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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Is this good news for stock market

Is this good news for stock market

4 posters

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1Is this good news for stock market Empty Is this good news for stock market Tue May 10, 2011 12:28 pm

salimts


Senior Equity Analytic
Senior Equity Analytic

Net foreign inflow tops Rs. 2.6 b so far in May; Positive start for Bourse
Published : 12:45 am May 10, 2011 | No comments so far |
The Colombo stock market began a fresh week on a positive note but more importantly foreigners have become net buyers to the tune of over Rs. 2.6 billion so far in May.Analysts said the latter development was significant given the successive net outflow until May. Thanks to the net inflow in the first five market days of May, the year to date outflow has been reduced to below Rs. 6 billion.


“Foreign interest has returned to the market and net inflow though coming in smaller doses is very encouraging,” analysts said. Yesterday the inflow was Rs. 53 million, whilst during the 4-day trading of last week the net inflow was nearly Rs. 2.577 billion.


Improved investor sentiments saw the benchmark ASI yesterday gain by nearly 1% whilst Milanka Index also moved up. “Buying interest dominated by local retail participation led the indices higher with activity dominated by trades on finance, manufacturing, diversified and trading sector counters,” John Keells Stock Brokers said.

“Indices remained in green amidst investors reacting well to positive interim results. The bullish momentum witnessed towards the end of the last week may continue this week as well. Renewed interest was witnessed in some blue chip stocks also,” NDB Stockbrokers said. “However, low turnover levels remain a concern,” it added. Turnover was Rs. 1.6 billion slightly less than Rs. 1.7 billion on Friday.
Premier blue chip JKH gained by Rs. 7.20 to close at Rs. 289.90 whilst its intra-day high was Rs. 291. Volume traded was 308,300 shares.
Brown and Co. was the main contributor (Rs. 154 million) to the market turnover. The share price increased by Rs. 3.10 (1.25%) and closed at Rs. 363.50. Brown & Co. has gained 44% since mid-March.
The Manufacturing sector also contributed to the market turnover (sector index increasing 0.74%) mainly due to Bogala Graphite. The share price increased by Rs. 22.80 (38.30%) and topped the list of gainers percentagewise with 1.15 million shares traded for Rs. 89 million. Sathosa Motors which has reported an impressive 300% rise in 2010/11 earnings to Rs. 110 million rose by 20% or Rs. 45 to close at Rs. 275.
Hemas Holdings saw a crossing of 1.07 million shares at Rs. 47 per share generating over Rs. 53 million in turnover.
The Bank, Finance & Insurance sector was the main contributor to the market turnover (mainly due to Nation Lanka Finance) with the sector index decreasing 0.31%. Nation Lanka Finance has gained 63% since March end.



Morgan Stanley, other foreign fund managers in town

Colombo is literally crowded with foreign fund managers this week providing the country a chance to boost its investment profile.
Over 10 foreign fund managers are attending a two-day engagement with Lankan companies and capital markets and other officials under an initiative by CT Capital and CT Smith Stockbrokers whilst two executives from global financial services firm Morgan Stanley are in town as well.

The latter’s visit is coordinated by John Keells Holdings.
A few months ago the latter was also involved in bringing 10 top fund managers to Colombo under partnership with Credit Suisse.
At yesterday’s CT forum Central Bank Govenor Nivard Cabraal kicked off the event attended by nearly 20 representatives from foreign funds and mangers including Europe based ones operating out of Hong Kong and Singapore. Apart from a comprehensive presentation by Cabraal, the foreign delegates were enriched with presentations from JKH, Dialog, Aitken Spence, Distilleries, Commercial Bank, HNB and Sampath Bank. Today’s engagement also involves several company presentations.
A unique feature of the CT Forum was the participation of several top local fund managers such as EPF, ETF, NSB, Ceybank, Aviva NDB.

2Is this good news for stock market Empty Re: Is this good news for stock market Tue May 10, 2011 1:23 pm

spica


Stock Analytic
Stock Analytic

Whilst I can't comment on the fund manager story, what I can say is, the vast majority of the 'net foreign inflow' they're talking about is no more than an internal trasfer by the Carsons Group. Some of their oil palm subsidiaries' shares were transferred to a Singapore based subsidiary (hence the 'foreign' inflow).

Whoever wrote that story simply looked at a statistic without looking at the context and came to their own conclusions. These sort of reports tend to mislead investors...

You can see more details here:
http://www.lankabusinessonline.com/fullstory.php?nid=800250148
http://print.dailymirror.lk/business/127-local/41236.html
http://www.lankabusinessonline.com/fullstory.php?nid=1203616255

3Is this good news for stock market Empty Re: Is this good news for stock market Wed May 11, 2011 12:03 am

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

spica wrote:Whilst I can't comment on the fund manager story, what I can say is, the vast majority of the 'net foreign inflow' they're talking about is no more than an internal trasfer by the Carsons Group. Some of their oil palm subsidiaries' shares were transferred to a Singapore based subsidiary (hence the 'foreign' inflow).

Whoever wrote that story simply looked at a statistic without looking at the context and came to their own conclusions. These sort of reports tend to mislead investors...

You can see more details here:
http://www.lankabusinessonline.com/fullstory.php?nid=800250148
http://print.dailymirror.lk/business/127-local/41236.html
http://www.lankabusinessonline.com/fullstory.php?nid=1203616255

Very good reaction to a topic spica.
So many people in here highly believe foreign funds are coming back to CSE.
No no noooooooooooooooooooooooooooooooooooooooooooooo. Not yet.
(Unless this sort of a transaction)

4Is this good news for stock market Empty Re: Is this good news for stock market Wed May 11, 2011 12:13 am

Meta Trader

Meta Trader
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

good news for insiders.
retailers ...............

5Is this good news for stock market Empty Re: Is this good news for stock market Wed May 11, 2011 12:20 am

Meta Trader

Meta Trader
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

UKboy wrote:
spica wrote:Whilst I can't comment on the fund manager story, what I can say is, the vast majority of the 'net foreign inflow' they're talking about is no more than an internal trasfer by the Carsons Group. Some of their oil palm subsidiaries' shares were transferred to a Singapore based subsidiary (hence the 'foreign' inflow).

Whoever wrote that story simply looked at a statistic without looking at the context and came to their own conclusions. These sort of reports tend to mislead investors...

You can see more details here:
http://www.lankabusinessonline.com/fullstory.php?nid=800250148
http://print.dailymirror.lk/business/127-local/41236.html
http://www.lankabusinessonline.com/fullstory.php?nid=1203616255

Very good reaction to a topic spica.
So many people in here highly believe foreign funds are coming back to CSE.
No no noooooooooooooooooooooooooooooooooooooooooooooo. Not yet.
(Unless this sort of a transaction)

foreigners like transparency and liquidity .

CSE = insiders + illiquid stocks

6Is this good news for stock market Empty Re: Is this good news for stock market Wed May 11, 2011 11:16 am

salimts


Senior Equity Analytic
Senior Equity Analytic

It is surprising that no one has commented on the following:
'Morgan Stanley, other foreign fund managers in town'.
Is it not good news, if these foreign companies show interest in our industries. I think long term prospects are good if managed properly.

7Is this good news for stock market Empty Re: Is this good news for stock market Wed May 11, 2011 11:25 am

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Meta Trader wrote:
foreigners like transparency and liquidity .

CSE = insiders + illiquid stocks

Good points Meta trader.

Most of the liquid heavyweight companies share prices are overly valued.
Transparency = Hardly any..

Some believe we can live without foreign funds YES correct.

But more than their fund, its an important KPI of a market.

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