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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Holiday blues affect trading on bourse

Holiday blues affect trading on bourse

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1Holiday blues affect trading on bourse Empty Bourse gains on lower turnover Wed Apr 10, 2013 5:24 pm


Director - Equity Analytics
Director - Equity Analytics


Apr 10, 2013 (LBT) - Turnover struggles while illiquids gain: The market was on a rather dull mode with lower activity levels, but gains in Commercial Leasing, Selinsing, Sri Lanka Telecom and Nestle pushed the index to gain 26 points. Gains in the benchmark index was observed during the first half hour and the last half hour of the trading day as the index stagnated during the period in-between trading in a tight range. In contrast the S&P SL20 was flat for most part of the day before recording a marginal gain of 5 during the final hour of trading.

Banking and Finance counters extend dominance: Commercial Bank the largest private listed bank led the turnover list with 242k shares trading during the day while the counter closed flat for the day at LKR113.0. Central Finance saw renewed interest with a single off-market block of 125k shares changing hands at LKR180.0. National Development Bank continued to gain in value amidst buying interest. The counter closed on a high note reaching intra-day high of LKR165.0 and closing at LKR164.8 (+0.6%).

Persisted interest Carsons and Distilleries: The blue-chips, Carsons Cumberbatch and Distilleries have been generating considerable interest in the past few days and have continued today. The former saw an on board block of 40k shares changing hands at LKR445.0 while the latter saw a block of 100k shares dealt at LKR162.0 as the both counters closed at LKR449.0 (-0.2%) and LKR164.0 (+1.5%). Retail activity ECL and EAST: E-Channeling and East West Properties recorded retail activity today with the former reaching a 52-week high price of LKR7.4 while both counters closed with gains of 1.4% and 3.6%.



COLOMBO, April 10 (Reuters) - Continued inward remittances and exporter conversions ahead of the traditional new year propelled the Sri Lankan rupee to a fresh one-year closing high on Wednesday, dealers said.

The rupee edged up in dull trade to 125.40/50 to the dollar, its highest close since April 9, 2012, from Tuesday's close of 125.45/50.

The rupee has been on the rise since mid-March on inflows from remittances and exporter dollar sales ahead of the traditional new year, which most Sri Lankans will celebrate on April 13 and 14.

Currency dealers said with an expected inflow of $500 million from a bond sale by state-run Bank of Ceylon, the rupee is expected to appreciate in the coming weeks.

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

The main stock index gained 0.46 percent, or 26.70 points, to 5,794.30, its highest close since Feb. 15.

Analysts said hopes of falling interest rates boosted sentiment though the market saw thin trade as many investors were on holiday ahead of the traditional new year.

Treasury Secretary P.B. Jayasundera on Tuesday said Sri Lanka's interest rates should fall in May-June as the borrowing needs of loss-making state energy firms recede.

Stockbrokers said the broad market expects the central bank to slash the key monetary policy rates at its April monetary board meeting. The April monetary policy rates will be announced on at 0200 GMT on Tuesday.

Turnover was at an over-two-week low of 309.4 million rupees, less than half of this year's daily average of 1 billion rupees on choppy trade ahead of traditional new year holiday.

Foreign investors were net buyers of 11.4 million rupees worth of shares, extending the year-to-date net foreign inflow to 5.97 billion Sri Lanka rupees ($47.56 million). Last year, the bourse saw a net inflow of $303 million. ($1 = 125.5250 Sri Lanka rupees)

(Reporting by Shihar Aneez; Editing by Sunil Nair)


(+94-11-232-5540)(Reuters Messaging:

3Holiday blues affect trading on bourse Empty Holiday blues affect trading on bourse Thu Apr 11, 2013 2:42 am


Global Moderator

Activity leading up to the holiday period was subdued on the Colombo bourse yesterday with a turnover of Rs.309.4 million, down from the previous day’s Rs.399.3 million, with both indices up - the All Share by 26.70 points (0.46%) and the S & P SL20 up by 5.74 points (0.17%) with 119 gainers outpacing 66 losers while 128 counters closed flat.

There was a single crossing of 125,000 Central Finance at a price of Rs.180, brokers said.

While the market will be open for normal trading today, it will close at noon tomorrow.

"The ASPI ended higher amid gains in selected large and mid-cap counters. Activity levels dipped further in the run up to the festive season and were led by trades on banking and finance counters,  with CFIN, COMB, and NDB, collectively accounting for over 20% of market turnover inclusive of block trades,’’ John Keells Stock Brokers said in a market report.

There was a net foreign inflow of Rs. 11.44 million with purchases of Rs. 37.91 million and sales of Rs. 26.47 million.

On the trading floor the most traded stock was Commercial Bank (voting) closing flat at Rs.113 on over 0.2 million shares contributing Rs.27.4 million to turnover with other big contributors to the day’s business volumes being NDB, Carsons and Distilleries.

"The banking sector was fairly active with volumes demonstrated by the NDB and DFCC in addition to Commercial Bank," a broker said.

NDB closed one rupee up at Rs.162.90 on nearly 0.2 million shares contributing Rs.25.5 million which was the day’s highest turnover while Carsons closed a rupee down at Rs.449 on 50,150 shares contributing Rs.22.3 million to turnover.

Distilleries closed Rs.2.40 up at Rs.164 on over 0.1 million shares generating a turnover of Rs.20.3 million, Browns closed Rs.3.20 down at Rs.114 on nearly 0.2 million shares contributing a turnover of Rs.18 million while DFCC closed flat at Rs.140 on slightly over 0.1 million shares contributing Rs.15.3 million to the day’s business volumes.

JKH edged up 20 cents to Rs.247.50 on a small volume of 41,741 shares while E-Chanelling with over 1.5 million shares traded closed flat at Rs.7.10.

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