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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » The Bourse Weekly Performance (Week ended August 30th, 2013)

The Bourse Weekly Performance (Week ended August 30th, 2013)

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1The Bourse Weekly Performance (Week ended August 30th, 2013) Empty LSL Weekly Market Review w/e 30/08/2013 Fri Aug 30, 2013 6:06 pm

sriranga

sriranga
Co-Admin
Colombo shares started the weekly operations on Monday recording further declines in major indices for the fifth consecutive day where All Share Index dropped by 56.18 points (- 0.94%) and S&P SL 20 index lost 15.33 points (- 0.46%). Daily market turnover was LKR 366mn. John Keells Holdings with LKR 95mn, Commercial Bank with LKR 69mn and Tokyo Cement non-voting with LKR 20mn were the top contributors to the market turnover. Along with th dividend announcement of LKR 2.00 per share First Capital Holdings became the mostly traded stock for the day followed by John Keells Holdings. Foreign participation for the day was 40% whereas foreign investors were net sellers with a net outflow of LKR 99mn.

On Tuesday market snapped the five day losing streak and broad market index ended on positive territory. ASI gained 27.69 points (+0.47%) aided by price appreciation in index heavy counters while S&P SL 20 index decreased by 8.30 points (+0.89%). Daily market turnover was LKR 503mn. John Keells Holdings, the mostly traded stock topped the turnover list with a turnover of LKR 179mn. Further Distilleries with LKR 39mn and National Development Bank with LKR 28mn were the next top contributors to the daily turnover. Meanwhile John Keells Holdings, Valliable One and Nations Finance were mostly traded stocks during the day. Foreign participation for the day was 31% whereas foreign investors were net sellers with a net outflow of LKR 96.2mn.

Colombo bourse witnessed a major setback on Wednesday as both indices declined sharply amid the announcement of Rights issue (with attached warrants) of premier blue-chip John Keells Holdings. JKH announced the Rights issue to raise LKR 22.7bn to part finance the mega USD 650mn mixed development project. ASI lost 170.00 index points (-2.87%) while S&P SL 20 Index lost 109.40 points (-3.30%). Daily market turnover was LKR 694mn. United Motors with LKR 230mn, JKH, the mostly traded stock with LKR 156mn and Commercial Bank with LKR 53mn were the highest contributors to the market turnover. Further retail investors were gathered heavily around Touchwood Investments, Vallibel One and Richared Pieris. Foreign participation accounted for 31% of the total market activity whilst recording net inflow of LKR 203mn.

Stock market managed to regain ground on Thursday as All Share Price Index advanced 71.86 points (+1.25%) and S&P SL 20 index increased by 55.03 Points (+1.71%). Market turnover was LKR 511mn. Sampath Bank with LKR 124mn, John Keells Holdings with LKR 111mn and Peoples Finance with LKR 81mn emerged as top contributors for the day. Meanwhile John Keells Holdings, Touch Wood and Nations Lanka were among the mostly traded stocks for the session. Foreign participation accounted for 19% of the total market activity and foreign investors were net buyers with a net inflow of LKR 112mn.

Market wrapped up the weekly operations on Friday in mixed note. ASI closed at 5,834.04, up by 8.98 points (+0.15%) and S&P SL 20 Index end at 3,261.33, marginally down by 3.63 points (-0.11%). Daily market turnover was LKR 353mn. John Keells Holdings with LKR 93mn, PCH Holdings with LKR 48mn and LB Finance with LKR 27mn, was including crossing of approx.0.23mn shares at LKR 120.00 per share, were the top contributors to the market turnover. Heavy retail participation was seen in counters such as Touchwood (LKR 2.30, -23%), PC House (LKR 0.80, +33%) and its related companies. Meanwhile PCH Holdings~23% of issued shares were traded during the session and the share closed at LKR 1.10, up 57%.

Lee Hedges announced singing of a sale agreement with AVIC International Hotels Lanka Ltd (AVIC) for the sale of property situated at No.418, R.A.De Mel Mawatha, Colpetty commonly known as ‘Colpetty Mills’ in extend of One Acre and Twenty One and decimal Fifty eight perches at a total sale price of LKR 1,240,000,000.00 only subject to obtaining the approval of the shareholders of the company. The capital gain from above transaction amount to LKR 1,067mn (per share LKR 209.00) and the stock closed at LKR 249.90 (+7.8%).

Foreign participation was 16% and foreign investors were net buyers with a net inflow of LKR 66mn. Foreign net inflows were seen in counters such as John Keells Holdings (LKR 28mn), LB Finance (LKR 25mn) and Lanka Ventures (LKR 9mn).

Cash map closed at 46.0%.

