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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Net foreign inflow to stock market tops Rs. 17 b mark

Net foreign inflow to stock market tops Rs. 17 b mark

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
WRITTEN BY THARANGA SENARATNE

Aug 13, 2013 (LBT) - Market picks up with buying interest: The Colombo Bourse secured an uptrend peaking towards midday as it touched the 6,150 mark. However some selling pressure returned to the market during the last couple of hours trimming some of the early gains as the index closed with a gain of 13 points. Asian Hotels and Properties, Lanka IOC and Access Engineering were the main contributors for the gains in the index. JKH only crossing: John Keells Holdings recorded the sole crossing for the day with 126k shares changing hands at LKR260.0. Selling pressure continued to return to the counter as the counter lost 0.9% to close at LKR260.0

Strong interest in AEL, LIOC and TJL: Access Engineering and Textured Jersey registered healthy volumes with strong buying interest as the both counters recorded 52-week prices of LKR22.6 and LKR15.0 respectively. Strong earnings figures recorded in both counters were the primary reason for the investor interest. Lanka IOC, another counter that registered strong earnings gained 6.9% to close at LKR27.9. Retail interest on high turnover counters: Retail participation was somewhat active surrounding counters such as AEL, LIOC and TJL which generated reasonable volumes.
http://lbt.lk/stock-market

sriranga

sriranga
Co-Admin
COLOMBO, Aug 14 (Reuters) - The Sri Lankan rupee ended firmer on Wednesday on the back of dollar inflows into shares and treasury bonds, prompting dealers to revert back to trade on spot dollar from one-day forwards.

Dealers were forced to trade one-day forwards in the last two weeks as the central bank asked banks to not to buy dollars beyond 131.60 rupees.

The rupee currency spot ended at 131.50/58 per dollar, firmer than Tuesday's close of 131.60. The one-day forwards also ended firmer at 131.62/70 per dollar from Tuesday's close of 131.66/72.

"The rupee ended firmer on dollar inflows into stocks, T-bonds and T-bills," said a currency dealer adding the demand from the state banks will decide the rupee's course.

The rupee has fallen about 4 percent between June 7 and July 18, after foreign investors started pulling out of Sri Lanka's treasury bonds due to a rise in U.S. treasury yields.

The currency has been steady around 131.60 since July 18 as the central bank has not been allowing the spot dollar to be traded beyond 131.60 amid a rise in foreign holding in government securities, dealers said.

Dealers expect the rupee to move in a 131.50 to 132.00 range in the short term and continue to depreciate unless the central bank steps in or dollar inflows increase significantly.

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anand Basu)
http://in.reuters.com/article/2013/08/14/markets-srilanka-rupee-idINL4N0GF2NQ20130814

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

Balanced_Views


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Redbulls wrote:WRITTEN BY THARANGA SENARATNE

Aug 13, 2013 (LBT) - Market picks up with buying interest: The Colombo Bourse secured an uptrend peaking towards midday as it touched the 6,150 mark. However some selling pressure returned to the market during the last couple of hours trimming some of the early gains as the index closed with a gain of 13 points. Asian Hotels and Properties, Lanka IOC and Access Engineering were the main contributors for the gains in the index. JKH only crossing: John Keells Holdings recorded the sole crossing for the day with 126k shares changing hands at LKR260.0. Selling pressure continued to return to the counter as the counter lost 0.9% to close at LKR260.0

Strong interest in AEL, LIOC and TJL: Access Engineering and Textured Jersey registered healthy volumes with strong buying interest as the both counters recorded 52-week prices of LKR22.6 and LKR15.0 respectively. Strong earnings figures recorded in both counters were the primary reason for the investor interest. Lanka IOC, another counter that registered strong earnings gained 6.9% to close at LKR27.9. Retail interest on high turnover counters: Retail participation was somewhat active surrounding counters such as AEL, LIOC and TJL which generated reasonable volumes.
http://lbt.lk/stock-market
I agree - AEL, LIOC, TJL still good buys

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Despite the gloom and doom talk about the economy by some and the downgrading of banking sector prospects by a few analysts, net foreign inflow to the Colombo stock market crossed the Rs. 17 billion mark yesterday, giving a fresh boost to overall investor sentiments.

Foreign inflows were boosted by a net infusion of Rs. 857.6 million yesterday whilst total foreign buying was Rs. 1.5 billion. Net foreign buying was also highest for a day since 21 May.

The second largest private sector bank HNB saw four crossings totalling 5.9 million of its non-voting shares at Rs. 115 each in a deal worth Rs. 686 million. Foreign holding in HNB rose by 5,578,199 shares yesterday.

Sampath Bank saw foreign buying of 1.87 million shares at Rs. 196 each via four crossings whilst Commercial Bank also saw foreign buying of 0.3 million shares. Local buying was evident when 2.68 million shares of Aitken Spence traded at Rs. 124 each.

Three stocks (HNB, Sampath and Spence) accounted for 72% of the turnover of Rs. 1.94 billion. Renewed foreign interest boosted overall investor sentiments as the ASI gained by over 1%, one of the sharpest gains in recent weeks and propelling the benchmark index to eight-week high. The movement also pushed the year to date gain of ASI back to 10% threshold.

Analysts said continued bullishness on the part of foreigners over returns from Lankan equities remains emphatic though locals remain weak hearted.
http://www.ft.lk/2013/08/15/net-foreign-inflow-to-stock-market-tops-rs-17-b-mark/

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