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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » The Bourse Weekly Performance (Week ended July 26th, 2013)

The Bourse Weekly Performance (Week ended July 26th, 2013)

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sriranga

sriranga
Co-Admin
LSL Weekly Market Review w/e 26/07/2013

Colombo Stock market began trading for the week on Tuesday on a positive note where benchmark index gained 43.18 points (+0.71%) and S&P SL 20 Index ended advanced by 26.93 points (+0.79%).  Market turnover was LKR 408mn. John Keells Holdings, the heavily traded stock with LKR 92mn, Chevron Lubricants with LKR 38mn and Ceylinco Insurance with LKR 34mn were the top contributors to the daily turnover. Meanwhile, Chilaw Finance, Textured Jersey and Colombo Land & Development were among the heavily traded stocks during the day. Foreign participation for the day was 29.7% and foreign investors were net buyers with a net foreign inflow of LKR 78mn.

Market ended in mixed note on Wednesday as the Central Bank held monetary policy rates stable. However, according to the primary Treasury bill auction held today the Central Bank only accepted 365day maturity treasury bills and the yield dropped by 3 bps to 10.56%. Benchmark All Share Index fell marginally by 5.10 points (+0.08%) and S&P SL 20 Index gained 12.02 points (0.34%). Market turnover was LKR 292mn. Index heavy John Keells Holdings, the heavily traded stock with LKR 66mn, Dialog Axiata with LKR 40mn and Bukit Darah with 34mn were the top contributors to the market turnover. Meanwhile, First Capital Holdings, Kegalle Plantations and Textured Jersey were among the mostly traded stocks for the day. Foreign participation for the day was 22.4% and foreign investors ended as net buyers with a net inflow of LKR 107mn.

Colombo Bourse lost almost LKR 15bn market cap in Thursday trading as the benchmark ASI slumped by 40.98 points (-0.67%) and S&P SL 20 Index lost 24.63 points (-0.71%). Daily market turnover was LKR 290mn. John Keells Holdings (LKR 60mn) was the top contributor to the market turnover followed by Dialog Axiata with LKR 40mn and Ceylinco Insurance – non voting with LKR 22mn. Chilaw Finance, Textured Jersey and Sanasa Development Bank were the mostly traded stocks during the day. Foreign participation for the day was low at 9% of the total market activity. At the end of the day foreign investors were net buyers with a net inflow of LKR 23mn.

Market closed the weekly operations on Friday with positive returns on both market indices. ASI closed at 6,051.77 with a gain of 13.61 basis points (+0.23%) and S&P SL 20 Index closed at 3,427.87 with a gain of 4.39 basis points (+0.13%). Price appreciations in large cap stocks such as Dialog Axiata by 2.3%, Ceylinco Insurance by 5.0% and

Daily market turnover was LKR 404mn. Asiri Hospitals with LKR 70mn, Sampath Bank with LKR 51mn and LIOC with LKR 26mn were the top contributors to the market turnover. Two off-the-floor deals were recorded in Asiri Hospitals and Sampath Bank where 5.0mn shares and 0.25mn shares changed hands at a price of LKR 14.00 per share and LKR 202.00 per share respectively.
Textured Jersey, the heavily traded stock today reached 52 week high of LKR 13.10, up by 4%. Further Access Engineering, Chilaw Finance and Sanasa Development Bank were traded heavily during the day.

Foreign participation for the day was 20% of the total market activity and at the end of the day foreign investors were net buyers with LKR 67mn net inflow. Top net foreign buying was seen in stocks such as Sampath Bank, Access Engineering and Textured Jersey while net selling was seen in John Keells Holdings and Aitken Spence Holdings.
Cash map closed at 56.9%.

Stock market indices managed to close above the last week ending levels but witnessed lackluster trading patterns. Average daily turnover and volume declined by 37%WoW and 23%WoW respectively. However foreign investors remained as net buyers for the week with a marginal total net inflow of LKR 52mn which is a 94% drop compared to the last week.

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

sriranga

sriranga
Co-Admin
More reading:http://research.srilankaequity.com/t786-26-07-2013-weekly-review-asia-wealth-management-co-ltd

The ASI gained 10.7 points WoW to close at 6,051.8 points (+0.2%), whilst the S&P SL20 Index gained 18.7 points WoW to close at 3,427.9 points (+0.6%). Indices benefited mainly on the back of gains made by John Keells Holdings (+3.4% WoW), Ceylinco Insurance (+8.8% WoW), Bukit Darah (+2.5% WoW), Dialog Axiata (+2.3% WoW) and Aitken Spence Hotel Holdings (+4.3% WoW).

