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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » JKH dominates trading, rights issue massively endorsed

JKH dominates trading, rights issue massively endorsed

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1JKH dominates trading, rights issue massively endorsed Empty Sri Lanka stocks up 0.4-pct, rupee gains Wed Oct 02, 2013 5:29 pm


Director - Equity Analytics
Director - Equity Analytics
Oct 02, 2013 (LBO) - Sri Lanka stocks closed 0.43 percent higher with diversified John Keells Holdings extending gains, while speculative trading continued in Touchwood, a troubled forestry firm, brokers said.

The benchmark Colombo All Share Price Index closed 24.79 points higher at 5,805.62, up 0.43 percent after peaking at an intraday high of 5,814.61 in late trading.

The S&P SL20 closed 18.11 points higher at 3,229.00, up 0.56 percent.

Turnover was 1.31 million rupees, provisional data showed, up from 1.28 billion the previous day, with shares of 122 firms gaining against 63 losing.

Foreigners bought shares worth 486.36 million rupees, up from 439.08 million rupees the previous day, and sold 403.12 million rupees worth of shares, up from 49.25 million rupees.

Troubled Touchwood closed 1.10 rupees higher at 4.20 rupees with more than 24.4 million shares changing hands.

JKH closed 4.00 rupees higher at 223.00 rupees and featured in six crossings and Dialog closed 20 cents higher at 8.70 rupees and featured in one crossing.

Sri Lanka Telecom closed 80 cents higher at 39.50 rupees.

Asian Hotels and Properties closed 1.10 rupees higher at 70.00 rupees and Hemas Holdings closed 1.40 rupees higher at 33.00 rupees.

CTC closed 9.00 rupees lower at 1,036.00 rupees and AIA Insurance Lanka closed 26.00 rupees lower at 279.00 rupees.

Aitken Spence closed 1.80 rupees lower at 113.30 rupees and Singer Sri Lanka closed 5.80 rupees lower at 93.20 rupees.

Commercial Leasing and Finance closed 10 cents lower at 3.90 rupees and Sampath Bank closed one rupee lower at 171.00 rupees.

Troubled CIFL closed 10 cents higher at 1.20 rupees with more than 1.55 million shares changing hands.

The rupee strengthened to 131.46/47 against the US dollar in the spot market in late trading from yesterday's close of 131.55/60 on export conversions and foreign bank dollar sales amidst subdued importer demand, dealers said.

In gilt markets a liquid five year Treasury bond was trading at 11.68/72 percent, from an opening at 11.67/81 percent.,-rupee-gains/1573893091


COLOMBO, Oct 2 (Reuters) - Sri Lankan stocks rose on Wednesday to close at their highest since Sept. 27 as investors bought conglomerate John Keells on the last day of its rights issue to fund a $850 million resort project, with foreign inflows boosting sentiment.

The main share index rose 0.43 percent, or 24.79 points, to close at 5,805.62. On Tuesday, the index closed at its lowest since Sept. 18.

Shares in John Keells Holdings Plc rose 1.83 percent to 223 rupees. The conglomerate accounted for about 60 percent of the day's turnover of 1.31 billion rupees ($10 million), which was above this year's daily average of about 879 million rupees.

Local investors bought a net 738,597 Keells shares, data showed. On Aug. 28, Keells said it would raise about $300 million through rights and warrants to help fund the $850 million resort project.

Top mobile phone operator Dialog Axiata Plc rose 2.35 percent to 8.70 rupees.

Foreign investors were net buyers of 83.2 million rupees ($632,800) worth of shares on Wednesday, extending net foreign inflows over the past 10 days to 1.78 billion rupees. The foreign inflows so far this year recorded 20.41 billion rupees.

($1 = 131.4750 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anand Basu)


(Reuters Messaging: a)


Director - Equity Analytics
Director - Equity Analytics
Share trades XR from today

John Keells Holdings dominated trading on the Colombo bourse yesterday with block trades worth Rs.505.1 million and floor trades worth Rs.280.9 million accounting for the lion’s share of the day’s turnover of Rs.1.3 billion.

"Today was the last day of trading cum-rights (with rights) on JKH," a broker explained. "That partly explained the interest in the share today."

Shareholders massively approved the forthcoming rights issue with only a single dissenting presence at a crowded EGM concluded last morning.

Both indices gained with the All Share up 24.79 points (0.43%) and S&P SL20 up 12 points (0.3%) on a turnover of slightly over Rs.1.3 billion, up from the previous day’s Rs.1.28 billion, with 138 gainers strongly outpacing 60 losers while 115 counters closed flat.

Six block trades of nearly 2.3 million JKH were done between a low of Rs.222 million and Rs.224.50 while on the floor the counter traded between Rs.219.50 and Rs.224 closing Rs.4.50 up at Rs.222. The average price was Rs. 221.80.

Touchwood continued to be the retail favourite with speculative activity seeing nearly 24.5 million shares traded closing Rs.1.20 up at Rs.4.30 on a trading range of Rs.3.10 to Rs.4.30 contributing the day’s second highest turnover of Rs.94.1 million.

A single parcel of nearly 25.6 million Dialog was also crossed at Rs.8.80 in a deal worth Rs.225.1 million, brokers said.

"Advances outweighed declines by more than 2:1 at market close, including gains in selected large cap diversified counters, pushing the ASPI higher. Market turnover remained above Rs.1bn, supported by block trades on JKH and DIAL which collectively accounted for 55% of turnover," John Keells Stock Brokers said in a market report.

There was a foreign inflow of Rs. 83.24 mn. with purchases of Rs. 486.37 mn. Ahead of sales of Rs. 403.13 mn.

Other heavily traded stocks included Sampath Bank closing Re.1 down at Rs.171 on nearly 0.2 million shares done between Rs.170.50 and Rs.175 contributing Rs.33.7 million to turnover and Tokyo (voting) closing 10 cents down at Rs.23.70 on nearly 0.5 million shares done between Rs.23.40 and Rs.23.70 generating a turnover of Rs.11.4 million.

Counters demonstrating volume and price gains included Lanka Hospitals closing Rs.1.80 up at Rs.42.10 on nearly 0.3 million shares, Vallibel One closing 60 cents up at Rs.16.20 on 0.4 million shares, Colombo Land closing Rs.2.10 up at Rs.41 on over 0.1 million shares and Access Engineering closing 20 cents up at Rs.20.60 on nearly 0.3 million shares.

Commercial Bank (voting) closed flat at Rs.118 on 40,974 shares, Kingsbury (Hotel Services) closed Rs.1.20 up at Rs.13.60 on over 0.3 million shares and LMF closed flat at Rs.107 on 42,790 shares.

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