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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Bourse turns bullish after 3-day bear run

Bourse turns bullish after 3-day bear run

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1Bourse turns bullish after 3-day bear run Empty Bourse turns bullish after 3-day bear run Fri Oct 19, 2012 12:51 am


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Bourse turns bullish after 3-day bear run
Published : 12:01 am October 19, 2012 | 0 views | No comments so far | Print This Post | E-mail to friend

The Colombo stock market saw a welcome rebound yesterday after being beset by a bear run in the past three days.
The All Share Index gained by 39 points and MPI by 74 points with turnover was a healthy Rs. 943 million.

The rebound since Friday is welcome considering the fact over Rs. 100 billion in value had been lost despite the SEC implementing three directives beneficial to the market. However, analysts said profit taking was understandable after the market had risen sharply between late August and early October.
The low turnover of Rs. 372 million on Wednesday was seen as an indicator that selling pressure prevalent previously had eased off. Consequently fresh round of buying was envisaged and the exact thing took place yesterday.
A development that remains emphatic is the persistent foreign buying, which resulted in a net inflow of over Rs. 200 million yesterday too.
NDB Stockbrokers said fundamentally-sound counters such as John Keells Holdings, Chevron, Distilleries and Commercial Bank contributed to the turnover. Institutional and high net worth investor participation was seen in John Keells Holdings, Chevron and Hunas Falls Hotels. Retail activity remained low with counters such as Nation Lanka Finance and Asiri Hospitals gaining interest.
“The Bourse took a break from the bear run as all three indices turned green after three days of consecutive losses of +150 points, with fresh buying notably in steady counters,” Softlogic Stockbrokers said.
All three indices trended upwards and remained in the green during most of the trading hours albeit some intraday volatility, it added.
Sri Lanka Telecom (+3.3%), Aitken Spence (+2.3%), Nestle Lanka (+1.7%), Asian Hotels & Properties (+2.8%) and Commercial Bank (+1.2%) weighed on the broader index positively as it closed with a 38.9 point advance. The liquid MPI overrode the ASPI as it peaked at 5,148.0 (+93 points) before settling at 5,129.9 points. Sturdy gains were registered in Free Lanka Capital Holdings (+3.9%), Lanka Hospital Corporation (+4.7%), Nations Lanka Finance (+6.5%) and Nations Trust Bank (+3.5%) representing the MPI calibre.
Softlogic said high net worth and institutions proved to be active with the amount of on board heavy trades which drew the top turnover slot. Retailers too were notable with play in Lanka Hospital Corporation, Nations Lanka Finance and East West Properties.
“But the overall tone of the market, the investors are yet on a ‘wait-and-see’ mode despite the emergence of some buying on the selected lot,” Softlogic opined.
Yesterday heavyweight, John Keells Holdings, emerged strong as the blue chip infused some life to the otherwise subdued turnover levels as two large off market deals carrying around 900,300 shares in the counter at its close of Rs. 205.0 constituted around 30% of the day’s turnover.
It closed in the green with a marginal 0.5% gain at Rs. 203.9. Renewed investor play was witnessed in Hunas Falls Hotels as the counter saw a block of 899,000 shares (around 15% stake) being crossed off at Rs. 65.
Considerable investor participation was evident in Chevron Lubricants as the counter saw a parcel of 100,000 shares being taken on board at Rs. 195. The counter advanced 2% at its close of Rs. 195. Interest extended in both Distilleries and Colombo Dockyard, as each witnessed a large on-board deal of 216,000 and 130,000 shares at Rs. 141 and Rs. 223 respectively.
Among the banking sector, Commercial Bank (+1.2%), National Development Bank (+2.3%) and Sampath Bank (+1.3%) retained buying interest as the former saw several large deals being handled in the market. High Dividend plays, Nestle Lanka and Ceylon Tobacco both attracted interest as each appreciated 1.7% and 0.3% respectively.
Further renewed play was evident in plantation sector counter Namunukula Plantations as the counter saw several large trades on board including a 136,800 share parcel being dealt at Rs. 80 each. The counter closed flat at Rs. 80. Interest continued in Asiri Hospital Holdings as a block of 899,000 shares was seen taken on board.
Retail activity prominently evolved around Lanka Hospitals Corporation, Citrus Leisure, Free Lanka Capital Holdings, Touchwood and HVA Foods.


