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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Banking stock powers CSE, indices gain further

Banking stock powers CSE, indices gain further

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1Banking stock powers CSE, indices gain further Empty Index bullish on heavy weights Thu Mar 21, 2013 6:03 pm


Director - Equity Analytics
Director - Equity Analytics


Mar 21, 2013 (LBT) - Bourse adopts a bullish tone: The benchmark index was on an upward momentum today with the index gaining during the 1st hour and the last hour of the day. The midday was more of a consolidation phase for the index. With the blue chips on the run, the S&P SL 20, too has witnessed a similar pattern gaining 14 points during the day. Nestle, DFCC and Aitken Spence weighted positively on index while Carsons and Dialog weighted negatively on the index.

Large blocks in speculative counters lead turnover: East West was the top performer for the day with a crossing of 6mn shares taking place at 52-week low off- market price of LKR15.0. Heavy trading in PC House continued to grab investor attention following the announcement of its rights issue which generated selling pressure. The counter recorded an off-market deal of 9.8mn shares at LKR3.1. The counter touched a 52-week low price of LKR2.9 before closing the day at LKR3.0. Its holding company PCH Holdings also recorded on-board interest with a large block of 3.7mn shares changing hands at LKR5.8.

Banks continue to impress investors: Commercial Bank witnessed considerable on board interest as the counter traded between LKR113.5 and LKR114.4 while it closed marginally down for the day at LKR113.7 (-0.3%). Hatton Nation Bank [Voting] and Non-Voting counters continued to attract investor attention with the former recording a crossing of 500k shares at LKR165.0 while the latter renewed its 52-week high price to LKR132.0. Further interest was noted in National Development Bank, DFCC and Seylan Bank [Non-Voting] with all 3 counters recording 52-week high prices. Retail activity slowly switching to the blue-chips: The retail favourite counters have been recording continuous selling pressure during the current quarter with most investors looking to switch to more fundamental counters which continue record high turnover levels.



COLOMBO, March 21 (Reuters) - Sri Lankan stocks gained for a sixth straight session on Thursday, hitting a more than a one-month high as foreign investors bought blue chips.

Local investors have stayed on the sidelines as yields in T-bills have risen for three consecutive weeks.

The main index ended 0.51 percent or 29.01 points higher at 5,763.83, its highest close since Feb. 18.

Foreign investors were net buyers of 99.7 million rupees worth of shares, extending the year-to-date net foreign inflow to 4.29 billion rupees ($33.86 million) worth of shares.

Yields on treasury bills rose for the third straight week at a Wednesday's auction even though the central bank kept its key policy rates unchanged for a third month in a row.,

Analysts have expressed concern about the implications for the economy of a resolution issued on Thursday by the main U.N. human rights forum urging Sri Lanka to conduct credible investigations into the killings and disappearances during its nearly 30-year civil war that ended in 2009.

News of the resolution's adoption was made public after the bourse was closed for the day.

Turnover was 672.4 million rupees, less than this year's daily average of 1 billion rupees.

The rupee ended weaker at 126.98/127 to the dollar from Wednesday's close of 126.74/80 on importer dollar demand, dealers said. ($1 = 126.7000 Sri Lanka rupees)

(Reporting by Shihar Aneez and Ranga Sirilal; Editing by Ron Popeski)


(Reuters Messaging:


Global Moderator

Interest in banking stock drove the Colombo bourse yesterday to post a turnover of Rs.672.4 million, up from the previous day’s Rs.539.7 million, with both indices up – the All Share by 29.01 points (0.51%) and S&P SL20 up by 13.72 points (0.42%) with 156 gainers comfortably ahead of 53 losers while 45 counters closed flat.

Foreign purchases amounted to Rs. 219.42 million, leading to a net foreign inflow of Rs. 99.68 million.

"The ASPI ended higher amid subdued activity levels, with trades on HNB, EAST, and COMB accounting for over 40% of market turnover inclusive of block trades. The market also saw crossings on PCH and CFIN," John Keells Stockbrokers said.

Block trades were posted by HNB (voting), East West, Central Finance and PC House with crossings contributing a business volume of Rs.224.9 million.

Brokers said that all these deals were done in single parcels with 0.5 million HNB crossed, 6 million East West (4% of the company), 0.1 million Central Finance and 9.9 million PC House crossed at previous price levels.

Commercial Bank (voting) generated the most business on the floor closing flat at Rs.114 on 0.6 million shares done between Rs.113.50 and Rs.114.40 contributing Rs.64.5 million to turnover.

Asian Hotels followed closing one rupee up at Rs.70 on nearly 0.6 million shares traded between Rs.69.20 and Rs.71.50 contributing Rs.38.5 million to turnover.

HNB closed Rs.4.60 up at Rs.167 on the floor on 0.2 million shares while NDB closed Rs.2 up at Rs.162.50 on over 0.1 million shares, DFCC was up Rs.6 at Rs.130.90 on over 0.1 million shares and Sampath Rs.1.20 down at Rs.231.on 43,754 shares.

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