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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » ASI gains 40 points

ASI gains 40 points

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sriranga

sriranga
Co-Admin

COLOMBO, Jan 2 (Reuters) - Sri Lankan stocks gained in heavy volume on Wednesday to a near 12-week high as a fall in fixed income yields prompted investors to turn to more risky assets, while the rupee ended up after the central bank said it would maintain a flexible exchange rate.

The main share index closed 0.72 percent, or 40.79 points firmer, at 5,683.79, its highest close since Oct. 12, Reuters data showed.

Analysts said the positive sentiment was due to easing interest rates and a rosy central bank outlook for 2013.

Treasury bill yields eased between 9-33 basis points to nine-month lows at a weekly auction, in line with a surprise cut in interest rates last month.

The central bank in its policy announcement relaxed restrictions on foreign exchange trading with effect from Wednesday including a three-month limit on forward booking and it raised commercial banks' net opening positions.

The central bank also said it expected a 7.5 percent economic growth in 2013, while it will maintain a flexible exchange rate for the rupee.

Shares of Commercial Bank of Ceylon, which accounted for 85 percent of the day's turnover of 1.68 billion rupees ($13.16 million), rose 0.97 percent to 104 rupees.

Foreign investors were net sellers of 17.15 million rupees worth of shares after being net buyers of a record 38.63 billion rupees worth shares last year.

The rupee closed firmer at 127.40/45 to the dollar compared with Tuesday's close of 127.70/75, on bank selling, dealers said.

Sri Lanka Forex Association, a body which represents currency dealers, welcomed the central bank moves to boost foreign exchange trade. ($1 = 127.7000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Robert Birsel)

(ranga.sirilal@thomsonreuters.com)(+94-11-232-5540)

(Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net)
http://www.xe.com/news/2013/01/02/3142605.htm?c=1&t=

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

2ASI gains 40 points Empty ASI gains 40 points Wed Jan 02, 2013 7:16 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

By The Nation

The year started on a strong note as a further reduction in yields of treasury bills helped to create excitement. Retail activity picked up today which helped to boost sentiment to some extent whilst institutional interest on Commercial Bank bolstered turnover. Commercial Bank contributed 85.3% of total market turnover. Indices closed higher helped by a late surge in retail participation as the All Share Price Index was in negative territory in early trading. Whilst a positive trend could be expected, we encourage investors to base their buying decisions on the fundamentals and prospects of the company.

ASI gained 40.79 points (0.72%) to close at 5,683.79, S&P SL20 index gained 5.55 points (0.18%) to close at 3,090.88. Turnover was Rs. 1,677.0Mn.

Top contributors to turnover were Commercial Bank with Rs. 1,431.3Mn, Nation Lanka Finance with Rs. 33.6Mn and Asia Asset Finance with Rs. 12.6Mn. Most active counters were Nation Lanka Finance, Asia Asset Finance and Central Finance & Investments.

Notable gainers for the day were Central Finance & Investments up by 18.2% to close at Rs. 5.20, Nation Lanka Finance up by 15.3% to close at Rs. 11.30 and NDB Capital up by 14.4% to close at Rs. 498.90. Notable losers for the day were Citrus Hikkaduwa down by 7.1% to close at Rs. 22.10, Amana Takaful down by 5.6% to close at Rs. 1.70 and Tokyo Cement down by 2.1% to close at Rs. 28.00.

Cash map for today was 61.13%. Foreign participation was 85% of total market turnover whilst net foreign selling was Rs. 17.2Mn.
http://www.nation.lk/edition/biz-news/item/14192-asi-gains-40-points.html

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