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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Low activity levels sends bourse down 0.40%

Low activity levels sends bourse down 0.40%

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sriranga

sriranga
Co-Admin
COLOMBO, March 25 (Reuters) - Sri Lankan stocks slipped from a one-month high on Monday despite foreign inflows, snapping a seven-session gaining streak, as investors looked for direction.

The main index fell 0.4 percent, or 23.33 points, to 5,745.55, from its highest close since Feb. 18.

Turnover was 353.4 million rupees, the lowest since March 18 and well below this year's daily average of 1 billion rupees.

Foreign investors were net buyers of 101.6 million rupees worth of shares, extending the year-to-date net foreign inflow to 4.54 billion rupees ($35.79 million) worth of shares.

'Trading was very dull and there was no buying support at all,' said a stockbroker on condition of anonymity.

Stockbrokers said the market was concerned over a new resolution in which the United Nations urged Sri Lanka to carry out credible investigations into killings and disappearances during its nearly 30-year civil war.

Yields in T-bills rose for the fourth straight week at Monday's auction even though the central bank had kept its key policy rates unchanged for a third month in a row.,

The rupee edged down to 126.73/75 to the dollar, sliding from Friday's close of 126.70/75, on slight importer demand for dollars, dealers said. ($1 = 127 rupees)

(Reporting by Shihar Aneez and Ranga Sirilal)

(shihar.aneez@thomsonreuters.com)

(+94-11-232-5540)(Reuters Messaging: shihar.aneez.thomsonreuters.com@reuters.net)
http://www.xe.com/news/2013/03/25/3272393.htm

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

Redbulls

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

Mar 25, 2013 (LBT) - The market opened the week on a slightly negative note with the ASPI losing 0.4% to end the session at 5746 as investors stayed on the sidelines. Turnover declined to LKR353 mn with trading in Sampath Bank and Asian Hotels accounting for 36% of the day’s total. Losers outpaced winners with Asia Siyaka, Muller & Phipps, J.L. Morrison(X) falling by 6.7%, 6.7% and 6.5% and offsetting advances in Miramar Beach, Ceylon Beverage and Serendib Land which rose by 22.5%, 18.7% and 18.6% respectively. Meanwhile, global markets rose today after officials agreed on a bailout deal for Cyprus following a week of
uncertainty.

Despite a general rise in treasury bill rates during 2012, rates have declined since January 2013 with treasury bill yields falling across maturities with the 12 month yield falling by 43 bps to 11.26%, the 6 month yields falling by 107 bps to 10.25% while the 3 month yield fell by 78 bps to 9.22%. Indications are that interest rates could fall further during 2013, however despite the decline, we do not expect a significant shift in funds to the bourse given the relative low correlation between the money market and equities.

Although the current sideways market movement is vitally important in our view to provide investors an opportunity to restructure their
portfolios, knock out dead wood and fly to quality, it has also the added advantage of giving the market the opportunity to allow earnings to catch up thereby compressing PE multiples. This we believe would provide the tailwind necessary to thrust the market into a sustained rise which may result in a gradual increase in multiples, however not too high to cause a headwind. We believe that the PE compression consequently will emanate from firm EPS growth which would trim any excessive build up in valuations thus keeping them at reasonable levels during 2013.http://lbt.lk/stock-market/movement/3990-turnover-for-the-day-declined-to-lkr353-mn-

CSE.SAS

CSE.SAS
Global Moderator
The Colombo bourse fell 0.40 percent on Monday (25) with both indices closing in the red amidst lower activity levels at the start of the three-day week.

The All Share Price Index fell 23.33 points, down 0.40 percent, to close at 5,745.55 while the S&P SL20 closed 0.51 percent lower, down 16.75 points to 3,295.96.

Turnover amounted to Rs. 353.41 million.

Foreign purchases amounted to Rs. 105 million, leading to a net inflow of Rs. 101.60 million.

"The ASPI dipped amid lower activity levels with trades on hotel and banking counters, inclusive of crossings on SAMP and COMB dominating the day’s turnover," John Keells Stockbrokers said.

Bourse down on large caps, said Softlogic Equity Research: "The benchmark index reversed following gains on 8 consecutive days to close 23 points down. Heavy volatility was noted in the index during the early part of the day while the index settled on a downward path towards the latter part with Ceylon Tobacco (-2.8%), John Keells Holdings (-0.6%), Commercial Leasing (-4.0%) and Carsons (-1.1%) weighing negatively on the index.

"Turnover was the second lowest in 4 weeks, but still dominated by banks. Amidst some profit taking turnover recorded to be the lowest since 18.03.2013. Sampath Bank topped the turnover with a single crossing of 315k shares which was dealt at LKR232.0. Low on-board interest was noted in the counter as it closed the day at LKR231.0 (-0.4%). Commercial Bank too recorded a crossing of 200k shares at LKR112.0 while it closed with a dip of 0.8% at LKR113.0. Further interest in banks was noted in Hatton National Bank [Voting], [Non-Voting] and National Development Bank of which the latter registered a new 52-week high price LKR165.0 following the dividend announcement," Softlogic Equity Research said.

DNH Financial’s comments on the market: "Turnover declined to LKR353 mn with trading in Sampath Bank and Asian Hotels accounting for 36% of the day’s total. Losers outpaced winners with Asia Siyaka, Muller & Phipps, J.L. Morrison(X) falling by 6.7%, 6.7% and 6.5% and offsetting advances in Miramar Beach, Ceylon Beverage and Serendib Land which rose by 22.5%, 18.7% and 18.6% respectively. Meanwhile, global markets rose today after officials agreed on a bailout deal for Cyprus following a week of uncertainty."
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=75567

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