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

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
We should see another DROP on ASI & S&PSL20 in coming weeks ..... Smile

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
With US on the verge of attacking syria (limited operation) surely the INDICES will get a beating...... all over the world...
TAH

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Rising fuel prices....ever increasing energy cost.....will affect many companies in the 3rd quarter.....to certain extent and will surely affect the final quarter fully.
gold price will start to jump to 1500$ /oz

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Colombo bourse witnessed high volatility in both the indices during this week; as it opened the week on a negative note and stumbled sharply on Wednesday led by steep fall in John Keells Holdings, whilst it managed to gain momentum towards the end of the week to close on a positive trajectory. The ASI lost 117.8 points WoW to close at 5,834.0 points (-2.0%), whilst the S&P SL20 Index lost 81.6 points WoW to close at 3,261.3 points (-2.4%). Indices lost mainly on the back of losses made by John Keells Holdings (-10.8% WoW), Nestle Lanka (-2.3% WoW), Dialog Axiata (-3.5% WoW), Distilleries (-3.8% WoW) and Aitken Spence (-4.1% WoW).

The bench mark ASI plunged to its almost five month low during mid week mainly due to heavy weight John Keells Holdings slumping sharply (c.10%) consequent to the announcement made by the company regarding a rights issue attached with warrants, whilst selling witnessed on several counters aggravated the down fall. However, John Keells Holdings gained momentum towards the latter part of the week, whilst the bourse recovered slightly from its 5 month low on the back of renewed buying interest witnessed on selected counters. Foreign investors’ remained net buyers after witnessing net selling during the first few days of the week, however, cf. last week, foreign activities during the week were far below as the net foreign inflow dropped 82%WoW.

During the course of the week, the LKR hit its all time low of LKR135.20 on Wednesday before recovering slightly, whilst the CBSL today imposed a 100% margin deposit requirement on letters of credit for car imports to slowdown the imports amidst weakening Indian Rupee which is likely to trigger the car imports in the period ahead.

Counters such as John Keells Holdings, Commercial Bank, National Development Bank, United Motors, Lanka
Ceramics, Distilleries, Sampath Bank, LB Finance and Peoples’ Leasing and Finance encountered crossings during the week. Furthermore, PCH Holdings, Seylan Merchant Bank (non-voting), PC House, Touchwood and Peoples Leasing & Finance Company topped the list in terms of volume traded during the week.
Further, during the week, Colonial Motors made an announcement indicating its plans to phase out it’s motor vehicle related business activities and become a property holding and investment company with a name change to CM Holdings.

However, KIA motors, a subsidiary of Colonial Motors will continue to import and market KIA range of vehicles. In addition, Cargills (Ceylon) released an announcement regarding its proposed restructure of retail operation. According to the announcement, Cargills Foods Company (Pvt) Ltd, a fully owned subsidiary of Cargills (Ceylon) will carry out the retail operations of the group and Cargills (Ceylon) will continue as an investment holding company for Retail, Food manufacturing, Brewery, Leisure & property development and Strategic investment sectors of the group.

The week saw foreign purchases amounting to LKR 775.0 mn whilst foreign sales amounted to LKR 588.9 mn. Market capitalisation stood at LKR 2,402.9bn and the YTD performance is 3.4%.

Depreciation of the Sri Lankan Rupee
Sri Lankan rupee hit an all time low of 135.20 per US Dollar on Wednesday and ended the week at 135.00.
The depreciation of the Indian rupee by circa 19% coupled with the depreciation of the currencies of Sri
Lanka’s other trading partners such as Indonesia and Thailand can be cited as the main reasons for the
weakening of Sri Lankan rupee against the US dollar. The sharp depreciation of the Indian rupee tends to
increase the demand created by the LKR on the US dollar given that over 20% of Sri Lanka’s imports are
from India. The importers would tend to create more demand for Indian imports given that the depreciating Indian rupee reduces the supply price of Indian exports to Sri Lanka causing the local currency to depreciate.

On the other hand, foreign investors ended up as net sellers of government securities to the tune of circa
LKR 10 billion during the week ending on 28th August reflecting the regional trend in the flow of portfolio
investments from emerging markets to developed markets. The imposition of 100% margin deposit
requirements by the Central Bank today against the Letter of Credit’s opened with commercial banks for
the import of motor vehicles is a measure taken in this regard to limit the importation of non essential
vehicles and thereby lessen the pressure on the LKR to depreciate without adversely affecting the supply of
essential imports to the country.
Source: Asia Wealth Management Research

m2_yapa

m2_yapa
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Ahaa...Super SEPTEMBER and RED OCTOBER!

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
The Bourse Weekly Performance (Week ended August 30th, 2013) Z_p-5212
http://www.sundayobserver.lk/2013/09/01/fin53.asp

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