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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Turnover records LKR870 Mn with trading in JKH, AMSL & HNB

Turnover records LKR870 Mn with trading in JKH, AMSL & HNB

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Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

WRITTEN BY THARANGA SENARATNE

Feb 18, 2013 (LBT) - The ASPI opened the week on a weak note losing 1.0% to close the trading session at 5775. Turnover recorded LKR870 mn with trading in John Keells Holdings, Asiri Surgical Hospital and Hatton National Bank accounting for 63% of the day’s total. Losers outpaced winners with Udapussellawa Plantations, Equity One and Renuka Shaw Wallace declining by 12.6%, 12.4% and 10.0% and offsetting gains in SMB Leasing(X), Colombo Investment. Trust and Entrust Securities which rose by 12.5%, 10.3% and 7.8% respectively. Meanwhile, Asian markets ended mostly higher today, with a slide in the yen after the weekend Group of 20 meeting boosted Japanese equities, although Chinese stocks bucked the trend as trading resumed after a week-long holiday.

In corporate news, Distilleries Company of Sri Lanka PLC (DIST) reported a net revenue growth of 7.8% during 3Q2012/13 to LKR7.1 bn after contributing LKR8.9 bn as direct taxes to the government. Net profit meanwhile improved significantly by 485% to LKR1.5 bn on the back of improved operating efficiencies coupled with lower corporate tax expenses notwithstanding 156% increase in finance expenses during the period. The beverage segment was the biggest contributor to the group’s revenue and profits during the first nine months of FY2012/13 which contributed 86% to the cumulative revenue and profit.

Although we experienced a decline in the market today, we don’t believe that it is sustainable. Alternatively, the question facing many invested or seeking a portfolio investment in the Sri Lanka bourse is whether the country’s robust economics would be accompanied by an equally strong performance in the ASPI. Our belief is yes but only over the medium to longer term. We firmly believe that careful stock selection will determine the true extent of an investor’s gains by constructing a portfolio of the most compelling companies in the ASPI not purely based on macro- economic fundamentals, but strategically positioned to tap the 2013/2014 earnings cycle which we believe is tied to local consumption dynamics. In this respect, we are buyers of selected stocks in the Banking, Diversified, Tourism and F&B sectors which we expect would benefit fully out of the domestic expansion and pass our tests of top line growth prospects, margin sustainability, quality of management and valuation.
http://lbt.lk/stock-market/movement/3713-turnover-records-lkr870-mn-with-trading-in-john-keells-holdings-asiri-surgical-hospital-and-hatton-national-bank-

2Turnover records LKR870 Mn with trading in JKH, AMSL & HNB Empty Bourse down 0.95% Tue Feb 19, 2013 12:33 am

sriranga

sriranga
Co-Admin

The Colombo bourse slumped 0.95 percent yesterday (18).

The All Share Price Index fell 55.67 points, down 0.95 percent to close at 5,774.59 while the S&P SL20 closed 24.97 points lower, down 0.76 percent at 3,249.28.

Foreign purchases amounted to Rs. 441.3 million while foreign sales amounted to Rs. 397.66 million.

Turnover reached a little more than Rs. 869.8 million on 36 million shares changing hands during the day.

Crossings in HNB, CARS, AMSL and several in JKH helped buoy turnover levels.

PCP was the biggest loser down 13.13 percent to close at Rs. 9.30. UDPL closed 12.58 percent lower at Rs. 25 while EQIT closed 12.38 percent at Rs. 27.60.

ESL was the biggest gainer up 7.81 percent to close at Rs. 20.70. CITH closed 7.14 percent higher at Rs. 18.40 while CIT closed 4.51 percent to Rs. 124.60.

"Strong declines in several large and mid-cap counters dragged the indices sharply lower amid subdued activity levels. Trades on JKH and AMSL accounted for over 55% of market turnover, inclusive of a block trade on JKH. The market also saw crossings on CARS and HNB," John Keells Stockbrokers said.

"Although we experienced a decline in the market today (18), we don’t believe that it is sustainable. Alternatively, the question facing many invested or seeking a portfolio investment in the Sri Lanka bourse is whether the country’s robust economics would be accompanied by an equally strong performance in the ASPI," DNH Financial said.

"Our belief is yes but only over the medium to longer term. We firmly believe that careful stock selection will determine the true extent of an investor’s gains by constructing a portfolio of the most compelling companies in the ASPI not purely based on macro-economic fundamentals, but strategically positioned to tap the 2013/2014 earnings cycle which we believe is tied to local consumption dynamics. In this respect, we are buyers of selected stocks in the Banking, Diversified, Tourism and F&B sectors which we expect would benefit fully out of the domestic expansion and pass our tests of top line growth prospects, margin sustainability, quality of management and valuation."
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=72914

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

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