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Bourse up sharply; Hemas ups stake in Panasian Power Vote_lcap68%Bourse up sharply; Hemas ups stake in Panasian Power Vote_rcap 68% [ 178 ]
Bourse up sharply; Hemas ups stake in Panasian Power Vote_lcap18%Bourse up sharply; Hemas ups stake in Panasian Power Vote_rcap 18% [ 47 ]
Bourse up sharply; Hemas ups stake in Panasian Power Vote_lcap13%Bourse up sharply; Hemas ups stake in Panasian Power Vote_rcap 13% [ 35 ]

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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Bourse up sharply; Hemas ups stake in Panasian Power

Bourse up sharply; Hemas ups stake in Panasian Power

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COLOMBO, April 24 (Reuters) - Sri Lankan shares rose for a second straight session on Wednesday to hit a near seven-month high helped by retail investor buying on hopes that interest rates will ease, while the rupee closed at its lowest level in six weeks on dollar demand from importers.

The main stock index rose 0.85 percent, or 50.21 points, to 5,933.73, its highest close since Oct. 1, 2012.

Shares have been rising on hopes of a fall in interest rates after Treasury Secretary P.B. Jayasundera and the central bank said official interest rates could ease in May and June.

'We have seen retailers coming back to the market on the hope of interest rates coming down,' said a stockbroker.

The turnover was 975.3 million rupees ($7.69 million), around this year's daily average of 961 million rupees.

Foreign investors were net sellers for the first time in 17 sessions. They sold a net 161.5 million rupees worth shares on Wednesday, but remained net buyers of 8.26 billion rupees so far this year. Last year, the bourse saw a net inflow of $303 million.

The rupee fell for a seventh straight session to 126.85/90 per dollar, its lowest close since March 11, due to demand from importers for the greenback despite a state bank selling dollars, currency dealers said. The currency had ended at 126.78/85 on Tuesday. ($1 = 126.8500 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Jijo Jacob)


(Reuters Messaging: a)


Director - Equity Analytics
Director - Equity Analytics

Apr 24, 2013 (LBT) - Indices gain with heavy turnover: Bourse displayed sustained buying pressure throughout the day clearly displaying a trending momentum. Also ASPI pushed up the resistance near 5,900 with strong volume nearing the much interested 6000 psychological barrier. ASPI closed at 5,933.73 securing a gain of 50 points. Notable gains recorded in Ceylon Tobacco Company (+4.5%), Selingsing (+18.8%) and Commercial Leasing and Finance (+4.3%) weighted heavily on the positive performance of the index.

Retail favorite; Panasian Power denoting off-board interest: Retail favorite; Panasian Power spearheaded the day’s turnover backed by a single crossing of 100mn shares which was transacted at LKR3.0. The counter contributed 30.0% of the total daily turnover. John Keells Holdings and Colombo Dockyard too denoted off-board interest where the former recorded a single block of 124k shares which was dealt at a price of LKR249.0 and the latter crossed 124k shares at a price of LKR216.0.

Colombo Land and Development Company continued its retail rally: Retail favorites Colombo Land and Development Company further continued its retail rally with significant on-board interest. The counter witnessed a single 80k shares being picked on board at LKR44.50 in the morning session. CLND reached a high of LKR47.2 before closing at LKR46.9 with an intra-day gain of 7.3%. John Keells Holdings too denoted heavy on-board interest with a single large block of 90k shares which were traded at a price of LKR248.5. The counters closed at LKR249.0 securing a gain of 0.04%. Improved retail activity: Heavy retail activity was seen in Touchwood Investments, Agstar Fertilizers and Nation Lanka Finance with notable Intra-day gains.


Global Moderator
The Colombo bourse moved up sharply yesterday on a turnover of Rs.975.3 million, up from the previous day’s Rs.708.54 million, with the All Share Price Index gaining 50.21 points (0.85%) and S&P SL20 13.66 points (0.41%) with 172 gainers comfortably outpacing 53 losers while 87 counters closed flat.

"Retailers had been most active in the last few days with a number of low priced stocks that moved up sharply previously once again traded in quantity," a broker said. These stocks included Colombo Land, Soft Logic Holdings, Touchwood, Lanka Hospitals, ERI, Ceylon Leather and HVA.

Yesterday’s market mover was Panasian Power where 100 million shares were acquired by Hemas Power PLC at a price of Rs.3 per share. The stake amounted a 20% of the company with Power Hub International SDN BHD of Malaysia being the seller.

Hemas Power announced that the company acting in concert with subsidiaries Okanda Power Grid (Pvt) Limited and Upper Agra Oya Hydropower (Pvt) Limited now owned 29.3% of Panasian which is the largest stake held by a single party in that company.

Hemas said that this acquisition was in line with Hemas Power’s aspiration to expand generation capacity in the country’s renewable energy sector.

Apart from Panasian there was a crossing of a block of 123,000 JKH in a single parcel at a price of Rs.249 and 124,000 Dockyard, also in one parcel, at Rs.216 boosting turnover.

On the trading floor JKH saw over 0.3 million shares traded closing 10 cents up at Rs.249 contributing Rs.83.5 million to turnover while Commercial Bank closed 90 cents up at Rs.113.90 on over 0.6 million shares traded generating a turnover of Rs.71.9 million.

Colombo Land was also heavily traded with nearly 1.4 million shares done on the floor closing Rs.3.20 up at Rs.47.10 contributing Rs.63.7 million to turnover.

Among banking stock, NDB was up a rupee to close at Rs.171 on nearly 0.2 million shares and Pan Asia up 90 cents to close at Rs.21 on nearly 1.2 million shares.

Less pricey stocks showing gains and volume included Soft Logic Holdings closing 60 cents up at Rs.11.20, Touchwood closing 70 cents up at Rs.6.30 and Lanka Hospitals (Apollo) closing Rs.1.40 up at Rs.43.80 on slightly over 0.2 million shares.

United Motors announced a second interim dividend of Rs.3 per share for 2012/13 XD from May 7 and with payment on May 14 while Lighthouse Hotel announced a final dividend of Rs.2 per share for 2012/13 following shareholder approval at a June 28 AGM. The share will trade XD from July 1 with payment on July 9.

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