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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Bourse shrugs off 3-day losing streak, JKH rights hit Rs. 72

Bourse shrugs off 3-day losing streak, JKH rights hit Rs. 72

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COLOMBO, Oct 24 (Reuters) - Sri Lankan stocks recovered slightly from a two-week low on Thursday to end a three-day losing streak, led by buying in conglomerate John Keells Holdings Plc, dealers said.

The main share index rose 0.6 percent, or 35.50 points, to 5,936.40, from its lowest since Oct. 8 hit in the previous session.

Keells' ordinary shares jumped 3.29 percent to 220.00 rupees, while the conglomerate's rights rose 31.31 percent to 67.10 rupees.

Shares in leading fixed line telephone operator Sri Lanka Telecom Plc rose 2.06 percent to 39.70 rupees.

The day's turnover was 516.8 million rupees ($3.95 million), well below this year's daily average of 872.7 million rupees.

Foreign investors were net buyers of 21.9 million rupees worth of shares on Thursday, extending the year-to-date foreign inflows to 22.81 billion rupees.

($1 = 130.7500 Sri Lanka rupees)

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



(Reuters Messaging: a)

2Bourse shrugs off 3-day losing streak, JKH rights hit Rs. 72 Empty Sri Lanka stocks up 0.6-pct, rupee gains Thu Oct 24, 2013 6:29 pm


Director - Equity Analytics
Director - Equity Analytics

Oct 24, 2013 (LBO) - Sri Lanka stocks ended a three day losing streak to close 0.60 percent higher and the rupee continued to strengthen against the US dollar amid inflows, dealers said.

The benchmark Colombo All Share Price Index closed 35.50 points higher at 5,936.40, up 0.60 percent, after reaching an intraday high of 5,952.26.

The S&P SL20 closed 4.58 points higher at 3,263.76, up 0.14 percent.

Turnover amounted to 516.81 million rupees, up from 481.31 million rupees the previous day, with shares of 129 firms gaining against 53 losers.

Foreigners bought shares worth 110.25 million rupees, down from 147.08 million rupees a day ago, and sold shares worth 88.34 million rupees, down from 114.5 million rupees a day ago.

JKH closed 7.00 rupees higher at 219.50 rupees and JKH Rights closed 16.00 rupees higher at 72.00 rupees.

Finlays Colombo closed 46.80 rupees higher at 297.00 rupees and Sri Lanka Telecom closed 80 cents higher at 39.70 rupees.

Ceylinco Insurance closed 50.00 rupees higher at 1,325.00 rupees and Asian Hotels and Properties closed 2.10 rupees higher at 72.90 rupees.

Bukit Darah closed 30.30 rupees lower at 660.30 rupees and Ceylon Tobacco closed 4.90 rupees lower at 1,120.20 rupees.

Aitken Spence closed 1.90 rupees lower at 112.10 rupees and Ceylon Cold Stores closed 5.90 rupees lower at 141.10 rupees.

Colombo Dockyard closed 6.90 rupees lower at 190.20 rupees.

Speculative trading continued in Touchwood, closing 20 cents lower at 4.20 rupees, with more than 1.9 million shares traded.

Union Bank closed 2.40 rupees higher at 19.00 rupees with more than 7.2 million shares changing hands, inclusive of a single crossing of two million shares.

Dialog closed 10 cents higher at 9.00 rupees with more than 5.82 million shares traded, with two crossings.

SMB Leasing closed flat at 80 cents after more than 6.9 million shares changed hands.,-rupee-gains/2143230316

3Bourse shrugs off 3-day losing streak, JKH rights hit Rs. 72 Empty JKH’s Warrants attached Rights shine Fri Oct 25, 2013 3:55 am


Director - Equity Analytics
Director - Equity Analytics

* Ends trading period with a gain of Rs. 16 or 31% to Rs. 67.10; hits a peak of Rs. 72

* Nearly 20% of the Rights change hands

Warrants attached Rights of John Keells Holdings (JKH) have managed to perform well before the last day of their trading, which was yesterday.

Between the trading period from 15 and 24 October, slightly over 26 million Rights or 20% of the total changed hands. Of this quantity was a transfer of 7.9 million Rights from Paints and General Industries and its owner Sohli Captain last week. Excluding that deal only around 14% of the Rights traded.

