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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » ASPI extends gains; banks provide silver lining

ASPI extends gains; banks provide silver lining

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sriranga

sriranga
Co-Admin
(Reuters) - The Sri Lankan rupee gained slightly to a one-year closing high on Friday on high remittances ahead of the traditional new year, but currency dealers expect it to ease back after the holiday.

The rupee edged up to 125.50/70 to the dollar, from Thursday's close of 125.65/70, its strongest close since April 9, 2012.

"Inflows from inward remittances continued. This will be the trend until the new year festival, imports have also diminished," a currency dealer said who declined to be identified.

"But we expect it to fall after the new year with imports picking up," the dealer said.

Most Sri Lankans will celebrate the traditional new year on April 13 and April 14.

The currency has risen 1.6 percent this year after falling 10.7 percent in 2012.

The main index ended 0.22 percent, or 12.38 points, firmer at 5,765.94, its highest since Feb 18.

Foreign investors, who mainly bought banking stocks, were net buyers of 155.6 million rupees worth of shares, extending the year-to-date net foreign inflow to 5.82 billion rupees ($46.26 million). Last year, the bourse saw a net inflow of $303 million

Expectations of easing interest rates and improved earnings outlook have helped boost foreign demand on banks as well as local retail investor sentiment, analysts said.

Yields in T-bills were steady at a weekly auction, ending a four-week rising trend, two days after the central bank chief said that market interest rates would ease this year as the monetary authority maintains a loose monetary policy stance. ,

Turnover was 634.2 billion rupees ($5.04 billion), well below this year's daily average of 1 billion rupees.

($1 = 125.8000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anand Basu)
http://uk.reuters.com/article/2013/04/05/markets-srilanka-idUKL3N0CS1PN20130405

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

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
BFI sector takes the lead adding 66% to turnover
Written by Tharanga Senaratne

Apr 05, 2013 (LBT) - ASPI extended gains; banks provided silver lining: The benchmark index which dipped amidst selling pressure during mid-day grasped pace during latter trading securing a gain of 12 points at its close of 5,765.94 points. BFI sector proved its dominancy adding 66% to the turnover. Gains denoted in Commercial Leasing (+6.7%), Commercial Bank (+1.8%) and Nestle Lanka (+1.6%) supported the uptrend, outweighing losses made in National Development Bank (-5.9%) and John Keells Holdings (-0.5%). The S&P SL20 with its YTD yield standing at 7.4%, dipped 6 points to 3,312.53 points with losses denoted in large caps.

UBC spearheaded turnover, crossings added 32% turnover: Union Bank took the top slot contributing 27% to the day’s turnover. Its price witnessed a sharp appreciation of 9.7% to LKR22.5 at its intra-day high before it closed with a gain of 7.8% at its close of LKR22.1. The counter added 5.5 mn shares to the crossings board at a 52-week (off-market) price of LKR20.0. Nations Trust Bank continued gain momentum with a further 1 mn shares transacted via 2 crossings at a 52-week high (off-market) price of LKR60.2. John Keells Holdings which saw rather dormant on-board activity today encountered a block of c.136k shares which was crossed off at LKR248.0.

BFI outpaced the rest: Banking sector play persisted strongly with Sampath Bank, National Development Bank Commercial Bank, Nations Trust Bank and Union Bank emerging center stage. The former two counters dipped 1.7% and 5.9% on the back of its dividend XD date expiring today while the rest managed to sustain the investor eye. DFCC Bank continued to trade at a 52-week high of LKR140.6. Renewed play in Cargills and Asiri Central Hospital: Cargills saw renewed buying interest as it encountered a block of c.85k dealt at its intra-day high of LKR155.0. The latter touched a new 52-week high at LKR329.9 on thin volume after an on-board pick of 84k shares at LKR250.1. Improved retail activity: Retail activity saw some improvement with Union Bank, Blue-Diamond Voting & Non-Voting and Dialog Axiata topping the most active list.
http://www.lbt.lk/stock-market/movement/4089-bfi-sector-takes-the-lead-adding-66-to-turnover

K.Haputantri

K.Haputantri
Co-Admin
The news that the CB intends to allow mobile phone opperators to facilitate electronic transfer of foreign currency also may have helped the rupee.

CSE.SAS

CSE.SAS
Global Moderator
The Colombo stock market ended the week on a mixed note with benchmark All Share Index up but blue chip S&P SL 20 Index down marginally with Friday’s turnover amounting to Rs. 634 million.

“The benchmark index dipped amidst selling pressure during mid-day grasped pace during latter trading securing a gain of 12 points at its close of 5,765.94 points,” Softlogic Stockbrokers said.

The Banking, Finance and Insurance sector proved its dominancy adding 66% to the turnover.
Gains denoted in Commercial Leasing (+6.7%), Commercial Bank (+1.8%) and Nestle Lanka (+1.6%) supported the uptrend, outweighing losses made in National Development Bank (-5.9%) and John Keells Holdings (-0.5%).

The S&P SL20 with its YTD yield standing at 7.4%, dipped 6 points to 3,312.53 points with losses denoted in large caps, Softlogic said.

Union Bank spearheaded turnover with crossings adding 32% to turnover.

“Union Bank took the top slot contributing 27% to the day’s turnover. Its price witnessed a sharp appreciation of 9.7% to Rs. 22.5 at its intra-day high before it closed with a gain of 7.8% at its close of Rs. 22.1. The counter added 5.5 million shares to the crossings board at a 52-week (off-market) price of Rs. 20,” Softlogic said. It also said Nations Trust Bank continued gain momentum with a further 1 million shares transacted via 2 crossings at a 52-week high (off-market) price of Rs. 60.2.

Premier blue chip John Keells Holdings which saw rather dormant on-board activity today encountered a block of 136,000 shares which was crossed off at Rs. 248 each.

The broking firm also said the banking sector play persisted strongly with Sampath Bank, National Development Bank Commercial Bank, Nations Trust Bank and Union Bank emerging center stage. The former two counters dipped 1.7% and 5.9% on the back of its dividend XD date expiring yesterday while the rest managed to sustain the investor eye. DFCC Bank continued to trade at a 52-week high of Rs. 140.6.

Cargills saw renewed buying interest as it encountered a block of 85,000 dealt at its intra-day high of Rs. 155. The latter touched a new 52-week high at Rs. 329.9 on thin volume after an on-board pick of 84k shares at Rs. 250.1.

Softlogic said retail activity saw some improvement with Union Bank, Blue-Diamond Voting & Non-Voting and Dialog Axiata topping the most active list.
http://www.ft.lk/2013/04/06/aspi-extends-gains-banks-provide-silver-lining/

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