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The benchmark index advances during the week

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Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

as majority of the counters gather momentum

The bench mark ASI travelled upward during the first four days of the week supported by price gains witnessed across the board; however it witnessed a dip on Friday as several small cap stocks that rallied during the week lost ground. The ASI gained 109.5 points WoW to close at 5,947.4 points (+1.9%), whilst the S&P SL20 Index gained 51.8 points WoW to close at 3,283.6 points (+1.6%). Indices benefited mainly on the back of gains made by Ceylon Tobacco Company (+14.0% WoW), Commercial Leasing and Finance (+7.7% WoW), Aitken Spence Hotel Holdings (+6.1% WoW), National Development Bank (+5.4% WoW) and Lion Brewery (+4.0% WoW).

Sri Lankans stocks gained considerably during the week as majority of the stocks gathered momentum. Large cap counters strengthened the week’s activities as they remained amongst the favourite picks by institutional and foreign investors, whilst heavy retail participation that was evident on several small cap counters shouldered the benchmark index to advance.

Despite numerous crossings being recorded, activity levels during the week remained low cf. last week as mirrored by the 31.5% WoW and 35.5% WoW decline in weekly turnover and volume respectively. However, the week witnessed a net foreign inflow close to LKR1bn resulting in a WoW increase of 53%.

Meanwhile, world stock markets arose towards the end of the week over optimism that the US law makers would reach an agreement on raising the nations’ debt limit to prevent the nation from a default. But it must be noted that, even though the talks are progressing, no agreement has been reached as both parties plan to carry out further talks. Moreover, impact from the partial shut down of US government started to ripple through the economy as claims for U.S. jobless benefits jumped last week to the highest level in six months.

During the week crossings contributed c. 44% towards the week’s turnover where counters such as John Keells Holdings, Ceylon Tobacco Company, Commercial Bank, Hatton National Bank, United Motors, Access Engineering, Laugfs Gas and Lanka IOC encountered crossings. Furthermore, Touchwood, Access Engineering, Swarnamahal Finance, Asia Asset Finance and PC House topped the list in terms of highest volume traded stocks during the week.

During the week, Senkadagala Finance and Nanda Investments and Finance made announcements regarding issue of new shares via right issues.

Further, SEC issued directives regarding increase in minimum number of public shareholders required for listing on Dirisavi Board and reinstating introduction as a method of listing of equity.

The week saw foreign purchases amounting to LKR 1,297.8 mn whilst foreign sales amounted to LKR 298.1mn. Market capitalisation stood at LKR 2,473.2bn and the YTD performance is 5.4%.


Conclusion: Macroeconomic Developments Raise the Prospects of the Colombo Bourse

Both indexes recorded significant gains supported by high net worth as well as retail trading activity throughout the week. The revival of market activity and the rebound in the YTD return can be partly attributable to the macroeconomic factors which surfaced mainly at the domestic level withstanding the concerns on global economic growth. For instance, the IMF revised down the forecast for global growth to 2.9% for 2013 from the previously estimated 3.1% over concerns that growth in the developing world is showing signs of moderation. It further stated that a failure to raise the U.S. debt limit causing the latter to default on national debt may severely affect the stability of the world economy. One possible outcome of a U.S. default would be the falling price of U.S. government securities and hence the loss of foreign reserves of developing economies which utilise U.S. government debt to preserve the value of foreign reserves. The other negative factor would be the rise in the
interest rates. As mentioned in one of our previous articles, the governments as well as private companies of emerging markets took advantage of the low interest rates that prevailed in advanced economies to finance deficits and investments. A possible increase in the interest rates would hence affect the developing economies in a significant way by raising external debt financing costs of both public and private sector.

However, despite these concerns on the stability and growth prospects of the global economy and specifically that of the developing economies, the IMF raised Sri Lanka’s growth forecast for 2013 to 6.8% from 6.3% indicating the resilience shown by the economy even amidst significant global uncertainties. Further, the recovery of the rupee from the considerable pressure to fall in value against peer currencies on the back of a possible pull out by foreign investors from government securities and equities has also affected positively on the sentiment of the Colombo Bourse. This is reflected by the gains made by the ASI as well as the S&P SL20 indexes during the trading week.
Source: Asia Wealth Management Research
Full Report - http://research.srilankaequity.com/t839-11-10-2013-weekly-review-asia-wealth-management-co-ltd

