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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » ASPI briefly breaches 6,000-point barrier Brokers see upside this week

ASPI briefly breaches 6,000-point barrier Brokers see upside this week

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sriranga

sriranga
Co-Admin
COLOMBO, April 26 (Reuters) - Sri Lankan shares hit a seven-month high on Friday, breaking the psychological barrier of 6,000 level, helped by retail investor buying on hopes interest rates will ease, while the rupee closed firmer on dollar sales by state banks.

The main stock index rose for a third straight session to close 0.48 percent, or 28.44 points, up at 5,962.17, its highest close since Oct. 1, 2012. It rose to as high as 6,005.66 in intraday trading.

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.

'Retail activities were high on expectations that the interest rates will come down. That pushed the market up,' said a stockbroker.

The turnover was 1.34 billion rupees ($10.57 million), more than this year's daily average of 966 million rupees.

Foreign investors were net buyers of 327.6 million rupees worth shares, extending the net foreign inflow so far this year to 8.59 billion rupees. Last year, the bourse saw a net inflow of $303 million.

The rupee ended slightly firmer at 126.77/80 per dollar from Wednesday's close of 126.85/90, ending its seven-session falling streak and edging up from its lowest close since March 11, as state banks sold dollars, currency dealers said.

Markets were closed on Thursday for a religious holiday. ($1 = 126.7250 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

(ranga.sirilal@thomsonreuters.com)(+94-11-232-5540)

(Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net)(twitter.com/rangab a)
http://www.xe.com/news/2013/04/26/3324701.htm?c=1&t=

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

Hawk Eye

Hawk Eye
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Wow. Retail buy, then Foreigners will start selling.

sahan8896


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Hawk Eye wrote:Wow. Retail buy, then Foreigners will start selling.
What will happen if they buy more and sell more higher.This retail foreign story is not valid.

4ASPI briefly breaches 6,000-point barrier Brokers see upside this week Empty Bourse up for third straight session Sat Apr 27, 2013 12:28 am

CSE.SAS

CSE.SAS
Global Moderator
ASPI breaches 6,000 point barrier in intraday trading

The Colombo bourse continued to gain for the third session running on a high turnover of Rs.1.35 billion, up from the previous day’s Rs.975.3 million, with both indices up – the All Share by 28.44 points (0.48%) and S&P SL20 by a marginal 0.85 points (0.03%) with 169 gainers well ahead of 69 losers while 38 counters closed flat.

The All Share Price Index breached the 6,000 point resistance barrier during intraday trading but came down to 5,962.17 at the close of trading, brokers said.

They reported activity in what was described as "punting stocks" such as Colombo Land, Touchwood and Citrus Kalpitiya and also said that interest was seen among retailers in Hemas Power after that company took a major stake in Panasian Power earlier in the week.

Yesterday’s turnover was supported by block trades in JKH (0.3 million shares), Lion (0.4 million shares), Free Lanka Capital Holdings (7 million shares) and Colombo Land (nearly 0.4 million shares) that contributed Rs.464 million to the day’s turnover.

Lion saw three parcels crossed at Rs.370 in deals worth Rs.148.7 million, JKH two parcels done at Rs.249 and Rs.249.50 contributing Rs.74.9 million to turnover, Free Lanka Capital 7 million shares done at Rs.2.90 contributing Rs.20.2 million to the day’s business volume and Colombo Land nearly 4 million shares done at Rs.51 contributing Rs.20.1 million to turnover.

On the floor Colombo Land was the biggest business generator closing Rs.5.90 up at Rs.52.80 on nearly 1.7 million shares done between Rs.47 and Rs.52.90 generating Rs.85.8 million turnover.

Touchwood followed with over 10.2 million shares done between Rs.6.40 and Rs.8 closing Rs.1.60 up at Rs.7.70 contributing Rs.73.5 million to turnover.

Lion closed Rs.14.30 up on the floor at Rs.370.10 trading between Rs.360 and Rs.390 contributing Rs.45.4 million to turnover.

Among the punting stock Citrus Kalpitiya closed 70 cents up at Rs.8.50 on over 5.1 million shares while Hemas Power was a rupee down to Rs.20 on 2 million shares traded between Rs.20 and Rs.21.90.

Among the most trade blue chips JKH was up 50 cents to Rs.249.50 on nearly 0.2 million shares, Commercial Bank was down 10 cents to Rs.113.90 on nearly 0.4 million shares and NDB down 90 cents to Rs.170 on over 0.1 million shares.

Colombo Fort Lands closed Rs.5.40 up on nearly a million shares traded between Rs.34.10 and Rs.39.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=77646

sahan8896


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Reuters: Shares hit a seven-month high on Friday, breaking the psychological barrier of 6,000 level, helped by retail investor buying on hopes interest rates will ease, while the rupee closed firmer on dollar sales by State banks.

