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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Bourse continues rise for 10th day

Bourse continues rise for 10th day

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1Bourse continues rise for 10th day Empty Bourse continues rise for 10th day Tue Sep 11, 2012 2:05 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
The Colombo bourse continued to rise for the 10th consecutive day on Monday (10) with all three indices closing in the green with turnover topping Rs. 1.89 billion on a volume of 136.8 million shares changing hands during the day.

The All Share Price Index closed 1.73 percent higher at 5,592.03, gaining 95.18 points during the day. The Milanka Price Index of more liquid stocks closed 155.48 points higher, up 3.05 percent to 5,248.84. The S&P SL20 closed at 3,026.50, up 1.43 percent, a gain of 42.69 points during the day.

Foreign buying amounted to Rs. 166.7 million, selling Rs. 127.89 million.

"Retail buying interest centred mainly on speculative second tier counters continued to drive the indices sharply higher. Turnover levels remained above the Rs. 1bn mark for a third consecutive trading day," John Keells Stockbrokers said.

"Turnover jumped to Rs. 1.89 billion with parcels of HVA Foods and Environmental Resources Investments changing hands and accounting for 11 percent of the day’s total.

Amongst the gainers for the day included Ceylon Printers, Tea Smallholder Factories and HVA Foods which rose by 50.0%, 31.3% and 27.0% offsetting declines in Good Hope, EB Creasy and Janashakthi Insurance which lost 16.1%, 8.2% and 6.3% respectively," DNH Financial said.

"From a purely PE valuation point of view, the Sri Lanka bourse is neither expensive nor cheap; the bourse appears cheap considering its historical PE levels, but somewhat expensive relative to other frontier/emerging markets. However, on an all important Price to Growth (PEG) basis, the market remains attractive both on historical as well as peer comparison," it said.

"Technically the markets have closed almost at the day’s highs indicating the inherent strength in the current rally. If we look at the hourly charts the markets opened with a gap consolidated for a while and then exploded. The rally has been broad based and 5,620 is the immediate resistance level and above that the next resistance level comes at 5,800," Bartleet Religare Securities said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=61238

2Bourse continues rise for 10th day Empty Bourse up for 10th session in a row Tue Sep 11, 2012 10:18 am

Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Sri Lankan stocks extended gains for a 10th straight session yesterday, jumping 1.73 percent to a seven-month high in strong volume led by blue chips.

The Colombo Stock Exchange’s main index gained 95.18 points, to 5,592.03, its highest close since February 2.

It has risen 11.55 percent in the last 10 sessions on the hopes that the new Securities and Exchange Commission head, Nalaka Godahewa, will come up with new market friendly ideas to revive the market, which has fallen 9.51 percent this year.

The bourse is at an overbought region since August 28, Thomson Reuters data shows.

The 14-day Relative Strength Index yesterday was at 89.854, well above the upper neutral range of 70.

Danushka Samarasinghe, research head at Colombo-based TKS Securities, said blue chips have been heavily discounted and given their growth prospects, they are warranted for sharp price appreciation.

“However, with the market having a sharp correction in the recent past with a revival in sentiment, the broad market is recording a sharp price appreciation.

Therefore market participants should be mindful not to chase after overvalued counters purely on a speculative bias,” he told Reuters.

Turnover was Rs.1.89 billion ($14.28 million), more than double this year’s daily average of Rs.880.3 million.

The bourse saw foreign inflows of Rs.38.8 million worth of shares, extending the net inflow so far this year to Rs.28.7 billion.

The rupee closed firmer at 132.25/30 against the dollar, from Friday’s close of 132.30/35 on exporter dollar sales, dealers said.
http://www.dailymirror.lk/business/stock/21827-bourse-up-for-10th-session-in-a-row-.html

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