Price of the Rights however did experience volatility. From a pure price of Rs. 40, it hit a high of Rs. 72 yesterday. On Monday the Rights price dipped by Rs. 16.30 to Rs. 45 level from Friday’s closing of Rs. 62 which some linked to excessive foreign selling overall on JKH. However the Rights ended yesterday up by Rs. 16 to close at Rs. 67.10.

A few foreign funds had sold their Rights, judging by the fact that total non-national holding amounted to 62.3 million yesterday as opposed to 66 million on 15 October.

JKH recently announced a Rs. 40 billion staggered fund raising exercise via shareholders issuing a Rights-Cum-Warrants issue.

Analysts said attaching warrants added value to Rights as investors speculated on the former. This was the reason why Rights commenced trading above its pure price last week as well as managing to close higher.

Independent analysts had valued the Warrants to be worth around Rs. 60 to Rs. 70 each.

JKH proposed a Rights Issue of two new ordinary shares for every 13 held at Rs. 175. Two warrants are attached to the subscription of Rights on the basis of one warrant for every three Rights subscribed at Rs. 185 per warrant in two years and on similar basis at Rs. 195 per warrant in the third year.

This is to part finance the country’s biggest private sector project by JKH – The Waterfront, an integrated resort inclusive of gaming with an investment $ 650 million.


Director - Equity Analytics
Director - Equity Analytics

* Global institution looking at UBC stake

The Colombo bourse yesterday shrugged off a three-day losing streak with both indices closing up – the All Share by 35.50 points (0.60%) and S&P by 4.58 points (0.14%) on a relatively modest turnover of Rs. 516.8 million, up from Rs. 481.2 million the previous day with 141 gainers comfortably outpacing 53 losers while 115 counters closed flat.

``The market looked up with trading in JKH and its rights continuing and Union Bank making an announcement that a global institution was interested in making an investment in the bank,’’ a broker said. ``The announcement stressed that it was not an offer of any kind.’’

There had been speculative trading in Union Bank of Colombo (UBC) for the past few days in expectation of such a development and the counter was the most traded yesterday with over 5.2 million shares done on the floor between Rs. 16.40 and Rs. 19 closing Rs. 2.80 up at Rs. 19 and contributing Rs. 92.2 million to turnover.

The crossing of a single parcel of two million UBC at Rs. 17 contributed a further Rs. 34 million to turnover.

``Most of the floor transactions on UBC towards the close of trading was around Rs. 18.80 – 18.90 levels,’’ a broker said. ``There was considerable retail play on the counter in expectation of the deal. The announcement didn’t identify the interested party and made clear that any investment will be preceded by a due diligence on UBC and its subsidiaries and will be subject to an agreement between the investor and the bank and the necessary approvals.’’

In its stock exchange filing, UBC said that the market will be kept informed of any further developments.

JKH rights hit a top price of Rs. 72 yesterday with 1.5 million traded between Rs. 51.50 and Rs. 72 contributing Rs. 91.1 million to turnover. Trading of these rights has now ended with today being the last day for payment for rights allotted.

``The warrants attached to the rights is the attraction now,’’ a broker explained. ``The betting is on what price they will trade at. There is time to subscribe to the share entitlements on these warrants and given that the issuer is a solid blue chip, they are likely to command a price,’’ a broker said.

JKH closed Rs. 6.50 up at Rs. 219.50 on over 0.1 million shares done between Rs. 213 and Rs. 223 contributing Rs. 30.3 million to turnover.

Among other most traded stock was Dialog with 4.7 million shares crossed at Rs. 8.90 and nearly 1.2 million done on the floor closing 20 cents up at Rs. 9. Royal Ceramics closed three rupees up at Rs. 93 on nearly 0.2 mn. shares, Central Finance closed 40 cents down at 190.10 on 82,465 shares, and NDB closed 10 cents down at Rs. 153 on 68,500 shares.

Office Equipment announced a final dividend of Rs. 30 per share for 2012/13 following shareholder approval at an AGM on Nov. 27 with the share trading XD from Nov. 28 and payment on Dec. 6.

The Bank of Ceylon announced the basis of allotment on its debenture issue with applications up to 100,000 getting full allotment on the various categories.

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