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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » IPO Refunds Should Boost the Market in the Coming Week

IPO Refunds Should Boost the Market in the Coming Week

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shan


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
During the week the All Share Price Index (ASPI) declined by ­351.70 points to close at 7313.02 points, while the Milanka Price Index (MPI) declined by 207.26 points to close at 6822.16 points. The daily average turnover was SLRs. 2.0bn compared to SLRs. 3.8bn last week and the week ended with foreign buying amounting to SLRs. 965mn whilst foreign selling was SLRs.1.6bn.

On Monday largest turnover was reported on NDB which closed up SLRs.4.00 at 354.50 with more than 1.1mn shares traded. Piramal Glass which was among the most actively traded stocks (25mn shares) closed up SLRs.1.20 (11%) at 12.10 making a significant contribution in terms of turnover. Nawaloka Hospital was highlighted as the most heavily traded for the day (62mn shares) of which majority was bought by Dr.Senthilverl for a total consideration of SLRs.225mn increasing his stake to 10.8%. Total turnover for the day reached SLRs.3.1bn and market closed in a negative not with ASPI and MPI losing 82.17 points and 13.55 points respectively.

Market plunged on Tuesday with ASPI losing 136.65 points and MPI by 82.51 points. Total turnover reached SLRs.1.9bn to which the largest contribution was made by 1mn shares of JKH which traded between SLRs.280.10 and 286.50 followed by Royal Ceramic and Lanka Tiles. Day’s most heavily traded Piramal Glass closed down at SLRs.11.90 posting over SLRs.90mn in turnover. Two consecutive days of sharp decline had a snowballing effect on indices bringing ASPI and MPI down by 102.45 points and 86.02 points respectively on Wednesday. Total turnover amounted to SLRs.2.3bn to which the largest contribution of SLRs.656mn was made by JKH which closed down SLRs.7.20 at 275.40 with more than 2.3mn shares traded. Royal Ceramics also made a significant contribution to day’s total turnover with approximately 1.6mn shares traded between SLRs.150.00 and 160.00 of which 1mn shares traded at SLRs.150.00 by way of a crossing while another 200,000 shares at 152.00.

The market that was oversold changed direction on Thursday with retail punters grabbing shares of fundamentally strong counters at absolute bargains. ASPI and MPI gained 40.47 points and 31.90 points respectively while total turnover reached SLRs.1.7bn. Lankem development which announced a 15 for 1 rights issue at SLRs.25.00 each closed up SLRs.16.40 (34.8%) at 63.50 being day’s top gainer posting the single largest turnover. Day’s most heavily traded (7.3mn shares) P C House made a significant contribution to turnover while the share closed up 80 cents at SLRs.18.50.

On Friday both ASPI and MPI declined by 70.90 points and 57.08 points respectively and sluggish market conditions were witnessed with day’s total turnover limited to SLRs.951mn, dropping below the SLRs.1bn mark for the first time in 2011. Approximately 2.8mn shares of York Arcade actively traded during the day between SLRs.37.50 and 44.70 posting day’s largest turnover and closed up 11.3% at SLRs.40.30.

Despite the slight rise in inflation the central bank kept policy rates unchanged and the Treasury Bill yields remained low at the last auction. Inflation is expected to ease when food supplies start coming from areas affected by recent floods. Hence investors should not have any fear regarding the possibility of any immediate increase in interest rates.

According to technical analysis ASPI is heading towards the oversold region, while the MPI is already oversold. Thus this is an ideal time for investors to accumulate fundamentally strong shares as the market is expected to surge with excess liquidity tied up in the recent Initial Public Offer being released back to the market in the coming week.
www.dailymirror.lk

Fresher


Moderator
Moderator
How can it possible be. Since another large IPO is just around the corner and this one will be fair for the retail investors. So can expect more real cash than BGs

ShareShares


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
When IPOs refund almost 100 percent repeatdly people tend to focus on the share market again. they realize it is not worth chasing behind IPO. Now the market is more attractive. Investors have got lot of funds in hand , that is why so much of over subscription.

Fresher


Moderator
Moderator
@ShareShares wrote:When IPOs refund almost 100 percent repeatdly people tend to focus on the share market again. they realize it is not worth chasing behind IPO. Now the market is more attractive. Investors have got lot of funds in hand , that is why so much of over subscription.

it is true if the SEC had not come up with the new directive.
But now 'retail investors' will be allocated half the issue (50% which is stated in the Free Lanka Prospectus)
this will definitely allow much better allocation.
Further the oversubscription was a result of inflated BGs. Infact, the ones who apply through BG will realise that it's no longer feasible to apply through the same. In my view, it is them who have been hardly hit than retailers while banks have been the winners.

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics
To say that IPO refunds would boost the market is wishful thinking. Most of the money used for the Union Bank IPO doesn't even exist!!

The real money that's refunded, well that will go straight back into another IPO Free Lanka. What ever that's left is likely to be sucked up into rights issues. By my count there's at least 10 Billion rupees worth of rights that have to be paid for during the next three months.

6IPO Refunds Should Boost the Market in the Coming Week  Empty have u get UB refund Sat Mar 12, 2011 11:47 am

beginner

beginner
Equity Analytic
Equity Analytic
have UB refund money.
Anyone got that please share.
if they didn't refund in next week, no money to apply for Free lanka IPO.

Can anyone explain best strategy for getting more shares from IPO

[list][*]apply from various names & accounts
[list][*] apply qty like 3000 or 9000/19000/49000
(not as 2000/10000/20000/50000)

Fresher


Moderator
Moderator
@beginner wrote:have UB refund money.
Anyone got that please share.
if they didn't refund in next week, no money to apply for Free lanka IPO.

Can anyone explain best strategy for getting more shares from IPO

[list][*]apply from various names & accounts
[list][*] apply qty like 3000 or 9000/19000/49000
(not as 2000/10000/20000/50000)

for me it has been refunded yesterday. I believe it is the same case for most if not all of us.
so you should be able to apply.

I think we can worry less about allotment for future IPOs because of the new rule.

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