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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Bourse consolidates but foreign net inflow tops Rs. 14 b mark

Bourse consolidates but foreign net inflow tops Rs. 14 b mark

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Director - Equity Analytics
Director - Equity Analytics
Sri Lanka stocks close flat
June 04, 2013 (LBO) - Sri Lanka's stock closed flat Tuesday with investors continuing to take profit and losses in some index heavy stocks like JKH, DIST and NEST, brokers said.

The benchmark Colombo All Share Index closed 02.02 points lower at 6,449.66 and the S&P SL 20 Index closed 10.31 points higher at 3,645.90 up 0.29 percent.

Turnover was one billion rupees up from 752 million day earlier.

Foreigners brought 541 million rupees worth shares while selling 102 million rupees of shares, in a day that 87 stocks advanced and 125 stocks declined.

Chevron Lubricants Lanka contributed most to the index gain closing at 345.20 rupees up 16.90 rupees. The reduction of global oil prices has helped the company’s share price to rise and demand for the stock by investors has also gone up, brokers said.

John Keells Holdings lost 1.80 rupees to close at 281.70 rupees and Nestle Lanka closed at 1,978.00 rupees down 19.60 rupees.

Commercial Bank of Ceylon closed at 124.00 rupees up 2.00 rupees helped by a crossing of three million shares at a price of 125 per share. Lanka IOC gained 1.60 rupees to close at 28.00 rupees.

Hatton National Bank closed flat at 167. 00 rupees, DFCC Bank closed at 142.50 rupees up 50 cents and National Development Bank closed at 174.50 rupees up 40 cents.

Pan Asia closed at 20.60 rupees down 40 cents. Union Bank of Colombo closed at 19.20 rupees up 10 cents and Sampath Bank lost 1.60 rupees to close at 218.50 rupees. Banking sector which reached its peak has lost ground due to profit taking by investors, broker said

LB Finance closed at 131.60 rupees down 2.80 rupees and Peoples Leasing and Finance closed at 14.90 rupees up 10 cents.

The Lion Brewery lost 1.00 rupees to close at 409.00 rupees, Distilleries Company lost 1.20 rupees to close at 200.30 rupees and Ceylon Tobacco Company too lost 10 cents to close at 999.90 rupees.

Aitken Spence closed at 134.00 down 1.00 rupee. Browns Investments closed at 03.40 rupees down 10 cents.

Softlogic Holding closed at 11.40 rupees down 30 cents and Vallibel One closed at 19.10 rupees down 60 cents.

Sri Lanka Telecom closed at 42.70 rupees down 30 cents and Dialog Axiata closed at 09.30 down 10 cents. (Ends)


COLOMBO, June 4 (Reuters) - Sri Lankan shares closed flat on Tuesday as foreign buying in top lender Commercial Bank of Ceylon offset profit-taking by offshore investors in John Keells Holdings and retail selling in an
overbought market.

The main stock index edged down 0.03 percent, or 2.02 points, to 6,449.66. It had closed at 6,463.06 on Friday, the highest since May 23, Reuters data showed.

Foreign investors accounted for around 52.2 percent of the day's turnover of 1.04 billion rupees ($8.22 million), in line with this year's daily average of 1.05 billion rupees.

The bourse saw a net foreign inflow of 439 million rupees, extending year-to-date inflows to 14.45 billion rupees.

The market's 14-day Relative Strength Index (RSI) was still in overbought territory, at 75.262 on Tuesday and has been above the upper neutral level of 70 since April 16, Thomson Reuters data showed.

"There'll be profit-taking till we see some positive news," said a stockbroker asking not to be named.

Shares in Commercial Bank of Ceylon gained 1.64 percent to 124 rupees, while conglomerate and market heavyweight John Keells Holdings fell 0.63 percent took 281.70 rupees.

The rupee ended weaker at 126.50/52 per dollar from Monday's close of 126.20/55 on importer demand for the greenback, dealers said.
($1 = 126.5000 Sri Lanka rupees)

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


Director - Equity Analytics
Director - Equity Analytics
The Colombo stock market saw mixed fortunes with some degree of consolidation led by profit taking by investors though the net foreign inflow remained robust surpassing the Rs. 14 billion mark.

Heavy deals on Commercial Bank shares saw the market enjoy a net inflow of Rs. 439 million thereby pushing the year-to-date figure to Rs. 14.3 billion. According to NDB Stockbrokers, foreign holding of COMBank rose by 3.18 million shares whilst the counter which dominated turnover saw three off-board blocks totaling .9 million shares done at Rs. 125 each. COMBank closed at Rs. 124, up by 1.64%.

That apart, the rest of the market was relatively lacklustre though it managed to gain lost ground mid-day.

“The Bourse experienced a considerable dip during the early hours while a gradual recovery could be seen during the latter half of the day, closing the market in a mixed note,” LOLC Securities said.

The ASPI dipped 2.02 points and the S&P SL 20 Index gained 10.31 points. The market is up 14.3% year-to-date.

Turnover was a healthy Rs. 1 billion.

“Indices consolidated further,” noted Softlogic Stockbrokers, adding that the Bourse further continued its volatile path on a much wider 30 points band.

It said gains recorded on Chevron Lubricants (+6.0%) and Commercial Bank (+1.6%) weighted positively on the index. However losses denoted on John Keells Holdings (-0.6%) and The Good Hope (-13.7%) held the index on marginal grounds.

Softlogic said Chevron Lubricants extending the prolonged rally as the high dividend payer saw a notable appreciation in price with strong on-board volume. LLUB closed at Rs. 365.9 with a gain of 6.0%.

Haycarb too recorded a single off-board block of 300,000 shares at Rs. 200 each. The Haycarb share price gained by Rs. 5.20 (2.60%) to close at Rs. 205.

Premier blue chip John Keells Holdings continued its slide, depicting the highest on-board turnover for the day. The counter witnessed a single large on-board block of 60,000 shares which was transacted at Rs. 282.50 before settling at Rs. 281.70.

Softlogic also said retailer activity was minimum and concentrated on some selected stocks such as Nation Lanka Finance, Commercial Credit and Finance and Abans Finance.

Asia Wealth said Abans Electricals witnessed retail interest that enabled the counter to record its 52 week high price of Rs. 175 and to be on the top turnover list. The counter gained 20.5% to end the day at Rs. 162.4.

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