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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Steep dip in indices led by JKH

Steep dip in indices led by JKH

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sriranga

sriranga
Co-Admin
COLOMBO, Aug 28 (Reuters) - Sri Lankan stocks fell nearly 3 percent on Wednesday to close at a near five-month low, led by market heavyweight John Keells Holdings after it announced a large rights issue to fund a resort project, dealers said.

The main share index fell 2.9 percent, or 170.14 points, to 5,753.20, its lowest close since early April.

Top conglomerate John Keells plummeted 10.2 percent to 208.00 rupees a share after saying it would raise 39.83 billion rupees ($299.14 million) from selling rights and warrants to help fund an $850 million resort project.

'The market came down with panic selling of John Keells,' said one stockbroker who asked not to be identified.

Analysts said investors also were cautious over further falls in the rupee and a weak earnings outlook.

The local currency hit an all-time low on Wednesday amid panic buying by importers, dealers said, but the central bank governor said the moves were exaggerated by thin volumes and insisted the currency would stabilise soon.

Foreign investors were net buyers of 202.6 rupees worth of shares, extending net inflows so far this year to 18.35 billion rupees worth of shares.

Turnover was 694.2 million rupees, well below this year's daily average of about 912.6 million rupees.

(Reporting by Ranga Sirilal; Editing by Kim Coghill)

(ranga.sirilal@thomsonreuters.com)(+94-11-232-5540)

(Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net)(twitter.com/rangab a)
http://www.xe.com/news/2013/08/28/3517509.htm

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

2Steep dip in indices led by JKH Empty Steep dip in indices led by JKH Wed Aug 28, 2013 6:38 pm

Redbulls

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

Aug 28, 2013 (LBT) - Sharp downtrend in indices: The benchmark index saw a steep dip of 170 points at its close, the highest intra-day dip since 14th February 2012. John Keells Holdings led the main negative contributors list as it dipped 10% at its close of LKR208.0 followed by an announcement of a rights issue. Heavycaps; Ceylon Tobacco Company (-3.2%) and Nestle Lanka (-5.8%) also weighed negatively on the index. Similarly the The S&P SL20 recorded a sharp dip of 109 points at its close.

Crossings added 41% to turnover: United Motors spearheaded the turnover backed by an off-board block of 2.2 mn shares at a 52-week low (off-board) price of LKR104.0 while on-board activity in the counter was dormant. National Development Bank and Commercial Bank recorded one crossing each which carried 230k shares and 200k shares at LKR150.0 and LKR116.0 respectively. Crossings in total added 41% to the day’s turnover.

JKH defined the market story: John Keells Holdings remained in the limelight as trading in the counter halted during early trading before the announcement of a rights issue with regard to its investment in Waterfront Properties (Private) Limited. Trading in the counter commenced during mid-day after which it touched an intra-day low at LKR204.0 (-11.9%) before closing at LKR208.0. Banking players; Commercial Bank and Sampath Bank denoted active on-board interest. Both counters dipped 0.3% and 3.8% at their close respectively amidst some selling pressure.

Retailers followed a cautious approach: Retailers took a cautious approach whilst interest was centered upon John Keells Holdings, Vallibel One, Touchwood Investments and Textured Jersey Lanka.
http://lbt.lk/stock-market

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