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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » CSE neutral to budget, edges down marginally

CSE neutral to budget, edges down marginally

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sriranga

sriranga
Co-Admin
COLOMBO, Nov 22 (Reuters) - Sri Lankan stocks fell to a more than seven-week closing low on Friday, led by financials a day after the government proposed to extend a 2 percent nation-building tax to them with effect from January and as investors awaited more clarifications on 2014 budget proposals.

Sri Lankan President Mahinda Rajapaksa, who is also the finance minister, unveiled a 2014 budget that aims to help produce faster growth, a smaller budget deficit and a bigger stock exchange in Colombo.

The main stock index closed down 0.16 percent, or 9.13 points, at 5,792.72, its lowest close since Oct. 1.

Analysts and stockbrokers said they were awaiting clarifications on budget proposals.

The banking sector index fell 0.3 percent, led by the biggest listed lender Commercial Bank of Ceylon, which lost 1.3 percent.

The day's turnover was 306.6 million rupees ($2.34 million), well below this year's daily average of around 853.3 million rupees.

Foreign investors were net buyers of 5 million rupees worth shares, extending the net foreign inflow so far this year to 22.59 billion rupees.

($1 = 131.1000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

(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/2013/11/22/3679117.htm?c=1&t=

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

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
The Colombo bourse closed virtually flat yesterday on a turnover of Rs. 306.6 million, down from the previous day’s Rs.948.3 million, with the two indices edging down marginally – the All Share Price Index by 9.13 points (0.16%) and S&P SL 20 by 4.31 points (0.13%), with 109 losers well ahead of 59 gainers while 152 counters closed flat.

"Although the ASPI was down 9.13 points at the close of trading, that was on the volume weighted average while actually it was down a shade over two points," a broker said. "The Budget did not impact the market either way although details of the NBT on banks are awaited.’’

He expected more IPOs next year than in 2013 due to the budget incentive to allow a 3-year half tax holiday to any banking, finance, insurance or manufacturing company (liable to tax at 28%) listing in the CSE in 2014.

"Declines outweighed advances by almost 2:1 at market close, pushing the ASPI marginally lower. Subdued activity levels were dominated by trades on banking and finance counters, including a crossing on Commercial Leasing," John Keells Stock Brokers said in a market report.

There was a foreign inflow of Rs. 5.01 million with purchases of Rs. 34.73 million slightly ahead of sales of Rs. 29.73 million.

There was one crossing of 18 million shares of Commercial Leasing and Finance at Rs.5 a share yesterday contributing Rs.90 million to turnover.

On the trading floor three banking counters, HNB (voting), Seylan (non-voting) and NDB were the most traded stocks value-wise on the floor with HNB up Rs.1.70, NDB up Rs.1.30 and Seylan down 10 cents at close.

HNB saw nearly 0.2 million shares done between Rs.144.80 and Rs.145 contributing Rs.23.9 million to turnover, Seylan closed at Rs.31.10 on nearly 0.7 million shares done between Rs.30.80 and 31.70 (Rs. 21.5 mn.) and NDB closed Rs.1.30 up at Rs.151.90 (Rs.15.4 mn.).

Brokers said there was sustained demand for JKH which closed flat at Rs.219 on 35,468 shares done between Rs.217.90 and Rs.219 contributing Rs.7.8 million to turnover.

Ceylon Tobacco closed Rs.19.40 up at Rs.1,050 on 7,835 shares done between Rs.1,025 and Rs.1,057 while Cargills closed 50 cents up at Rs.151 on 534,956.

Among cheaper most traded stocks were Orient Garments closing flat at Rs.7.80 on nearly 1.2 million shares, 0.4 million Vallibel One closing flat at Rs.17, four million PC House Holdings closing 10 cents down at Rs.1.60, 0.9 million Nation Lanka Finance closing 20 cents down at Rs.7.80 and nearly 0.6 million E-Channeling closing 60 cents up at Rs.10.60.

Commercial Development announced an interim dividend of Rs.2 per share for 2013, XD from Dec. 2 and with payment on Dec. 11.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=92552

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