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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » “Crossings in JKH drives turnover…”

“Crossings in JKH drives turnover…”

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ddindika

ddindika
Manager - Equity Analytics
Manager - Equity Analytics
Market remained stagnant with lower activity levels as crossings in JKH boosted turnover for the day. Blue chips topped the turnover for showing positive signs that investor accumulation is taking place. Sri Lanka Telecom, John Keells Holdings and Bukit Darah were the main positive contributors for the day while AHOT Properties, Hatton National Bank and Keells Hotels the main negative contributors.

The stagnant mode in the bourse continues with investor interest deteriorating primarily due to the prevailing interest rates. However the attractive valuations are continuing to grab foreign interest with Net foreign inflow for the year exceeding LKR26 bn.

John Keells Holdings grabbed the limelight with 6 crossings during the day accounting for 873k shares dealt at a price of LKR185.0. The counter has been continuously attracting foreign interest led by its heavy liquidity in the market. Investor interest improved in the share amidst the strong results that were released last week. The counter closed the day with a .49% gain at LKR185.0.

National Development Bank continued to enter the top turnover list with the counter trading close to its to its book value. The counter saw 142k shares trading during the day. Despite investor interest counter lost ground to close at LKR110.0 down 1.2%. Interest in a few more banking sector counters including Hatton National Bank and Nations Trust Bank. The former marginally declined in value to close at LKR133.5 while the latter gained 3% during the day.

Lion Brewery, a counter with a strong growth potential saw a block of 52k shares changing hands on-board allowing the coutner to enter the top performers list.

Most Europe Stocks Gain On Greek Debt Optimism: Most European stocks advanced, as the benchmark Stoxx Europe 600 Index extended a four-month high, after Greece and its creditors agreed on the need to strengthen policy efforts to support growth. The Stoxx 600 (SXXP) added 0.1%to 265.90 at 10:04 a.m. in London.

Oil Drops After Biggest Gain In 5 Weeks: Oil slid from the highest close in two weeks in New York amid speculation that its biggest gain in more than a month was excessive. Oil for September delivery slid as much as 77 cents to USD90.63 a barrel in electronic trading on the New York Mercantile Exchange.

http://colombostockwatch.com/2012/08/crossings-in-jkh-drives-turnover/

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