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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » CSE posts tidy gains on low turnover, JKH shines

CSE posts tidy gains on low turnover, JKH shines

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sriranga

sriranga
Co-Admin
COLOMBO, July 23 (Reuters) - Sri Lankan shares closed at their highest in nearly three weeks on Tuesday as foreign investors bought into market heavyweight John Keells Holdings, which recently announced plans to build an over $850 million resort.

The main share index ended firmer 0.71 percent, or 43.18 points, at 6,084.24, its highest closing since July 3.

Foreign investors bought net 78.2 million rupees ($593,800) in shares, extending the year-to-date net foreign inflow to 16.73 billion rupees.

John Keells closed up 3.96 percent at 270.30 rupees.

Turnover was 408.4 million rupees ($3.10 million), bourse data showed, well below this year's daily average of around 960 million rupees.
($1 = 131.7000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)
http://uk.reuters.com/article/2013/07/23/markets-srilanka-idUKL4N0FT25220130723

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

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
No sellers on shares attracting interest

The Colombo bourse yesterday posted tidy gains sparking hope that it had broken out of the recent depression with both indices up – the All Share by 43.18 points (0.71%) and S&P SL20 by 26.93 points (0.79%) on a turnover of Rs.408.4 million, down from the previous trading day’s Rs.719.1 million, with 171 gainers ahead of 87 losers while 109 counters closed flat.

Brokers said there was strong retail interest in JKH which closed Rs.10 up at Rs.270 on over 0.3 million shares trading between Rs.260 and Rs.272 and posting the day’s highest turnover of Rs.91.8 million.

"Retailers and local institutions showed interest in JKH, Chevron, Sampath and Aitken Spence," a broker said noting that turnover was low due to lack of sellers in counters that attracted attention.

"I think the market had broken out from its downtrend and overcome some of the technical glitches," a broker said. "I expect this trend to continue."

"The ASPI ended sharply higher, reaching a 13-trading day high, amid subdued activity levels dominated by a selected set of large cap counters. Trades on JKH, LLUB, CINS, and SPEN, collectively accounted for over 45% of market turnover, inclusive of crossings," John Keells Stock Brokers said in a market report.

There was a foreign inflow of Rs. 78.2 million with purchases of Rs. 160.5 million and sales of Rs. 82.3 million.

Aitken Spence saw the day’s only block trade with 0.2 million shares transacted at Rs.125 contributing Rs.25 million to turnover.

Chevron was number two in the turnover league closing Rs.1.10 up at Rs.316.50 with over 0.1 million shares done between Rs.315.50 and Rs.318 contributing Rs.37.8 million to turnover while Ceylinco Insurance gained sharply closing Rs.49.20 up at Rs.1,240 on 27,936 shares done between Rs.1,150 and Rs.1,249 contributing Rs.33.5 million to turnover.

Commercial Bank (voting) gained 30 cents to close at Rs.117 on nearly 0.2 million shares done between Rs.116.70 and Rs.117.30 while Distilleries closed Rs.2 up at Rs.190.10 on 90,897 shares done between Rs.189 and Rs.191.

Sampath was up Rs.4 to close at Rs.201 on 60,919 shares while Colombo Land gained Rs.2.70 to close at Rs.46.30 on over 0.1 million shares.

Kelani Cables announced an interim dividend of Rs.1.50 for 2012/13 XD from July 31 and with payment on August 12.

Colombo Land and Development Company said in a Stock Exchange filing that Prof. C.K.H. Deheragoda, a director of the company and its former Chairman and Vice Chairman, will succeed Mr. N.H. Godahewa who has resigned with effect from July 19 both as Chairman and as Director.

Deheragoda was a former chairman of the UDA and the Stock Exchange filing said that he is coming on board as chairman to handle the next phase of the company’s development plans.

Colombo Land has already completed the Liberty Arcade shopping mall in Kollupitiya and has begun a major renovation of the Liberty Plaza mall.

The filing said that the company hopes to launch work on Liberty Square Business Park in the heart of the Pettah by next month.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=84188

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