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CSE on a corrective shape

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COLOMBO, May 10 (Reuters) - Sri Lankan shares rose for the seventh straight session on Friday to hit a 1-1/2 year high, led by blue chips, retail buying and foreign buying, boosted by rate cuts by the central bank to spur growth.

The central bank cut its key monetary policy rates by 50 basis points before the market opened on Friday, following some of its regional peers, to boost economic growth in the face of subdued demand.

'The rate cut was good news for the market and the retail activities continued,' a stockbroker said on condition of anonymity.

The main stock index edged up 0.18 percent, or 11.29 points, to 6,250.00, the highest close since Nov. 11, 2011.

The market has gained 8.2 percent since Treasury Secretary P.B. Jayasundera and the central bank said interest rates could ease in May-June.

The rate cut came despite comments from the International Monetary Fund last week that Sri Lanka must not ease monetary conditions as inflation remained a concern, even though prices rose at a slower pace in April than the previous month.

Turnover was 1.47 billion rupees ($11.68 million), well above this year's daily average of 1.03 billion rupees.

Foreign investors were net buyers of 285 million rupees of shares, extending the net foreign inflow so far this year to 9.6 billion rupees. Last year, the bourse saw a net inflow of $303 million.

The rupee edged down to 126.23/28 per dollar, down from Thursday's close of 126.00/10, on importer demand for dollars, currency dealers said. ($1 = 125.9000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)


(Reuters Messaging: a)

2CSE on a corrective shape Empty CSE on a corrective shape Fri May 10, 2013 5:53 pm


Director - Equity Analytics
Director - Equity Analytics

May 10, 2013 (LBT) - Indices denoted a corrective pattern: After the extended rally, the Bourse denoted selling pressure today where it dropped by 40 points from a day’s high of 6,288.00. However, ASPI ended positive at 6,250.0 with a gain of 11 points, creating a technically termed “pin bar”. Gained recorded in Dialog Axiata (2.1%), Distilleries (2.2%) and Trans Asia Hotels (5.2%) weighted positively on the index. The S&P SL20 secured a marginal gain of 4 points to settle at 3,530.90,

Distilleries spearheading the turnover with heavy off-board transactions: Distilleries spearheaded the daily turnover led by two off-board transactions accumulating to 2mn shares which was dealt at a 52-week high market price of LKR190.0. Commercial Bank too witnessed heavy investor interest where it crossed 850k shares off-board at a price of LKR118.0. Counter denoted heavy on-board interest where it transacted a single 112k shares at a price of LKR118.0. COMB settled at LKR118.0 with a drop of 0.4%.

BFI sector activity further strengthened: Notable investor interest was surrounded in banking counters National Development Bank, Nations Trust Bank and Sampath Bank with active on-board interest, trading on a concentrated range. NDB denoted a single large on-board transaction of 110k shares at LKR.182.0. NDB closed at LKR179.20 with a drop of 0.8%. Renewed on-board interest was also seen in Softlogic Holdings where counter secured a 3.4% gain to close at LKR12.0.Retailers continue their active streak dominated by East West Properties: Heavy retail activity was prevalent in East West Properties, Entrust Securities and Softlogic Holdings. East West properties which showed a positive trend in last few days, ended with a 0.6% dip at LKR16.80.


Global Moderator
May 10, 2013 (LBO) – Sri Lanka’s stock close up with a marginal gain of 0.18 percent on Friday. The market was helped by retail and institutional trading, brokers said.

The benchmark Colombo All Share Index closed 11.29 points higher at 6,250.00 up 0.18 percent and the S&P SL 20 Index closed 04.39 points higher at 3,530.90 up 0.12 percent.

Turnover was 1.4 billion rupees down from 1.5 billion rupees a day earlier.

Foreign buying rose from 194 million a day earlier to 284 million rupees on Friday due to a policy interest rate cut announcement by the Central Bank of Sri Lanka, brokers said.

The Central Bank of Sri Lanka reduced the policy interest rate by 50 basis points to 7.0 and 9.0 percent to boost credit.

The move was largely driven by the slower than expected pick-up in economic activity in the first few months of this year.

Top foreign inflow were recorded in Distilleries, HNB and John Keels Holdings.

Top contributors were Dialog Axiata which gained 0.20 cents to close at 9.60 rupees, Distilleries Company of Sri Lanka gained 4.00 rupees to close 185.20 rupees and Trans Asia Hotels closed at 81.00 rupees up 4.00 rupees.

