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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Fed’s decision boosts activities at the Bourse

Fed’s decision boosts activities at the Bourse

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1Fed’s decision boosts activities at the Bourse Empty LSL Weekly Roundup w/e 20/12/2013 Fri Dec 20, 2013 7:53 pm

sriranga

sriranga
Co-Admin
Fed’s decision boosts activities at the Bourse Lss110
Fed’s decision boosts activities at the Bourse Lss210
Fed’s decision boosts activities at the Bourse Lss310

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

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
The Colombo Bourse which witnessed a bullish rally on Thursday ended the week on a WoW gain despite Friday’s trading ending in the negative territory, whilst foreigners became net sellers during the week. The ASI gained 61.7 points WoW to close at 5,857.4 points (+1.1%), whilst the S&P SL20 Index gained 42.5 points WoW to close at 3,228.2 points (+1.3%).

Indices benefitted mainly on the back of gains made by John Keells Holdings (+3.7% WoW), Distilleries Company of Sri Lanka (+5.3% WoW), Commercial Bank of Ceylon (+2.6% WoW), Colombo Dockyard ( +17.4% WoW) and DFCC Bank (+2.3% WoW)

The overall performance remained promising during the week attracting both retail and institutional participation despite net foreign outflow during the week standing at LKR872.0mn. The announcement made by US Federal Reserve on Wednesday on tapering it’s stimulus program due to the signs of US economic recovery instigated investor confidence on capital markets around the world including the Colombo Bourse. In addition the downward trend witnessed in the market interest rates would have possibly shifted investors towards risky investments with higher expected return. John Keells Holdings which witnessed 14 crossings during the week emerged as the week’s top turnover contributor adding c. 28.4% to the week’s total turnover. Further the daily average turnover for the week increased to LKR 872.9mn against LKR 320.1mn recorded during the previous week.

Dialog Axiata which featured a crossing of 5.6mn shares at LKR9.0 on Thursday emerged as the highest volume traded stock for the week with a cumulative 9.8mn shares being traded. In addition, counters such as Chevron Lubricants, Sampath Bank, Aitken Spence, etc also witnessed crossings during the week. Meanwhile the week recorded a total share volume of 88.4mn against 67.3mn recorded in the previous week, which is a 31.4% WoW increase.

Chevron Lubricants Lanka announced its fourth interim dividend of LKR4.5 per share whilst Bukit Darah announced its first interim dividend of LKR3.0 per share. In addition CT Land Development, On’ally Holdings and Asia Hotels and Properties made interim dividend announcements during the week. Meanwhile Dipped Products made a corporate disclosure on investing in a new manufacturing facility at the Biyagma BOI zone due to the inability in re-opening its closed factory in Weliweriya and has planned to commence operation at the new facility during April 2014.

The week saw foreign purchases amounting to LKR1,269.4mn whilst foreign sales amounted to LKR2,141.4mn. Market capitalisation stood at LKR 2,436.8bn and the YTD performance is 3.8%.

Conclusion: Will Fed’s decision dampen sentiments at the Colombo bourse in the future?
Short market week looming towards the holiday session closed up with the benchmark index advancing WoW by c.62 points. Daily turnovers and volumes for the week averaged at LKR 873.0mn and 22.1mn, which was 173% and 64.0% higher over the corresponding week. Activities continued to be mainly aided by large-scale transactions supported by Institutional and high net worth interest. However, despite a rise in foreign participation over the previous week, cumulative transactions resulted in a net out flow of LKR 872.0mn scaling down the YTD figure to the LKR 22.0bn mark from the LKR 23.0bn mark achieved during the last week.

Subsequent to the Fed’s decision over trimming its monthly bond purchase to USD 75bn from an earlier USD 85bn (as one of the first steps towards unwinding the stimulus put in place to revive the US economy after the financial crisis) due to the confidence placed on the declining un-employment rate and due to the improved economic outlook, many emerging markets witnessed their currency’s depreciating on concerns that the foreign inflows that were witnessed due to the stimulus would reverse due to the curtailment of the stimulus. However, the extent of fund out flows from the countries could largely depend on the growth profile of the economy and the structural weaknesses that are prevalent in the economy.

Given the high growth prospects of the Sri Lankan economy cf. to other emerging markets and due to measures taken by the monetary authorities to minimize weaknesses in the economy, we believe that if there are fund out flows in emerging markets such outflows will be limited in Sri Lanka.
To read the entire report - http://research.srilankaequity.com/t869-20-12-2013-weekly-review-asia-wealth-management-co-ltd

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Fed’s decision boosts activities at the Bourse Z_p-5217
http://www.sundayobserver.lk/2013/12/22/fin53.asp

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