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Some Interesting points to read...and indications of upswings ....on selected ones to be noted....we will see in coming weeks if the GREEN is true (Trend Change) cheers


Bourse shrugs off this week’s losing streak
* All indices and turnover up
The Island -October 18, 2012, 9:11 pm

The Colombo bourse yesterday shrugged off this week’s losing streak with turnover up to Rs.621.1 million from the previous day’s Rs.371.1 million, and all three indices up – the All Share by 38.92 points (0.70%), the Milanka by 74.39 points (1.47%) and S&P by 14.72 points (0.29%) with 174 gainers leaving 60 losers trailing while 24 counters closed flat.

Brokers said that the market had looked up with retail sentiment more positive and block trades in Hunas Falls Hotels and JKH contributing a good slice of the day’s turnover.

"The indices rebounded sharply on the back of renewed buying interest which resulted in strong gains on several large caps. Activity levels were boosted by crossings on JKH and HUNA, but remained subdued vs. average daily turnover levels during the previous month," John Keells Stockbrokers said.

Foreign purchases amounted to Rs 325.20 million, resulting in a net inflow amounting to Rs. 210.74 million.

Mercantile Investments sold off a long-held stake in Hunas Falls, the country’s most popular honeymoon hotel, to Amaya Leisure associated with the Hayleys group at a price of Rs.65 a share. The deal, where nearly 0.9 million shares changed hands, was worth Rs.58.4 million.

There were also crossings of 0.9 million JKH at Rs.205 per share with the two transactions on this account worth Rs.184.6 million.

On the trading floor, Chevron Lubricants led the turnover league with nearly 0.2 million shares done between Rs.191 and Rs.196 generating Rs.31.9 million business and closing Rs.3.90 up at Rs.195.

Distilleries saw over 0.2 million shares done, closing Rs.1.50 down at Rs.140 trading between Rs.139.10 and Rs.144 and contributing Rs.30.6 million to the day’s turnover.

Brokers said that many blue chips saw price appreciation with Dockyard up Rs.3 to close at Rs.223, Commercial Bank (voting) up Rs.1.20 to close at Rs.106, Nestle up Rs.19.70 to close at Rs.1,210, NDB up Rs.4.30 to close at Rs.136 and Ceylon Tobacco up Rs.1.90 to close at Rs.700 among the most traded stocks.

Dockyard with over 0.1 million shares traded between Rs.220 and Rs.223 contributed Rs.29 million to turnover, Commercial Bank with 0.2 million shares done between Rs.105 and Rs.106.50 generated Rs.21.6 million and Nestle with 14,334 shares transacted, the bulk of which was done at Rs.1,199.90 although the stock closed at Rs. Rs.1,210, contributed Rs.17.2 million to turnover.

Lanka Hospitals (Apollo) saw over 0.3 million shares done closing Rs.2.50 up at Rs.46.40 trading between Rs.42.80 and Rs.46.40 while NDB saw 75,338 shares done between Rs.131.60 and Rs.136 generating a turnover of Rs.10.1 million.

Shaw Wallace & Hedges announced the resignation of CEO/Director M.N. Gunasekera with effect from October 16 and Ceylon & Foreign Trades announced a first and final dividend of five cents per share for 2011/12 with dates to be notified.


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
end of next week we could see the true colours of cse ...i am not hoping because i like to see it myself to be sure....but the feeler we are getting is its turning lets see traders..

thanks for the article btw.

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