Hatton National Bank closed at 170.80 rupees down 0.90 cents, DFCC Bank gained 0.40 cents to close at 152.40 rupees, Commercial Bank of Ceylon closed 118.00 rupees down 0.50 cents and National Development Bank closed at 179.20 rupees down by 0.80 cents.

Pan Asia closed at 22.40 rupees up 0.30 cents. Union Bank of Colombo closed at 19.50 rupees up 0.50 cents.

LB Finance closed at 138.90 rupees up 1.10 rupees, Peoples Leasing and Finance lost 0.30 cents to close at 15.10 rupees and Commercial Leasing and Finance closed flat at 4.70 rupees.

The Lion Brewery Ceylon closed at 370.10 rupees up 0.10 cents.

Ceylon Tobacco Company gained 3.50 rupees to close at 829.50 rupees.

Nestle Lanka closed at 1850.60 rupees down by 1.60 rupees.

Aitken Spence closed at 136.00 down 0.10 cents. Browns Investments closed flat at 3.60 rupees.

Index heavy John Keells Holdings closed at 268.30 rupees up 0.80 cents, Softlogic Holding gained 0.40cents to close at 12.00 rupees.

Hayleys closed flat at 300.20 rupees up 0.20 cents and Vallibel One closed at 20.60 rupees down by 0.10 cents.

Lanka Ceramic closed at 115.60 rupees up 0.10 cents, Royal Ceramic gained 2.00 rupees to close at 110.40 rupees, Lanka Wall Tiles closed at 73.00 rupees up 1.20 rupees and Lanka Floor Tiles closed gained 1.20 rupees to close at 73.60 rupees Asiri Hospital Holdings gained 10 cents to close at 15.60 rupees, Nawaloka Hospital gained 0.10 cents to close at 3.50 rupees and The Lanka Hospital Corporation closed at 44.60 rupees up 70 cents

Sri Lanka Telecom gained 0. 40 cents to close at 42.90.


The Colombo bourse yesterday continued its uptrend for the seventh trading session on a turnover of Rs.1.47 billion, down from the previous day’s Rs.2.14 billion, with the All Share Price Index gaining 11.29 points (0.18%) and S&P SL20 up 4.39 points (0.12%) with 114 losers edging out 110 gainers while 86 counters closed flat.

"The Central Bank announced the rate cut the market was waiting for and although the indices gains were moderate, the upward trend continued," a broker said.

Block trades in Distilleries where two million shares were crossed at Rs.190 in deals worth Rs.380 million and in Commercial Bank where 850,000 shares were crossed in three parcels at a price of Rs.118 in deals worth Rs.100.3 million contributed Rs.480.3 million to the day’s turnover.

Banking stocks were heavily traded on the floor with NDB topping turnover with over 0.3 million shares done generating a business volume of Rs.61.5 million. Although the counter closed Rs.1.50 down at Rs.178.50, brokers said that much of yesterday’s trades were done at an average price of Rs.180 on a trading range of Rs.178.50 to Rs.182.50 contributing Rs.61.5 million to turnover.

NTB with nearly 0.7 million shares, Commercial Bank with nearly 0.4 million shares and Sampath with nearly 0.2 million shares were active banking counters. NTB closed 70 cents down at Rs.65, Commercial Bank 50 cents down at Rs.118 and Sampath 90 cents up at Rs.232, brokers said.

There was heavy trading in Softlogic Holdings where 4.4 million shares were done between Rs.11.90 and Rs.12.20 closing 40 cents up at Rs.12 and contributing Rs.52.9 million to turnover. Brokers said that some of these trades were between connected parties.

Activity in Hemas Holdings was seen yet again with over 1.1 million shares done between Rs.34 and Rs.36.50 closing 50 cents up at Rs.35. There was unconfirmed market talk that Hemas was looking at acquiring an old established pharmaceutical company and this was attributed to recent interest in this stock.

JKH closed Rs.1.30 up at Rs.268.80 trading between Rs.267.50 and Rs.271, its 52-week high.

Less pricey stock that saw volume included East West where 1.9 million shares were traded closing 20 cents down at Rs.16.70, PC House where nearly 8 million shares were traded closing 20 cents up at Rs.3.40 and Laugfs Gas (non-voting) where nearly 1.1 million shares were done closing 40 cents up at Rs.21.90.

Haycarb which has posted a profit after tax of over a rupees billion for 2012/13 announced a final dividend of Rs.3 for 2012/13 following shareholder approval at an AGM on June 26 with the share trading XD from June 27 and with payment on July 4.

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