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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka stocks at 6 wk low on margin call; Rupee down

Sri Lanka stocks at 6 wk low on margin call; Rupee down

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sriranga

sriranga
Co-Admin
COLOMBO | Mon Oct 22, 2012 4:54pm IST
Oct 22 (Reuters) - Sri Lankan stocks slumped on Monday to their lowest level in six weeks with turnover skidding to a two-month low on retail selling on margin calls ahead of the central bank's board meeting on rate policy later in the day.

The Colombo Stock Exchange's main index fell 1.69 percent, or 95.64 points, to 5,553.89, its lowest close since Sept. 7.

"There is selling pressure as some brokers forced retailers to settle debts and they had to come down and sell at lower prices," a stockbroker said on condition of anonymity.

Analysts said investors remained on the sidelines ahead of an announcement on central bank monetary policy due on Tuesday.

The day's turnover was 257.1 million rupees ($1.99 million), lowest since August 17 and less than a third of this year's daily average of 945 million rupees.

The market saw a net foreign inflow of 36 million rupees, extending the net offshore inflow to 33.55 billion rupees so far this year.

The rupee ended weaker at 129.75/80 to the dollar compared to Friday's close of 129.10/20, on seasonal importer demand for dollars, dealers said. ($1 = 129.0250 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Ron Popeski)
http://in.reuters.com/article/2012/10/22/markets-srilanka-idINL3E8LM5XQ20121022

http://sharemarket-srilanka.blogspot.co.uk/

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@sriranga wrote:"There is selling pressure as some brokers forced retailers to settle debts and they had to come down and sell at lower prices," a stockbroker said on condition of anonymity.
Is this the real reason and or have they run out of explanations ? Shocked

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@Kithsiri wrote:
@sriranga wrote:"There is selling pressure as some brokers forced retailers to settle debts and they had to come down and sell at lower prices," a stockbroker said on condition of anonymity.
Is this the real reason and or have they run out of explanations ? Shocked

Wow 10% drop from 6000 and margin calls? Idea

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
October 22, 2012 (LBO) – Sri Lanka stocks closed down 1.69 percent Monday with most blue-chips trading at lower prices.

The Colombo All Share Index closed at 5,553.89 down 95.64 points and the S & P SL 20 Index closed 31.96 points lower at 3010.02 down 1.05 percent.

Turnover dipped to a two month low with 257 million rupees. Top contributors to the day's turnover were John Keells Holdings with 39 million rupees, Commercial Bank with 20 million rupees Chevron with 20 million rupees.

Aitken Spence Holdings PLC slipped 3.90 rupees to close at 123.20 rupees down 3.07 percent. Chevron Lubricants Lanka PLC gained 0.50 cents up to close at 196.50 rupees up 0.26 percent.

Dialog Axiata PLC slipped 0.20 cents to close at 8.20 rupees down 2.38 percent.

Index heavy John Keells Holdings PLC gained 1.00 rupee to close at 207.00 rupees up 0.49 percent.

Commercial Bank slipped 0.50 cents to close at 105.00 rupees down 0.47 percent. DFCC Bank slipped 1.40 rupees to close at 109.60 rupees down 1.26 percent.

Hatton National Bank PLC slipped 0.90 cents to close at 152.00 rupees down 0.59 percent.
http://lbo.lk/fullstory.php?nid=594149504

econ

econ
Global Moderator
it seems market is failing to sustain even with Godahewa factor Very Happy

6Sri Lanka stocks at 6 wk low on margin call; Rupee down Empty Bourse falls sharply, sentiments weak Tue Oct 23, 2012 1:00 am

CSE.SAS

CSE.SAS
Global Moderator
The Colombo bourse fell sharply on selling pressure Monday (22) with all three indices closing in the red amidst weak investor sentiments, brokers said.

The All Share Price Index fell 1.69 percent to close at 5,553.89 down 95.64 points (down 8.57 year to date) while the Milanka Price Index of more liquid stocks lost 46.39 points to close 0.9 percent lower at 5,090.09. The S&P SL20 fell 1.05 percent, down 31.96 points to close at 3,010.02.

"The market opened on a flat note but turned into a sea of red due to persistent selling pressure. The negative market breadth reflected the weak sentiment prevailing in the market. There were 175 shares on the declining side and only 31 shares advanced," Bartleet Religare Securities said.

Activity was low with only 12.2 million shares changing hands during the day generating a turnover of Rs. 257.06 million. Foreign inflows amounted to Rs. 79.5 million leading to a net foreign buying position of Rs. 36 million.

"Sharp drops in several large caps dragged the indices lower amidst renewed selling pressure across the board. Activity levels remained subdued and were led by trades on JKH, Commercial Bank, and Chevron Lubricants, which collectively accounted for over 30% of turnover," John Keells Stockbrokers said.

JKH closed 0.49 percent higher at Rs. 207 with 189,087 shares changing hands during the day. Commercial Bank fell 0.47 percent to Rs. 105 on 196,352 shares. Chevron Lubricants closed 0.26 percent higher at Rs. 196.50 on 104,332 shares.

Commercial Development Company was the biggest gainer, moving up by 15.64 percent to close at Rs. 75.40 with just one share being traded.

Bogala Graphite gained 7.69 percent to close at Rs. 29.40.

Selinsing was the biggest loser, down 16.6 percent to Rs. 1,105 while Commercial Leasing and Finance fell 12.19 percent to Rs. 3.60.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=64349

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