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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » T-bill yields down, bourse surge eases

T-bill yields down, bourse surge eases

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COLOMBO, May 8 (Reuters) - Sri Lankan shares rose for the fifth straight session on Wednesday to hit a new 1-1/2-year high, led by conglomerate John Keells Holdings despite foreign outflows as hopes of a rate cut at the central bank's policy meeting later this week boosted local investor appetite for stocks.

The main stock index edged up 0.14 percent, or 8.42 points, to 6,210.10, the highest close since Nov. 14, 2011.

'One of the main reasons is that investors are expecting a rate cut. A lot of retailers and local high net worth investors are active,' a stockbroker said on condition of anonymity.

Analysts said they also expect a rate cut at Friday's Central Bank May Monetary policy announcement.

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

The market has gained 7.5 percent since the treasury secretary's comments on April 9.

The International Monetary Fund, however, said on Thursday Sri Lanka must not loosen monetary conditions as inflation remains a concern, even though prices had risen at a slower pace in April than in the previous month.

Shares in market heavyweight John Keells Holdings rose 2.08 percent to a record high of 270 rupees a share, Reuters data showed.

The turnover was 1.46 billion rupees ($11.55 million), more than this year's daily average of 1.01 billion rupees.

Foreign investors were net sellers of 92.1 million rupees of shares, the first outflow in the last eight sessions. However, they have been net buyers of 9.12 billion rupees so far this year. Last year, the bourse saw a net inflow of $303 million.

The rupee ended at 126.05/08 per dollar, firmer from Tuesday's close of 126.30/37, on exporter dollar sales amid a tight rupee liquidity in the market, currency dealers said. ($1 = 126.4150 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anupama Dwivedi)


(Reuters Messaging: a)


Director - Equity Analytics
Director - Equity Analytics

May 08, 2013 (LBT) - High volatility in the index: The bourse continued its strong momentum in the early morning trading session. However the market dropped nearly 60 points due to a heavy sell-off and in mid and latter part of the day the bourse recovered successfully to end on a positive note. ASPI gained marginally by 8 points to settle at 6,210.10. Gains made in John Keells Holdings (+2.0%), Ceylinco Insurance (7.6%) and Access Engineering (+2.9%) weighted heavily on the performance of the index. S&P SL20 too journeyed a similar path and ended at 3,521.30 with a gain of 9.0 points.

COMB tops turnover: Commercial Bank spearheaded the daily turnover backed by 3 crossings totaling 2.7mn shares which was transacted at LKR.118.0. On-board interest was also denoted in the counter where a large block of 60k shares were traded at LKR118.50 in early trading session. COMB closed at LKR.118.70 with an upside of 0.2%. Asiri Hospital Holdings too recorded an off-board transaction of 5 mn shares which was dealt at LKR15.5.

Vallibel One showed continued investor interest: Vallibel One continued to show heavy on-board interest. The counter denoted large number of transactions on-board, largest being 108k shares which was transacted LKR21.40. However the counter ended with a marginal gain of 0.9% at LKR21.6. John Keells Holdings further continued its 52-week high run today and ended with another high at LKR269.90 with an intra-day gain of 2.0%. JKH denoted heavy on-board transactions with 64k shares trading at LKR269.90. Banking sector counters Pan Asia Bank (+6.2%) and Sampath Bank (1.5%) too displayed active on-board interest during the day.Retail activity on selected counters: Heavy retail participation was observed in Capital Alliance Finance, Dankotuwa Porcelain and Touchwood Investments.


Global Moderator
this is normal trend.

4T-bill yields down, bourse surge eases Empty T-bill yields down, bourse surge eases Wed May 08, 2013 7:57 pm


Global Moderator
Trading Wednesday - Sri Lanka stocks close up 0.14-pct
March 08, 2013 (LBO) – Sri Lanka’s stock closed up for the third straight day, with index heavy John Keells and banks extending gains, though some profit taking was coming in, brokers said.

The benchmark Colombo All Share Index closed 8.42 points higher at 6,210.10 up 0.14 percent and the S&P SL 20 Index closed 09.35 points higher at 3,521.30 up 0.27 percent.

Turnover was 1.46 billion rupees up from 1.38 billion rupees a day earlier.

In intra-day trade the market faltered falling more than 50 points in a sell-off before recovering.

Foreign investors also sold 400 million rupees of stock and bought 308 million being net sellers by 92 million rupees in a day that 107 stocks declined with 97 advanced, indicating that profit taking was coming in after a week of strong gains.

