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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka stocks at near 4-wk high on foreign buying

Sri Lanka stocks at near 4-wk high on foreign buying

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sriranga

sriranga
Co-Admin
COLOMBO, March 19 (Reuters) - Sri Lankan stocks edged up for the fourth straight session on Tuesday to a near four-week high on foreign buying in blue chips like market heavyweight John Keells Holdings.

Many investors stayed away because of rising interest rates.

The main index ended 0.26 percent or 14.85 points higher at 5,722.86, its highest close since Feb. 22.

Analysts said many domestic investors stayed on the sidelines as yields on treasury bills rose for the second week on Wednesday even though the central bank kept its key policy rates unchanged for a third straight month.

Analysts also said retailers were worried about the effect of allegations Sri Lanka faces at the U.N. Human Rights Council in Geneva over the conduct of its military in the final stages of the 2009 defeat of Tamil Tiger separatists.

Shares in conglomerate John Keells Holdings rose 1.58 percent to 243.80 rupees.

Turnover was 933.6 million rupees ($7.39 million), less than this year's daily average of 1.02 billion rupees.

Foreign investors were net buyers of 221.8 million rupees worth of shares, extending the year-to-date net foreign inflow to 3.98 billion rupees worth of shares.

The rupee ended weaker at 126.55/65 to the dollar from Monday's close of 126.30/35. ($1 = 126.3000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez)

(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/2013/03/19/3262061.htm

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

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Turnover for the day increased to LKR 934 mn

WRITTEN BY THARANGA SENARATNE

Mar 19, 2013 (LBT) - Having opened on a quiet note yesterday, the bourse gathered momentum today gaining 0.3% to close at 5723 as a result of selective buying in a number of bluechip counters. Turnover increased to LKR934 mn with trading in John Keells Holdings and PCH Holdings accounting for 48% of the day’s total. Gainers outpaced losers with Ceylon Hospitals(X), Asiri Central, Nestle rising by 38.9%, 12.5% and 11.3% and offsetting losses in Industrial Asphalts, Orient Finance and Commercial Development which declined by 11.0%, 10.0% and 9.2% respectively. Meanwhile, global markets rebounded today, but investors remained wary over a bailout plan for Cyprus which was set for a parliamentary vote laterin the day.

While market momentum appears to be building up, we advise investors to continue to adopt a selective approach, cherry picking counters that will benefit from the domestic consumption story. In terms of the macro-economic front, while we do share some concern regarding inflationary pressures which may continue to remain high in the short to medium term (in turn trimming EPS growth prospects for companies that are overly leveraged), we continue to remain Overweight on bluechip stocks in the diversified, f&b, banking and tourism sectors that are expected to outperform. Furthermore, with domestic interest rates expected to decline, competition from alternative asset classes such as money market instruments is likely to be less pronounced which could encourage the flow of funds into equities.
http://lbt.lk/stock-market/movement/3941-turnover-for-the-day-increased-to-lkr-934-mn-

sahan8896


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Analysts said many domestic investors stayed on the sidelines as yields on treasury bills rose for the second week on Wednesday even though the central bank kept its key policy rates unchanged for a third straight month.


Reason for lack of new money.But existing investors are at loss and they can't afford to sell @ loss and put in FD's.Everyone waiting for the move.May be a manipulation past 6000 will help most to cash in and newcomers may enter with news.6000 is key.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Easily 6000 can achivable with couple of Introduction of new companies.

Between June 2012 and now by the way of introduction and Employee Share option the Market Capitalization gained around 60Billion. without that our ASPI will be around 5400.

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