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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Bourse up, rupee down, benchmark yields flat

Bourse up, rupee down, benchmark yields flat

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sriranga

sriranga
Co-Admin
(Reuters) - Sri Lankan shares hit a near three-month high on Wednesday, as investors bought banks a day after the central bank said there would be room for further monetary policy easing, though it froze the key policy rates for April.

The central bank on Tuesday kept key monetary policy rates unchanged for a fourth straight month, as expected, but left the door open for easing later as inflation is expected to slow further.

The main stock index gained 0.27 percent, or 15.85 points, to 5,868.53, its highest close since Jan. 24.

"Investors are back at the banking counters after the central bank's comments," said a stockbroker, who asked not to be named.

Expectations of falling interest rates have boosted sentiment, after Treasury Secretary P.B. Jayasundera last week said Sri Lanka's interest rates should fall in May-June as the borrowing needs of loss-making state energy companies recede.

The index has risen for the last five straight sessions since the treasury secretary's comments.

The turnover was at 610.7 million rupees ($4.87 million) on Wednesday, less than this year's daily average of about 967.4 million rupees.

Foreign investors were net buyers of 43.7 million rupees worth of shares, extending the year-to-date net foreign inflow to 7.15 billion rupees. Last year, the bourse saw a net inflow of $303 million.

The rupee edged down to 125.60/62 to the dollar, from Tuesday's close of 125.41/45, due to demand from importers for the greenback, currency dealers said.

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 celebrated on April 13 and April 14. ($1 = 125.4000 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)
http://uk.reuters.com/article/2013/04/17/markets-srilanka-idUKL3N0D4EX220130417

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

Redbulls

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

The All Share Price Index rose 15.9 points to close at 5,868.5 (0.3%) while the S&P SL20 Index rose 10.4 points to close at 3,362.0 (0.3%). Total turnover for the day stood at LKR610.7 mn (USD4,867.3 k) vs. 12-months average daily turnover of LKR845.9 mn (USD6,742
k), whilst the volume traded for the day was 31,888 k against the 12-month average daily volume of 38,624 k.

Top contributory counters towards the turnover for the day were, John Keells Holdings LKR101.3 mn (USD807.3 k, -), Nations Trust Bank LKR74.6 mn (USD594.3 k, 3.6%), Ceylon Tobacco Company LKR40.2 mn (USD320.3 k, 0.5%), National Development Bank LKR39.6 mn (USD316.0, 1.4%) and Hayleys LKR29.8 mn (USD237.1 k, 3.8%). Both indices continued to trend upwards despite the IMF forecasts of slowing global economic activity. Institutional and high net worth interest continued to be witnessed on John Keells Holdings which accounted for approx. 17% of the day’s total turnover.

This was partly on the back of a crossing which took place on the counter which saw approx. 173.9 k shares change hands at a price of LKR249. Interest was also witnessed in Banking & Finance sector counters including Nations Trust Bank and National Development bank. In addition a crossing took place on Hayleys where 100 k shares changed hands at a price of LKR295. A crossing was also witnessed in Ceylon Tobacco Company where 50 k shares changed hands at a price of LKR800. Retail interest for the day was witnessed in Blue Diamonds (Voting & Non-voting), Nations Trust Bank, Citrus Leisure (Warrants 19) and HVA
foods.

Foreign purchases amounted to LKR126.1 mn (USD1,005.3 k), whilst foreign sales amounted to LKR82.4 mn (USD656.7 k). This resulted in a net foreign inflow of LKR 43.7 mn being recorded at the end of the day’s trading. Market capitalization stood at LKR 2,248.3 bn. YTD performance is 4.0%.
http://lbt.lk/stock-market/movement/4179-total-turnover-for-the-day-stood-at-lkr6107-mn

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
NTB gained some interest finally. Breaking Rs 65 is the first task. For a very long time this share was stuck below Rs 65.

CSE.SAS

CSE.SAS
Global Moderator
While benchmark Treasury bill yields stayed flat, the Colombo bourse closed in positive territory for the fifth consecutive trading session yesterday (17) as the rupee weakened against the greenback.

The All Share Price Index closed 0.27 percent higher at 5,868.53, gaining 15.85 points while the S&P SL20 closed 0.31 percent higher, up 10.42 points to 3,361.99.

Turnover reached Rs. 610.7 million.

Foreign purchases amounted to Rs. 126.13 million, leading to a net inflow of Rs. 43.74 million.

"The ASPI ended higher for a fifth consecutive trading day. Turnover dropped below Rs.1bn and was dominated by trades on JKH and banking counters. The market also saw crossings on CTC and HAYL," John Keells Stockbrokers said.

"Turnover declined to Rs. 611 million with trading in John Keells Holdings and Nations Trust Bank accounting for 29% of the day’s total. Gainers modestly outpaced losers again with Bimputh Finance, SMB Leasing(X) and Environmental Resources Investments(W0003) rising by 32.1%, 25.0% and 23.1% and offsetting declines in Harischandra Mills, Kuruwita Textile and Taprobane Holdings which fell by 9.1%, 8.9% and 8.7% respectively," DNH Financial said.

Meanwhile, benchmark Treasury bill yields closed flat at yesterday’s primary market auction.

The Central Bank offered maturing bills amounting to Rs. 8 billion for which bids amounted to Rs. 24.2 billion. The bank accepted bids amounting to Rs. 14 billion.

Yields across all tenures closed flat from last week: the three-month bill at 9.24 percent, the six month bill moved up one basis point to 10.25 percent, the 12-month bill yield moved up one basis point to 11.35 percent.

Secondary market Treasury bond yields closed flat yesterday on subdued activity.

The rupee weakened against the US dollar yesterday, closing at Rs. 125.55/65 against the greenback from an opening position of Rs. 125.35/40.

"We saw some buying pressure in the forward contract foreign exchange market, including banks trying to cover their positions," a currency dealer said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=77032

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