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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lankan stocks steady; Morison deal boosts turnover

Sri Lankan stocks steady; Morison deal boosts turnover

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sriranga

sriranga
Co-Admin
COLOMBO, May 30 (Reuters) - Sri Lankan shares ended flat in an overbought market on Thursday, but turnover rose to its highest in more than three weeks as conglomerate Hemas Holdings PLC bought a majority stake in pharmaceutical firm J.L. Morison Sons and Jones (Ceylon) PLC.

The main stock index ended barely changed, closing 0.01 percent, or 0.69 points, weaker at 6,455.12.

Five dealers said Hemas Holdings bought 4.15 million shares, or around 70 percent stake, in J.L Morison Sons and Jones (Ceylon) at 366.50 rupees a share. Shares in Morison rose 10.71 percent to 346.20 rupees a share, while shares in Hemas rose 6 percent to 37.10 rupees.

The deal boosted the day's turnover to 2.56 billion rupees, its highest since May 6 and well above this year's daily average of 1.05 billion rupees.

"The market is not moving as there is no market-moving news and turnover was pushed by block deals in Morison," said a stockbroker who declined to be identified.

The telecom sector index fell 0.99 percent with top fixed-line telephone operator Sri Lanka Telecom PLC falling 1.38 percent and leading mobile phone operator Dialog Axiata PLC sliding 1.06 percent.

Foreign investors were net buyers of 165 million rupees ($1.30 million) worth of shares, extending net foreign inflows this year to 13.55 billion rupees.

The market's 14-day Relative Strength Index (RSI) was still in over-bought territory, at 78.252 on Thursday and has been above the upper neutral level of 70 since April 16, Thomson Reuters data showed.

The rupee edged up at 126.45/50 per dollar, little changed from Wednesday's close of 126.48/55 on thin volume of exporter dollar sales, dealers said.

($1 = 126.5000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)
http://www.reuters.com/article/2013/05/30/markets-srilanka-idUSL3N0EB2I020130530

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

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
http://www.cse.lk/cmt/upload_cse_announcements/7061369915037_.pdf

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Sri Lanka stocks flat
May 30, 2013 (LBO) - Sri Lanka's stocks closed flat on Thursday with heavy trading in diversified companies and turnover boosted by J K Morrison Sons, brokers said.

The benchmark Colombo All Share Index closed 0.69 points lower at 6,455.12 and the S&P SL 20 Index closed down 4.60 points at 3,640.04 up 0.13 percent.

Turnover was 2.5 billion rupees up from 906 million day earlier, helped by a 1.7 billion rupee deal in J L Morrisons Sons and Johns which was taken over by Hemas Holdings.

Foreigners brought 323 million rupees worth shares while selling 158 million rupees of shares, in a day that 102 stocks advanced and 102 stocks declined.

George Steuart Finance contributed most and closed at 672.50 rupees up 74.00 rupees. Hemas Holdings closed at 37.10 rupees up 2.10 rupees and Distilleries closed at 203.10 rupees up 03.00 rupees.

Hatton National Bank closed at 170.00 rupees up 2.50 rupees, DFCC Bank closed at 143.00 rupees down 01.00 rupee and National Development Bank closed at 177.00 rupees down 20 cents.

Pan Asia closed at 20.80 rupees down 20 cents. Union Bank of Colombo closed at 19.10 rupees down 20 cents and Sampath Bank lost 60 cents to close at 224.20 rupees.

LB Finance closed at 129.90 rupees up 80 cents, Peoples Leasing and Finance closed at 14.90 rupees down 20 cents and Commercial Leasing & Finance closed flat at 4.40 rupees.

The Lion Brewery gained 80 cents to close at 420.00 rupees and Ceylon Tobacco Company gained 4.00 rupees to close at 978.90 rupees.

Chevron Lubricant Lanka gained 2.00 rupees to close at 320.10 rupees

John Keells Holdings lost 1.70 rupees to close at 286.90 rupees and Nestle Lanka closed at 2002.30 rupees down 6.70 rupees.

Aitken Spence closed at 135.00 down 20 cents. Browns Investments closed at 3.40 rupees down 10 cents.

Softlogic Holding closed at 11.80 rupees up 10 cents and Vallibel One closed at 19.80 rupees down 10 cents.

Dialog Axiata closed at 9.30 rupees down 10 cents and Sri Lanka Telecom gained 43.00 rupees down 40 cents.

Update II
http://www.lankabusinessonline.com/news/sri-lanka-stocks-flat/1276125250

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