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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Heavy demand for JKH props CSE’s net foreign inflow to over Rs. 22 b

Heavy demand for JKH props CSE’s net foreign inflow to over Rs. 22 b

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Redbulls

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

Oct 15, 2013 (LBT) - Indices denoted gains: Indices settled with gains backed by positive market sentiment stemming from the policy rate cut. The benchmark index recorded a 19 point gain at its peak before settling at 5,961.98 (+9 points). Gains in Nestle Lanka (+3.5%), John Keells Holdings (+1.2%) and Aitken Spence (+2.4%) supported the positive movement however the S&P SL20 index closed on marginal grounds as Ceylon Tobacco Company and Hatton National Bank weighed on performance.

Crossings dominated turnover adding 85%: Turnover levels surpassed the LKR2.5 bn mark, the highest since 20th June 2013 primarily backed by John Keells Holdings. The counter displayed notable interest as two blocks amounting to 5 mn shares were transacted at LKR218.0. John Keells Holdings [Rights] commenced trading today highlighting 5 off-board blocks totaling 15.9 mn shares at LKR60.0. Sampath Bank and Textured Jersey Lanka highlighted the crossings board with one block each at LKR175.0 and LKR15.0 respectively. Both gained 2.3% and 4.0% at their intra-day peak levels of LKR177.0 and LKR15.3 (52-week high) respectively. The above crossings added 85% to the day’s turnover.

Interest extended BFI and P&E sector: Banking and Finance sector interest heightened with Sampath Bank and Hatton National Bank displaying considerable activity. The latter gathered focus with an on-board block of 120k shares which traded at LKR150.0. Power and Energy sector players; Laugfs Gas and Lanka IOC continued to gather buying interest in anticipation of strong earnings performance. Renewed interest was seen in Lanka Ceramic and Hayleys. The latter recorded an on-board block of 200k shares at LKR125.0.

Improved retail activity: Retail activity improved with the overall positive sentiment in the market. Selected counters denoted significant interest; Touchwood Investments, York Arcade Holdings, Textured Jersey Lanka, Laugfs Gas and Sampath Bank.
www.lbt.lk

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
The 2 Holidays affecting activity in CSE too i guess Smile

We may see some gains from nextweek after the holiday period.

sriranga

sriranga
Co-Admin
COLOMBO, Oct 15 (Reuters) - Sri Lankan stocks hit their highest level in more than seven weeks on Tuesday led by foreign buying in conglomerate John Keells Holdings PLC, which boosted turnover to a four-month high amid little impact after a surprise central bank policy rate cut.

The main share index edged up 0.16 percent, or 9.36 points, to 5,961.98, its highest since Aug. 22.

Foreign investors, who mainly bought Keells shares, were net buyers of 695.76 million rupees ($5.32 million) worth of shares, extending the net buying so far this year to 22.17 billion rupees.

John Keells Holdings, both voting and rights , accounted for 84 percent of the day's 2.5 billion rupees ($19.10 million) turnover, the highest since June 20 and around thrice the 2013 daily average of 868 million rupees.

John Keells Holdings voting rose 1.17 percent to 217.50 rupees a share. John Keells Holdings rights, which started trading on Tuesday, ended at 64.80 rupees after opening at 40 rupees.

Before the markets opened, the central bank cut key policy interest rates to spur economic growth, just three weeks after the International Monetary Fund advised it to hold rates steady.

Stockbrokers, however, said the rate cut had no impact on the bourse on Tuesday, but expected to give an impetus to a sluggish stock exchange.

($1 = 130.9000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)

(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/2013/10/15/3604913.htm?c=1&t=

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

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Oct 15, 2013 (LBO) - Sri Lanka stocks closed 0.16 percent with foreign buying surging, mainly into the rights issue of John Keells Holdings and the rupee weakened, brokers and dealers said.

The Colombo benchmark All Share Price Index closed 9.36 points higher, up 0.16 percent, after reaching an intraday high of 5,972.55 on Tuesday, provisional data showed.

The S&P SL20 closed 12.54 points higher at 3,301.28, up 0.38 percent.

Turnover reached 2.5 billion rupees, up from 233.26 million a day earlier, with shares of 118 firms making gains against 73 losers.

Foreigners bought shares worth 1.18 billion rupees, up from 30.29 million rupees a day earlier, 490 million rupees, up from 18.08 million rupees the previous day.

Nestle Lanka closed 67.20 rupees higher at 1,969.00 rupees.

JKH closed 2.50 rupees higher at 217.50 rupees and featured in two crossings.

Shares pertaining to the JKH rights issue closed 24.80 rupees higher at 64.80 rupees and featured in five crossings and more than 16.5 million shares trading.

Aitken Spence closed 2.70 rupees higher at 116.00 rupees and NDB Capital Holdings closed 26.20 rupees higher at 489.80 rupees.

Dialog closed 10 cents higher at 8.90 rupees and Sampath Bank closed 3.70 rupees higher and featured in one crossing and Textured Jersey closed 40 cents higher at 15.20 rupees.

Lanka Ceramic closed 5.00 rupees higher at 125.00 rupees and featured in a single crossing.

Speculative trading continued in Touchwood, closing flat at 4.80 rupees with more than 8.1 million shares changing hands.

Ceylon Tobacco closed 34.40 rupees lower at 1,129.50 rupees and Carson Cumberbatch closed 8.70 rupees lower at 391.40 rupees.

Hatton National Bank closed 5.00 rupees lower at 150.00 rupees and Sri Lanka Telecom closed 60 cents lower at 39.10 rupees.

