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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Banks drag Sri Lankan bourse to near 1-week low

Banks drag Sri Lankan bourse to near 1-week low

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Director - Equity Analytics
Director - Equity Analytics
Sri Lanka stocks close down 0.2-pct
May 28, 2013 (LBO) - Sri Lanka's stock closed down 0.18 percent on Tuesday for a second consecutive day with profit taking by retail investors, brokers said.

The benchmark Colombo All Share Index closed 11.84 points lower at 6,434.70 and the S&P SL 20 Index closed down 09.78 points at 3,632.13 down 0.41 percent.

Turnover was 557 million rupees up from 696 million day earlier.

Foreigners brought 107 million rupees worth shares while selling 32 million rupees of shares, in a day that 72 stocks advanced and 131 stocks declined.

Ceylon Tobacco Company contributed most to the index gain closing at 972.10 rupees up 12.10 rupees. The Good Hope closed at 1300.00 rupees up 200.00 rupees and Asian Hotels and Properties closed at 74.60 rupees up 02.60 rupees.

In the banking sector, Hatton National Bank closed at 166.00 rupees down 2.00 rupees, DFCC Bank closed at 144.00 rupees down 2.00 rupees and National Development Bank closed at 174.40 rupees up 30 cents.

Commercial Bank of Ceylon closed at 121.40 rupees down 1.10 rupees, Pan Asia closed flat at 21.00 rupees. Union Bank of Colombo closed at 19.40 rupees down 10 cents and Sampath Bank lost 1.60 rupees to close at 221.80 rupees.

The Lion Brewery lost 6.90 rupee to close at 418.10 and Distilleries Company of Sri Lanka closed flat at 200.00 rupees.

Index John Keells Holdings gained 10 cents to close at 289.00 rupees and Nestle Lanka closed at 2016.60 rupees up 20 cents.

Aitken Spence closed at 136.50 up 50 cents. Browns Investments closed at 3.40 rupees down 10 cents.

Softlogic Holding closed at 11.60 rupees up 10cents and Vallibel One closed flat at 19.90 rupees. Dialog Axiata closed flat at 9.40 rupees and Sri Lanka Telecom closed flat at 43.00 rupees.


COLOMBO, May 28 (Reuters) -
Sri Lankan shares fell to their lowest in nearly a week on Tuesday as investors took profits from recent gains in banking shares, while the rupee currency ended weaker on importer dollar demand.

The main stock index eased 0.2 percent, or 11.84 points, to close at 6,434.70, its lowest since May 17. It hit a 19-month high on Thursday.

"The market is consolidating at these levels in low trading volumes," said a stockbroker who declined to be identified.

Shares in Commercial Bank of Ceylon fell 0.8 percent in thin volume.

Market heavyweight John Keells Holdings, which after the market closed posted 23 percent gain in its March quarterly earnings, edged up 0.3 percent.

Foreign investors were net buyers of shares worth of 74.7 million rupees, extending net foreign inflows this year to 13.3 billion rupees.

Turnover was 553.2 million rupees ($4.38 million), around half of this year's daily average of 1.04 billion rupees.

The market's 14-day Relative Strength Index (RSI) was in over-bought territory of 78.948 on Tuesday and has been above the upper neutral level of 70 since April 16, Thomson Reuters data showed.

The rupee ended weaker at 126.48/55, per dollar from Monday's close of 126.38/40 on importer dollar demand, dealers said.
($1 = 126.3500 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Kim Coghill)


Rs. 1.50 final dividend from JKH

Profit taking saw the Colombo bourse losing ground yesterday for the second consecutive day on a modest turnover of Rs.557.07 million, down from the previous day’s Rs.697 million, with both indices down – the All Share by 11.84 points (0.18%) and S&P SL20 by 14.95 points (0.41%) with 129 losers outpacing 90 gainers while 93 counters closed flat.

"The market has taken a two-day breather attributable to profit taking," a broker said. "Part of the reason for losing steam was the month end settlement cycle of debtors." But he was optimistic about a June rally.

There were no crossings yesterday and ERI was the biggest business generator with slightly over 3.95 million shares traded between Rs.16.20 and Rs.17 with the counter closing 10 cents up at Rs.16.80 contributing Rs.65.9 million to turnover.

JKH followed contributing Rs.61.3 million to turnover on over 0.2 million shares done between Rs.287 and Rs.289.80 closing 90 cents down at Rs.289.

Property shares such as Colombo Land and Overseas Realty showed both volume and price gain with Colombo Land up Rs.1.30 to close at Rs.51.40 on over 0.8 million shares while Overseas Realty gained 50 cents to close at Rs.20.50 on over 0.9 million shares.

Brokers said that two large parcels of JKH accounted for most of yesterday’s floor trades. Panasian Power with over 11.1 million shares done closing 20 cent up at Rs.2.70 also saw several large parcels among the trades, they said.

NTB edged up marginally to close at Rs.66.90 on over 0.2 million shares while Ceylon Tobacco gained Rs.14.90 to close at Rs.974.90 on 13,814 shares.

Morison’s gained sharply, moving up Rs.46.60 to close at Rs.320 on 43,394 shares.

JKH announced a final dividend of Rs.1.50 per share for 2012/13 XD from June 6 and with payment on June 17.

Asian Hotel Properties announced a final dividend of Rs.3 per share for 2012/13 XD from June 5 and with payment on June 14 while Tea Smallholder Factories announced a first and final dividend of Re.1 per share for 2012/13 XD from June 5 and with payment on June 14.

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