC Pharma and Orient
Garments. Both the counters saw five crossings each accumulating to 8.2 mn
(8.1% stake) and 15.5 mn shares (28.1% stake) being transacted at LKR25.0 &
LKR15.2 per share each respectively. Both the counters were seeing trading
on their respective 52 – week lows today, where each saw several large
trades being drawn in the market as well.
Following continuous overseas buying in heavyweight, John Keells Holdings,
the counter continued to appreciate as it touched a high of LKR195.7, before
closing with a gain of 0.5% at LKR195.0. Renewed play was evident in
manufacturing sector player, Dipped Products, as it saw several large on -
board deals, leading it to close advancing by 3.4% at LKR90.7. Speculative
play continued in Bimputh Lanka Investments, Swarnamahal Financial Services
& Blue Diamonds.
Europe Stocks Gain as Oil extends losses: European stocks rose, extending an
almost eight-month high, as the Federal Reserve raised its economic
assessment. The MSCI Asia Pacific Index rose 0.5% while Standard & Poor’s
500 Index futures expiring in June lost less than 0.1%. Oil fell as much as
0.5 percent in New York, extending its earlier decline.
Crude for April delivery on the New York Mercantile Exchange dropped as much
as 53 cents to $106.18 a barrel and was at $106.23 as of 9:40 a.m. London
time.
http://colombostockwatch.com/2012/03/market-remains-flat-as-the-large-deals-lift-turnover/
prevailing in the financial markets with the recent policy changes and the
governments’ decision to cut growth forecasts for 2012. The benchmark ASPI
fluctuated between a high and a low of 5,434.6 & 5,407.5 points, before
settling to close marginally in the red at 5,418.1 points. Nevertheless,
liquid MPI managed to secure a marginal 18.8 points gain at its close of
4,822.3 points amidst gains made in few heavyweights including Carsons
Cumberbatch, John Keells Holdings & Aitken Spence Hotel Holdings.
The current uncertainty prevailing in the financial markets over the
direction of interest rates, exchange rate and the resulting impact on the
economic growth, have clearly weighed on Sri Lankan equity. We expect the
investors’ “wait and see” approach to continue until the uncertainty over
the exchange rates & interest rates mild down to some extent. The overall
activity levels of the bourse remained slow, except for few large deals that
took place assisting the turnover to cross LKR1 bn mark after 5 trading
sessions.
A counter which has been relatively dormant in the recent past, Aviva NDB
Insurance, saw renewed activity. A single off – market deal carrying 1.5 mn
shares (a 5% stake) in the insurance sector player assisted it to top the
turnover list for the day with a 26.5% contribution. The deal was seen
handled at LKR203.0, where the counter closed the day at LKR209.5, advancing
by 3.2%.
Strategic deals were also evident in related companies, PC Pharma and Orient
Garments. Both the counters saw five crossings each accumulating to 8.2 mn
(8.1% stake) and 15.5 mn shares (28.1% stake) being transacted at LKR25.0 &
LKR15.2 per share each respectively. Both the counters were seeing trading
on their respective 52 – week lows today, where each saw several large
trades being drawn in the market as well.
Following continuous overseas buying in heavyweight, John Keells Holdings,
the counter continued to appreciate as it touched a high of LKR195.7, before
closing with a gain of 0.5% at LKR195.0. Renewed play was evident in
manufacturing sector player, Dipped Products, as it saw several large on -
board deals, leading it to close advancing by 3.4% at LKR90.7. Speculative
play continued in Bimputh Lanka Investments, Swarnamahal Financial Services
& Blue Diamonds.
Europe Stocks Gain as Oil extends losses: European stocks rose, extending an
almost eight-month high, as the Federal Reserve raised its economic
assessment. The MSCI Asia Pacific Index rose 0.5% while Standard & Poor’s
500 Index futures expiring in June lost less than 0.1%. Oil fell as much as
0.5 percent in New York, extending its earlier decline.
Crude for April delivery on the New York Mercantile Exchange dropped as much
as 53 cents to $106.18 a barrel and was at $106.23 as of 9:40 a.m. London
time.
http://colombostockwatch.com/2012/03/market-remains-flat-as-the-large-deals-lift-turnover/