But foreigners were still buying into companies like John Keells Holdings which gained 5.40 rupees to close at 269.90 rupees helping the market end in positive territory, brokers said.

John Keells is now valued high in terms of price to earnings multiples, which some brokers say is overbought but the stock has a liquidity premium which makes it attractive to foreign buyers.

Investors are expecting a rate cut from the Central Bank in its next monetary policy announcement.

Lending rates are now high due to heavy government borrowing to finance excessive spending including the hiring of unemployed graduates in a midst of a downturn which ordinary people are finding to it difficult to finance through taxes.

Last week the state upped taxes on potatoes. But a hike electricity prices is expected to ease borrowing pressure somewhat in the coming months, contributing to economic stability.

Some companies which are facing higher power costs may eventually see interest costs coming down, if the government manages finances tightly, analysts say.

Commercial Bank of Ceylon which closed up 20 cents at 118.70 rupees, brokers said.

The index had gained 3.1 percent adding 75 billion rupees to stock values over the past three days.

Hatton National Bank closed at 171.00 rupees up 1.00 rupees, DFCC Bank gained 1.10 rupees to close at 151.20 rupees. Sampath Bank closed at 225.50 rupees up 3.40 rupees, showing there was still demand for banks.

Pan Asia closed at 22.30 rupees up 1.30 rupees. Union Bank of Colombo closed at 18.90 rupees down 0.40 rupees.

Commercial Leasing and Finance lost 0.20 rupees to close at 4.70 rupees

Nestle Lanka closed at 1865.00 rupees down by 15.10 rupees, Ceylon Tobacco Company closed flat at 825.00 rupees and Dialog Axiata closed flat at 9.70 rupees.

Distilleries Company of Sri Lanka closed at 180.60 rupees down 80 cents. The Lion Brewery Ceylon closed flat at 370.00 rupees.

Aitken Spence closed at 137.40 down 0.90 rupees, following strong gains Tuesday.

Asiri Hospital Holdings sold 5 million shares at 15.50 rupees per share to closed flat at 15.50 rupees.

Vallibel One, which bought into Lanka Ceramics group two days ago gained 20 cents to close at 21.60 rupees.

Lanka Ceramic closed flat at 120.00 rupees, Royal Ceramic Closed at 107.30 rupees up 3.30 rupees, Lanka Wall Tiles gained 0.50 rupees to close at 65.50 rupees and Lanka Floor Tiles closed at 70.00 rupees down 0.20. rupees

5T-bill yields down, bourse surge eases Empty T-bill yields down, bourse surge eases Thu May 09, 2013 12:45 am


The Central Bank accepted bids amounting to Rs. 16 billion at yesterday’s (08) primary market auction of Treasury bills amounting to Rs. 12 billion with yields easing across the board.

The three-month Treasury bill yields eased to 9.18 percent, down two basis points from last week while the six month yield eased to 10.20 percent from 10.22 percent the previous week. The twelve month yield eased 4bps to 11.29 percent.

Total bids amounted to Rs. 39.44 billion.

Meanwhile, Central Bank Treasury bill holdings have declined to Rs. 93.5 billion yesterday from Rs. 163.3 billion as at end December 2012. The holdings, representing money printed for the government reached a low Rs. 83.9 on April 29, 2013, before building up to Rs. 101.1 billion on May 03, and declining again thereafter.

The upsurge at the Colombo bourse eased on Wednesday with the All Share Price Index gaining 8.42 points to close at 6,210.10, up 0.14 percent.

The S&P SL20 closed 0.27 percent higher, gaining 9.35 points to 3,521.3.

Turnover reached Rs. 1,465.4 million.

Foreign purchases amounted to Rs. 308.35 million, but with heavier foreign selling a net outflow of Rs. 92.13 million was seen.

ASIR (five million shares at Rs. 15.50) and COMB (two million shares at Rs. 118) featured in off market transactions during the day.

"The ASPI ended higher amid sustained buying interest in selected large and mid-cap counters. Market turnover remained above Rs.1bn for a third consecutive day and was dominated by trades on banking and diversified counters, with COMB, JKH, and VONE collectively accounting for roughly 40% of turnover," John Keells Stockbrokers said.

"Gainers matched losers with Capital Alliance, Lanka Ashok and Ceylinco Insurance advancing by 19.0%, 11.9% and 10.0% offsetting declines in Selinsing, Harischandra Mills and Gestetner which fell by 19.7%, 12.5% and 11.0% respectively," DNH Financial said.

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