The main stock index rose for a third straight session to close 0.48%, or 28.44 points, up at 5,962.17, its highest close since 1 October 2012. It rose to as high as 6,005.66 in intraday trading.
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.
“Retail activities were high on expectations that the interest rates will come down. That pushed the market up,” said a stockbroker.

The turnover was Rs. 1.34 billion ($ 10.57 million), more than this year’s daily average of Rs. 966 million.
Foreign investors were net buyers of Rs. 327.6 million worth shares, extending the net foreign inflow so far this year to Rs. 8.59 billion. Last year, the bourse saw a net inflow of $ 303 million.
The rupee ended slightly firmer at 126.77/80 per dollar from Wednesday’s close of 126.85/90, ending its seven-session falling streak and edging up from its lowest close since 11 March, as State banks sold dollars, currency dealers said.
Markets were closed on Thursday for a religious holiday.

http://www.ft.lk/2013/04/27/stock-market-soars-to-7-month-high-on-retail-buying/

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Topics merged.
Both news source from Reuters and content are same.

CSE.SAS

CSE.SAS
Global Moderator
The All Share Price Index on the Colombo Stock Exchange on Friday breached the 6,000 point resistance level but came down at the close of trading although closing at a six-month high, Acuity Stock brokers said in its weekly market report.

The 6,000 point level was breached for the first time in over a year, Acuity noted, adding that the index closed at 5,962.17 points, its highest close since October 2012.

"The markets were primarily retail driven with speculative interest in counters such as Colombo Land & Development and Touchwood boosting market volumes," the report said.

"Institutional interest in selected blue chips also helped move the market, with turnover on Friday hitting Rs.1.34 billion helping to maintain a daily average turnover level of Rs.1 billion.

Although foreign activity was down week-on-week, it remained positive at the end of the week as net outflows of Rs.0.16 billion in the middle of the week were offset by net inflows of Rs.0.94 billion over the remainder of the week.

``Positive market momentum is likely to continue in the week ahead," Acuity projected.

Both indices recorded week-on-week gains with the ASPI up 1.36% (79.92 points) to close at 5,962.17 while S&P SL20 gained 0.70% (23.24 points) to close at 3,359.36 points.

Commercial Bank was the biggest turnover generator contributing 13.23% of the aggregate weekly turnover total contributing Rs.517.8 million.

Lion Brewery followed accounting for 9.77% (Rs.382.3 million) while Panasian Power contributing 8.09% (Rs.316.5 million).

Total market turnover however was down 2.76% to Rs.3.91 billion from the previous week’s Rs.4.02 billion pushing down daily average turnover to Rs.978.4 million from slightly over Rs.1 billion the previous year.

John Keells Stock brokers said in its Stock Market Weekly that the market traded higher during the latter part of the week driven by gains on a selected set of large caps and second tier counters.

"Higher activity levels over the week were largely stimulated by trades centered on banking, beverage, diversified and land and property counters inclusive of crossings," the report said.

There was a net foreign inflow of Rs.780.94 million for the week, JKSB reported.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=77742

8ASPI briefly breaches 6,000-point barrier Brokers see upside this week Empty Rumours Drive Bourse Up Sun Apr 28, 2013 2:00 am

sriranga

sriranga
Co-Admin
The bourse did make gains last week, but on sentiment, not on fundamentals, a market source told this newspaper on Friday (26).

Such sentiment was driven by retail interest in penny stocks, he said, largely on rumours.

The ASPI week on week had grown by 1.4% to close at 5,962.17 points; while the S&P SL20, which reflects and includes the movement of blue-chip stocks in the review period made gains only at half that pace, at 0.7% to close last week at 3,359.36 points.

The market, in the calendar year to date, largely driven by foreign interest in blue chip stocks, has seen a net foreign inflow of Rs. 8.6 billion.

The recent electricity hike, falling gold prices and their impact on banks’ profitability has had in general dampened local investor confidence, he said. According to him there is no reason for investors to believe that the bourse is a better bet for investment rather than the fixed income market, though indications given by the authorities are that interest rates will fall.

The recent electricity hike is expected to hit companies’ current quarterly earnings, he said. It’s also another nail in the coffin on the stock market due to the further erosion of local investor spending power, in a scenario where they have already taken a hit due to the rising cost of living, the source said.

“Added to that, bonuses and increments have been affected due to companies faring badly, which makes matters worse for the bourse as investors are being hit,” the source said.

He further said that falling gold prices too will impact banks’ bottom lines. “Banks which are in the pawning business, in the event of default will now be saddled with collateral (gold) which would be lower in price when compared with their previous valuations, ie at the time those loans were released,” he said.

In respect of current foreign interest in the stock market, the source said that interest is confined to only around a few blue chip banks, John Keells Holdings plc and lately on the seemingly illiquid Lion Brewery shares.
- Paneetha Ameresekere
http://www.thesundayleader.lk/2013/04/28/rumours-drive-bourse-up/

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

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