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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » ASPI dips further while renewed interest in SPEN boosts turnover

ASPI dips further while renewed interest in SPEN boosts turnover

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sriranga

sriranga
Co-Admin
COLOMBO, Feb 28 (Reuters) - Sri Lankan stocks fell to a two-month low on Thursday led by blue chips including market heavyweight John Keells Holdings, while foreign buying boosted turnover.

The main share index fell 0.68 percent to 5,635.90, its lowest since Dec. 28.

'Economic worries have hit sentiment after the IMF negative comments,' a stockbroker said on condition of anonymity. 'Retailers sold shares to settle outstanding credit transactions as it is the end of the month.'

The market has fallen 3.4 percent in thin volume since the IMF on Feb. 13 said Sri Lanka was facing slow growth, high inflation and lower tax revenue risks.

John Keells fell 0.76 percent to 234 rupees, while cigarette manufacturer Ceylon Tobacco Co. plummeted 5.95 percent to 721 rupees in thin volume.

Foreign buying accounted for around 75 percent of the day's turnover of 1.43 billion rupees ($11.22 million), more than this year's daily average of 1.06 billion rupees.

Foreign investors sold a net 20.7 million rupees worth of shares, extending the net foreign outflow so far this year to 215.55 million rupees.

The rupee edged down to 127.43/48 to the dollar on inflows from foreign remittances, dealers said. ($1 = 127.5 rupees)

(Reporting by Shihar Aneez; Editing by Nick Macfie)

(shihar.aneez@thomsonreuters.com)(+94-11-232-5540)

(Reuters Messaging: shihar.aneez.thomsonreuters.com@reuters.net)
http://www.xe.com/news/2013/02/28/3228837.htm

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

Redbulls

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

Feb 28, 2013 (LBT) - Bourse continued to move on a downward trend dipping 40 points at its intra-day low before settling with a 38 point plunge at 5,635.9 points. A few large trades in selected counters controlled the market as sizable on-board transactions took center stage with crossings taking up a minute proportion. Large caps dragged indices down as the main negative contributors to the index were Ceylon Tobacco Company (-5.7%), John Keells Holdings (-0.8%), Bukit Darah (-1.5%), Lanka Orix Leasing Company (-3.3%) and Hayleys (-2.9%).

Banking and finance sector emerged prominent during the day’s trading with DFCC Bank, Hatton National Bank and Commercial Bank observed in the top turnover slot with each gaining 0.3%, 0.7% and 0.9% at their respective peaks. The former counters depicted strong buying interest. Sampath Bank retained interest with its earnings release denoting an earnings growth of 26% YoY. Renewed focus on Aitken Spence was a key driver with a 54% contribution to turnover while buying interest in the counter was highlighted with two blocks carrying c.6.2 mn shares being transacted at LKR118.0 and LKR120.1. John Keells Holdings continued to grab the investor eye having peaked at LKR236.4 for the day before closing with a marginal dip.

Investor interest stemmed in the manufacturing sector with Tokyo Cement, Chevron Lubricants highlighting the crossings board as the former added c.1.1 mn shares at a 52-week low (off-board) price of LKR24.1 while the latter encountered a block of c.98k shares at LKR217.0. Retailers continued to step on the sidelines with higher activity in penny stocks however a European Stocks Rise After Draghi Stimulus Comments: European stocks climbed, with the benchmark index heading for its ninth straight monthly gain, as European Central Bank President Mario Draghi and Federal Reserve Chairman Ben S. Bernanke signaled they would maintain monetary support measures. The Stoxx Europe 600 Index gained 0.4% to 288.43 at 10:03 a.m. in London. WTI Oil Rises on Economic Confidence: Crude oil for April delivery settled at USD92.76 a barrel on the New York Mercantile Exchange.
http://lbt.lk/stock-market/movement/3793-aspi-dips-further-while-renewed-interest-in-spen-boosts-turnover

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