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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Bourse slides on low turnover - Foreign interest persists on blue chips

Bourse slides on low turnover - Foreign interest persists on blue chips

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

WRITTEN BY THARANGA SENARATNE

Mar 13, 2013 (LBT) - Indices denote losses while turnover slowed: Bourse witnessed a slowdown in activity while turnover recorded the lowest level for the month reflecting sluggish investor sentiment clouded by the prevailing macroeconomic outlook. The benchmark index which gained 12 points at its intra-day high could not sustain its momentum as large caps dragged indices down denoting losses in Ceylon Tobacco Company (-1.4%), Bukit Darah (-2.7%) and Nestle Lanka (-2.0%) leading the index to settle at 5,685.82 points. Consequently the S&P SL20 index concluded trading with a dip of 11 points at 3,235.24 points.

BFI & Diversified sector contributed 74% to the turnover: John Keells Holdings emerged to dominate turnover at the final hour of trading backed by an off-board parcel of 327k shares which was transacted at a 52-week high (off-market) price of LKR237.0. The counter renewed its 52-week high at LKR239.0 (+0.6%) today. Hatton National Bank and Commercial Bank encountered strong on-board participation as each touched LKR110.9 (+0.8%) and LKR157.0 (+1.2%) at their intra-day high levels respectively. The former added 400k shares to the crossings board at LKR156.0 and the latter added c.244k shares at LKR110.0. Union Bank continued to attract interest between prices of LKR16.3 and LKR16.9 while National Development Bank touched a new 52-week high of LKR157.0 today.

Manufacturing sector focus surrounded TJL: Textured Jersey Lanka booked a slot in the top turnover list supported by several large on-board transactions as its price appreciated 5.2% to LKR10.1 before closing at LKR10.0. Its valuations still remain attractive at current prices with PER standing at 6.4x FY14E and 4.5x FY15E earnings with dividend yields of 5% and 7% respectively. Retail activity continued its slow pace: Retail activity remained subdued with most of the retail favourites trading at 52-week low levels. PC Pharma saw a further 1.5 mn share block being transacted at LKR8.1 while majority of activity surrounded penny counters.
http://lbt.lk/stock-market/movement/3892-bfi-a-diversified-sectors-take-the-lead-taking-up-74-of-turnover

sriranga

sriranga
Co-Admin

COLOMBO, March 13 (Reuters) - Sri Lankan shares ended weaker on Wednesday, slipping from a more than two-week high in thin trade as investors sold large caps, dealers said.

The main share index fell 0.32 percent, or 18.50 points, to 5,685.82.

Analysts said that many local investors stayed on the sidelines as yields on treasury bills rose for the second week despite the central bank holding its key policy rates unchanged for a third straight month last week.

'Local investors will be on the sidelines as long as the interest rates remain high,' said a stockbroker on condition of anonymity.

Foreign investors, however, were net buyers of 64.36 million rupees worth of shares, extending year-to-date foreign inflows to 3.17 billion rupees.

Turnover was 447 million rupees ($3.55 million), the lowest since Feb. 22 and well below this year's daily average of 1.05 billion rupees.

The rupee ended weaker at 126.50/55 to the dollar slipping from a one-month closing high of 126.18/28 hit on Tuesday due to importer dollar demand, dealers said. ($1 = 126 rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Nick Macfie)

(ranga.sirilal@thomsonreuters.com)(+94-11-232-5540)(Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net)(twitter.com/rangab a)
http://www.xe.com/news/2013/03/13/3252145.htm

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

sriranga

sriranga
Co-Admin

The Colombo bourse declined yesterday with turnover down to Rs.447.02 million from the previous day’s Rs.671.6 million and both indices sliding – the All Share Price Index by 18.50 points (0.32%) and S&P SL20 by 11.58 points (0.36%) with 97 losers ahead of 91 gainers while 60 counters closed flat.

Foreign purchases amounted to Rs. 196.92 million, leading to net inflow of Rs. Rs. 64.37 million.

Brokers said that much of the day’s turnover came off block trades in Commercial Bank where over 0.2 million shares were crossed at Rs.110 in a deal worth Rs.26.9 million, 0.4 million HNB crossed at Rs.156 contributing Rs.62.4 million to turnover and a crossing of over 0.3 million JKH at Rs.237 generating Rs.77.5 million. The block trades totaled Rs.166.8 million in a day of limited business volume.

Brokers said that foreign buying continued in JKH, HNB and Commercial Bank.

"The ASPI ended lower amid low activity levels, with crossings on JKH, HNB and COMB accounting for 35% of the day’s turnover," John Keells Stockbrokers said.

Commercial Bank was the biggest business generator on the floor closing 30 cents up at Rs.110.30 on over 0.2 million shares done between Rs.109.90 and Rs.110.90 contributing Rs.36.9 million to turnover. JKH followed closing Rs.1.50 up at Rs.239 on over 0.1 million shares done between Rs.237 and Rs.239 contributing Rs.26.7 million to turnover.

Textured Jersey continued to show volume and price gain closing 20 cents up at Rs.9.80 on over 1.8 million shares done between Rs.9.60 and Rs.10.10 generating a turnover of Rs.18.3 million while HNB closed 20 cents up at Rs.155.20 on over 0.1 million shares traded between Rs.155 and Rs.157 contributing Rs.18.2 million to turnover.

Among other most traded stock showing price gains were Union Bank up 50 cents to close at Rs.16.50 on 0.9 million shares, Sampath up Rs.1.50 to Rs.234.50 on 43,235 shares and Distilleries up 80 cents to Rs.174.80 on 48,485 shares.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=74617

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

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