The bourse remained relatively flat over the four trading days with high level of fluctuation being witnessed in the first and third day of the week. The activities of both high net worth and retail investors remained relatively dry during the week, which is indicated by the average weekly turnover falling 36.8% WoW to circa LKR 348 million from LKR 551 million in the previous week. Furthermore, the average daily volume of shares traded plunged 23% WoW to 14.2 million shares from 18.5 million in the previous week indicating that the week‟s trading activity was largely dominated by interest in large cap counters.

This is to say that the risk appetite of the investors during the week remained notably low and trading was mainly performed with long to medium term investment motives. The fluctuation of the LKR against major trading currencies would have caused the investors‟ reserved approach to trading during the week. It is interesting to note in this regard that despite the significant foreign inflows recorded into treasury securities over the past two weeks the LKR still faced pressure to depreciate against the USD.

Further, monetary authorities decided to keep policy rates at current levels considering the stabilization of the balance of payments position of the economy and the expected moderation in inflation. Further, prospects of the world economy still seems to be bleak especially given that the European Union is still to enter a recovery phase. Given that the Euro area accounts for circa 25% of the world‟s incremental nominal GDP, the continued recessionary conditions in the region is bearing on the prospect of the rest of the key economies in the world such as the U.S. and China. In this light the Central Bank of Sri Lanka in its monetary policy review for July 2013 stated that the developments in the advanced economies will be carefully observed to adopt an appropriate monetary policy mix going forward given that weaker world economy could prove to be a „damper in revitalizing external demand‟ for Sri Lanka‟s exports.

Meanwhile, John Keels Holdings emerged as the top contributor to the turnover adding 16.3% to the total turnover during the week while Sampath Bank, Dialog Axiata and Asiri Hospital Holdings together contributed 17.8%. Long term buying interest as well as retail trading interest was witnessed on John Keels Holdings providing a lucrative sphere of trading.

The week saw foreign purchases amounting to LKR 408.5 mn whilst foreign sales amounted to LKR 144.4 mn. Market capitalisation stood at LKR 2,328.9bn and the YTD performance is 7.2%.

Foreign interest persists whilst bourse shows volatile movements during the week…
The week opened the floor for trading activities on a positive note; however, it failed to sustain the positive trend as the bench mark index ASI witnessed volatility during mid week whilst it managed to gather momentum during the last trading day of the week. Turnover and volumes traded fluctuated within a thin band as the week witnessed only few crossings. Counters such as John Keells Holdings, Aitken Spence, Sampath Bank and Asiri Hospital witnessed crossings during the week. Local investors‟ participation remained relatively low, however few selected counters such as Textured Jersey, Dialog Axiata, Chevron Lubricants and Commercial Bank witnessed foreign interest throughout the week which facilitated the YTD net foreign inflow to be over LKR 16bn.

Further, CBSL‟s press release regarding the country‟s external sector performance for the month of May came into the market end of last week. According to CBSL, the inflows for the first five months of 2013 by way of tourism earnings, worker remittance, government securities and commercial banks borrowings have seen a YoY growth, whilst net foreign inflow through CSE too made commendable contribution. Meanwhile, as per the data released, the gross official reserves stood at USD6.6bn at the end of May despite witnessing some major out flows such as IMF‟s SBA principal payment, foreign debt service payment etc. However, the export earnings for the first five months declined 6.6% YoY, whilst the expenditures on imports fell 9.4% YoY. In addition, during the month of May, earnings from apparel which constitutes c. 40% of the total export earnings was up by 2% YoY, whilst gold imports went up by c. 44% on the back declining gold prices. Moreover, according to the Monetary board, credit growth to the private sector increased during May 2013 in response to the recent policy rate cut which is an encouraging sign, whilst state borrowings witnessed a dip during the month. On the back of these positive trends, the Monetary board decided to maintain the policy rates steady.

Even though country‟s macro economic factors show some signs of improvement, local investors‟ response towards it remains low. As the bourse awaits the corporate earnings for 2QCY2013, we urge investors to align their portfolios towards a mid-long term time horizon with stocks which are likely to deliver strong earnings growth rather than focusing on a short term investment horizon which tends to increase the risk of equity investments.
Source: Asia Wealth Management research

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

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
The Bourse Weekly Performance (Week ended July 26th, 2013) Z_p-5212
http://www.sundayobserver.lk/2013/07/28/fin56.asp

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