2The benchmark index advances during the week  Empty LSL Weekly Market Review - 11 Oct 2013 Fri Oct 11, 2013 6:26 pm

sriranga

sriranga
Co-Admin

The Colombo equity market commenced the weekly operations on Monday with positive movements in both indices. Benchmark ASI appreciated by 29.15 points (+0.50%) and S&P SL 20 Index gained 12.59 points (+0.39%). Market turnover was LKR 484mn. John Keells Holdings recorded the top turnover of LKR 235mn along with the Touchwood Investment (LKR 24mn) and Colombo Land & Development (LKR 21mn). Even though Touchwood Investment traded heavily during the day, rumors spread regarding a re-appointment of MP deleted Silva and his father Lal Silva as advisors to the Touchwood Director Board failed to renew the investor interest in Touchwood Investment during the day. Further, HVA Foods, Colombo Land & Development and Dankotuwa Porcelain were among the heavily traded stocks during the day. Foreign participation for the day was 27% whilst recording a net inflow of LKR 228mn.

On Tuesday market closed in green with positive gains in indices. ASI gained 29.95 points (+0.51%) while S&P SL 20 advanced by 12.96 points (+0.40%). Market turnover was LKR 490mn. John Keells Holdings with LKR 193mn, Ceylon Tobacco with LKR 43mn and Touchwood Investments with LKR 34mn emerged as the highest contributors to the daily market turnover. Further retail investors gathered around counters such as Touchwood Investments, HVA Foods and Dankotuwa Porcelain. Meanwhile Court of Appeal issued a stay order to Central Investment & Finance against implementation of the proposed restructuring plan. Accordingly, the company has suspended all the activities relating to the implementation of the restructuring plan until 11th Oct 2013. Foreign participation for the day was 42% while foreign investors were net buyers with LKR 48mn of net inflow.

Colombo shares closed on a mixed note on Wednesday, as benchmark price index gained 12.90 points (+0.22%) and S&P SL20 index marginally dipped by 2.35 points (-0.07%). Market turnover was LKR 723mn. United Motors recorded the top turnover of LKR 240mn followed by Touchwood investments (LKR 108mn) and Ceylon Tobacco (LKR 40mn). Touchwood investment was the heavily traded stock for the session followed by Swarnamahal Financial Services and Central investments & Finance. Foreign participation was 26% with a net inflow of LKR 330mn.

Colombo Stock market closed higher on Thursday with positive returns in both indices. ASI gained 47.42 points (+0.80%) whereas S&P SL 20 Index ended increased by 31.92 points (+0.98%). Market turnover was LKR 575mn. Hatton National Bank emerged as the top contributor to the turnover (LKR 90mn) closely followed by John Keells Holdings (LKR 78mn) and Touchwood Investments (LKR 47mn). Active trading by retail investors boosted the prices of several penny stocks during the day. Foreign participation for the day was 25%. Net foreign inflow was LKR 166mn.

Market indicators closed the week in red on Friday led by price declines in high cap stocks such as Asian Hotels & Properties by 6.7%, Nestle by 1.1% and DFCC Bank by 2.4%. ASI closed at 5,947.42, down by 9.95 points (-0.17%) and S&P SL 20 Index closed at 3,283.62, a marginal decline of 3.29 points (-0.10%).

At the very last moment a single crossing of 20mn shares executed in Access Engineering at LKR 22.00 per share boosted the daily market turnover to LKR 1.0bn. Apart from that several negotiated deals were recorded in John Keells Holdings (~0.5mn shares at LKR 217.00 per share), Laugfs Gas- voting (~3.0mn shares at LKR 28.00 per share), Hatton National Bank (~0.5mn shares at LKR 150.00 per share) and Lanka IOC (1.0mn shares at LKR 25.00 per share). The aggregate value of crossings represented 72% of the daily turnover. According to the company disclosures, ~3.0mn shares of Laugfs Gas has purchased by its parent Laugfs Holdings Limited.

Accordingly Access Engineering recorded the highest turnover of LKR 465mn. Further, John Keells Holdings with LKR 141mn and Laugfs Gas - voting with LKR 83mn were the next best contributors to the market turnover.

Speculative retail investors were gathered around several penny stocks such as heavily traded Touchwood Investments, The Finance non-voting and Asia Assets Finance.

Foreign participation was low at 13% and foreign investors were net buyers of LKR 229mn. Net foreign inflows were seen in John Keells Holdings, HNB and Commercial Bank.

During the week ASI advanced by 109.47 points (1.9%) and S&P SL 20 Index advanced by 51.83 points (1.6%). Accordingly market capitalization increased by LKR 46.0bn (+2%WoW). Foreign participation for the week was same as the last week; however total net foreign purchases for the week increased by 53%WoW to ~LKR 1.0bn which helped the year-to-date net foreign inflows to exceed the LKR 21.0bn mark.

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

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