John Keells Hotels closed 30 cents lower at 11.00 rupees.

The rupee weakened slightly to 131.05/15 against the US dollar in late trading in the spot market, after opening at 130.85/90, after the monetary policy rate cut on Tuesday, dealers said.

A policy rate cut can weaken a currency either due foreign bond holders selling out to make capital gains on falling bond yields in the short term or in the longer term through longer term liquidity injections made to keep a lower policy rate.

Bullish sentiments drove the secondary bond market with a more liquid five year bond trading at 11.10/13 percent, down from 11.30/42 percent a day earlier, dealers said with money market interest rates in a 21-month low.

The overnight call money market rate, for interbank borrowings not backed by gilts, reached 8.30 percent and the overnight repo rate, for gilt-backed interbank borrowings reached 7.61 percent on Monday.

A month earlier these rates stood at 8.53 percent and 8.35 percent respectively.
http://www.lankabusinessonline.com/news/sri-lanka-stocks-close-0.16-pct-higher,-rupee-weaker/397856339

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Big shareholders dispose entitlements at Rs. 60 per right

Heavy trading in JKH rights inclusive of two sets of warrants at an average price of Rs. 60 each enabled what one broker called a ``big big day’’ on the Colombo bourse yesterday with a turnover of Rs. 2.5 billion, up from the previous day’s Rs. 233 million which was a 13 week low.

However the gains in the indices were modest – the All Share up 9.36 points (0.16%) and the S&P up a marginal 1.84 points (0.06%) with 133 gainers comfortably outpacing 65 losers while 115 counters closed flat.

Most of the JKH rights transacted were in crossings with 7.9 million done soon after the market opened giving a good impetus for the rest of the day, brokers said. Trading of these rights contributed Rs. 957 million to the day’s turnover.

``The rights opened trading with 2,000 done at Rs. 40, moving up to Rs. 45 and closing at a top price of Rs. 66.70 for a single right,’’ a broker said. ``The big trades were done at the Rs. 60 price and clearly some big shareholders have sold out. Buyers were not lacking.’’

Apart from the JKH rights, five million JKH was crossed in two parcels contributing Rs. 1.09 billion to the day’s turnover. There were also block trades in Texture Jersey where nearly 2.7 million shares were crossed at Rs. 15 and Sampath where 0.3 million shares were crossed at Rs. 175.

On the trading floor, over 0.1 million JKH was done between Rs. 215 and Rs. 218.90 closing Rs. 3.90 up at Rs. 217.50. Over 0.1 million Samapath was transacted on the floor closing Rs. 2.90 up at Rs. 176 while over 0.7 million Textured Jersey was also done closing 50 cents up at Rs. 15.20.

Touchwood continued to trade heavily closing flat at Rs. 4.80 with 8.1 million shares done between Rs. 4.70 and Rs. 5.20 generating the top turnover on the floor of Rs. 40.1 million.

Other cheaper shares showing volume included Softlogic Holdings closing 20 cts. up at Rs. 9.70 on nearly 0.7 million shares, The Finance (non-voting) closing 40 cts. up at Rs. 4.20 on nearly 0.4 million shares and The Finance (voting) up 90 cts. to close at Rs. 11 on nearly 0.2 million shares.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=90207

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
JKH Rights are going to bring in 13 Bn foreign direct investment in this year. More to come in years to come through warrants.

So this right issue has a positive impact on the country.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Heavy demand for JKH on Tuesday saw year-to-date net foreign inflow to the Colombo Stock Exchange surpassing the Rs. 22 billion mark.

The top blue chip saw net buying of Rs. 1.1 billion or five million shares, which was enough to take the CSE’s net foreign inflow to over Rs. 22 billion. Overall the market witnessed 5.12 million JKH shares traded for Rs. 1.16 billion. Of that five million shares were done via two crossings at Rs. 218 per share. JKH closed the day at Rs. 218.30, up by Rs. 3.90 or 1.8%.

Sampath Bank and HNB chipped in with Rs. 49 million and Rs. 18 million worth of net foreign buying on Tuesday.

Last week JKH saw a net foreign buying of Rs. 495 million whilst United Motors accounted for Rs. 248 million.

HNB saw Rs. 164 million in foreign buying.

The Rs. 22 billion plus net foreign inflow is on top of Rs. 39 billion recorded in 2012, reaffirming that the CSE remains attractive to foreign investors.

JKH’s Rights also began trading on Tuesday and saw 16.57 million traded for Rs. 995 million. Of the volume, 15.96 million rights at Rs. 60 each were traded via five crossings. The price of JKH Rights surged by Rs 23.50 (58.75%) to close at Rs 63.50. The blue chip is raising Rs. 40 billion via a Rights cum Warrants issue.
Heavy focus on JKH normal shares and Rights resulted in the duo accounting for 84% of Tuesday’s turnover of Rs. 2.5 billion, the highest since 20 June. Improved investor sentiments also propelled the benchmark All Share Index to reach a seven week high on Tuesday.

The market was closed yesterday on account of being a public and bank holiday in lieu of Haj festival.
http://www.ft.lk/2013/10/17/heavy-demand-for-jkh-props-cses-net-foreign-inflow-to-over-rs-22-b/

Chanuque

Chanuque
Manager - Equity Analytics
Manager - Equity Analytics
So far, foreigners sell JKH.R and locals buy. How on earth, it would be categorized as FDIs as they are disposing their invested funds once. Stop saying rubbish .. !

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