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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lankan stocks at 8-week high; end 4.8 pct up for the year

Sri Lankan stocks at 8-week high; end 4.8 pct up for the year

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sriranga

sriranga
Co-Admin
COLOMBO, Dec 31 (Reuters) - Sri Lankan stocks gained for a fourth straight session on Tuesday, hitting an eight-week high, helping the index end 4.8 percent up for the year, snapping losses in the previous two years.

The main stock index gained 0.23 percent, or 13.58 points, to 5,912.78, its highest close since Nov. 5.

The index has given a return of 2.18 percent for the year measured in dollar terms.

'The market will see a boom next year because of interest rates coming down,' said a stockbroker on condition of anonymity. 'Investors need to invest them somewhere and the best option for them to get a higher return is the share market.'

However, during the year, many investors locked their funds in risk-free debentures instead of risky assets due to a sluggish bourse amid falling interest rates.

This year, 28 debentures were listed to raise a total of 68.2 billion rupees compared to a total of 12.5 billion rupees from three debentures last year.

'Next year also, we will see more interest in debt than stocks and that will have an adverse impact on the stock market because the same money will shift from stocks to debt,' a top Securities and Exchange Commission official told Reuters on condition of anonymity.

The central bank's key policy rates are at multi-year lows and yields on treasury bills are at more-than-two-year lows. The market expects interest rates to fall further in 2014.

Foreign investors bought a net 22.88 billion rupees ($174.89 million) worth of stocks this year compared with a record 38.68 billion rupee net foreign inflow last year.

On Tuesday, a 21.2 percent gain in Ceylinco Insurance PLC and a 12.65 rise in Aitken Spence Hotel Holdings helped boost the index with foreign investors buying a net 163.2 million rupees worth of shares.

The day's turnover was 565.3 million rupees, less than this year's daily average of around 828.4 million rupees. Last year's daily average turnover was 883.6 million rupees.

Analysts said many investors were not in the market due to the holiday mood, while large institutional funds were waiting for the new year to resume active trading.

($1 = 130.8250 Sri Lanka rupees)

(Reporting by Shihar Aneez; Editing by Sunil Nair)

(shihar.aneez@thomsonreuters.com)(+94-11-232-5540)

(Reuters Messaging: shihar.aneez.thomsonreuters.com@reuters.net twitter.com/shiharaneez)
http://www.xe.com/news/2013/12/31/3744529.htm?c=1&t=

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

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Sri Lanka stocks close 4.7-pct in 2013

Dec 31, 2013 (LBO) – Sri Lanka stocks end 0.23 percent higher Tuesday with banking and insurance firms gaining trading for 2013 and the market up 4.7 percent over the year, data showed.

The Colombo benchmark All Share Price Index closed 13.58 points higher at 5,912.78, up 0.23 percent. The S&P SL20 closed 3.58 points lower at 3,263.87, down 0.11 percent.

Turnover was 565.25 million rupees, up from 515.26 million rupees a day earlier, with stocks of 74 firms closing in the red against 96 gainers.

The Colombo All Share Index was up 4.78 percent over the year, according Colombo Stock Exchange data.

HNB topped the turnover list with off market transactions of 113 million rupees contributing to 20 percent of total turnover.

JKH’s W0022 warrants closed 70 cents higher at 80.00 rupees and its W0023 warrants closed 40 cents lower at 94.50 rupees, attracting most number of trades during the day.

Foreigners bought 227 million rupees worth shares while selling 64 million rupees of shares.
Ceylinco Insurance closed 234.40 rupees higher at 1,340.00 rupees and HNB closed 4.00 rupees higher at 147.00 rupees, contributing most to the index gain.

Carson Cumberbatch closed 5.00 rupees higher at 350.00 rupees and Ceylon Tobacco Company closed 4.00 rupees higher at 1,184.40 rupees.

Distilleries closed 2.00 rupees lower at 193.00 rupees and JKH closed 3.20 rupees lower at 227.30 rupees.

Cargills Ceylon closed 3.00 rupees lower at 147.00 rupees and Bukit Darah closed 2.10 rupees higher at 619.90 rupees.

Nestle Lanka closed 40 cents lower at 2,100.70 rupees and Aitken Spence Hotel Holdings closed 3.50 rupees higher at 69.90 rupees.

Commercial Bank closed 1.70 rupees lower at 120.40 rupees and Lanka Orix Leasing Company closed 1.40 rupees higher at 72.60 rupees.

Sampath Bank closed 10 cents higher at 171.90 rupees and DFCC closed 1.30 rupees higher at 129.00 rupees.
www.lbo.lk

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