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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » The ASPI ended lower amid sharp drops in some large and mid cap counters

The ASPI ended lower amid sharp drops in some large and mid cap counters

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
WRITTEN BY THARANGA SENARATNE

Jan 21, 2013 (LBT) - The bourse opened the week on a negative note with the ASPI declining by 0.2% to close at 5862 as investors booked profit on certain counters. Turnover however increased to LKR890 mn, with trading in Environmental Resources Investments, Commercial Bank and Sampath Bank accounting for 67% of the day’s total. Losers outpaced gainers with Colombo Investment Trust, Kuruwita Textile and Abans Finance falling by 20.2%, 8.5% and 7.4% offsetting gains in SMB Leasing (X), Miramar Beach and Hayleys Fibre which rose by 25.0%, 12.9% and 9.7% respectively. Meanwhile Asian stock markets were mixed, with shares in Japan sinking as caution set in ahead of the Bank of Japan’s highly-anticipated policy meeting tomorrow.

In economic news, despite the declining trend in Sri Lankan T bills, yield on more long term treasury bonds remained flat across maturities with bond maturing on May 01, 2021 (8 years and 4 months) were sold to yield an average of 11.64% and bonds maturing on July 01, 2028 (15 years, 6 months) were sold to yield 12.25% the same as in the previous auction. Meanwhile 03 year and 05 month bond maturing on June 01, 2016 was sold to yield 10.98%.

While market PEs have been on a recovering trend, we believe that the current multiple of 16.6X does not still fully reflect the valuations of a number of fundamentally strong stocks which are trading at notable discount to the market multiples. With investors having pushed up the price of lower quality companies during the past bull run, an opportunity to invest in companies of higher fundamental value now exists with significant upside potential of reversing relative underperformance. With trading volumes showing increasing trend, we believe that the market is starting its rerating process. Consequently, with the 3Q2013/4Q2012 results yet to be released, we advise investors to take advantage of this window period to select stocks that are likely to outperform based on solid intrinsic values.
http://lbt.lk/stock-market/movement/3500-the-aspi-ended-lower-amid-sharp-drops-in-some-large-and-mid-cap-counters

sriranga

sriranga
Co-Admin
Jan 21 (Reuters) - Sri Lanka's stock market ended marginally weaker on Monday, slipping off a three-month high, with top fixed-line phone operator Sri Lanka Telecom pulling down the index amid foreign selling.

The main share index closed 0.23 percent, or 13.75 points weaker, at 5,862.02, from its highest close since Oct. 3.

The market has been overbought since early this year with its 14-day relative index at 80.448 on Monday, well above the upper neutral range of 70, Reuters data showed.

"It's a technical correction. We still see optimism among investors due to declining interest rates," a stockbroker said on condition of anonymity.

Shares in Sri Lanka Telecom fell 5.05 percent to 47 rupees in thin volume.

Yields in government securities have been falling due to foreign inflows into treasury bills and bonds in recent weeks.

Turnover on Monday was 899.87 million rupees ($7.11 million). Foreign investors were net sellers of 370.98 million rupees worth of shares, but have been net buyers of 110.15 million rupees this year. Sri Lanka last year enjoyed a record inflow of 38.63 billion rupees.

The rupee closed marginally weaker at 126.62/66 to the dollar from Friday's close of 126.55/60.
($1 = 126.5500 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Ron Popeski)
http://in.reuters.com/article/2013/01/21/markets-srilanka-idINL4N0AQ3Q920130121

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

K.Haputantri

K.Haputantri
Co-Admin
Thanks Shri.

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