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Sri Lanka Equity Forum » Stock Market & Forum Help » Stock Market News » Sri Lanka bourse at 2-week high on foreign buying

Sri Lanka bourse at 2-week high on foreign buying

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Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Thu Feb 23, 2012 6:38pm IST
* Foreign investors buy blue chips

* Foreign investors net buyers for 10th session

* Rupee weaker on importer dlr demand


COLOMBO, Feb 23 (Reuters) - Sri Lanka's stock market surged more than 2 percent in high turnover on Thursday on foreign buying in Aitken Spence PLC and other large blue chip purchases, while the rupee fell on importer dollar demand.

The main share index rose 2.14 percent in early trade, but ended 1.6 percent or 86.63 points firmer at 5,507.60, highest since Feb. 8. It has risen 9.93 percent over the last six sessions from an 18-month low, once shares dropped into oversold territory.

"The buying pressure is there as the investors were taking advantage of the low level of the market," said Sarath Rajapaksa, head of research at Capital Trust Securities in Colombo.

The index rose higher in neutral territory on Thursday with the 14-day Relative Strength Index at 49.346 from Wednesday's 44.775, Reuters data showed.

The Colombo bourse is one of the worst performers this year among Asian market, with a 9.33 percent loss while the majority of others have had positive returns.

Foreign investors were net buyers of shares worth 530 million Sri Lanka rupees ($4.46 million) on Thursday, extending the net foreign inflow to 2.81 billion rupees so far this year, after net outflows of 19.1 billion last year.

Aitken Spence PLC, which saw foreign buying of 4.4 million shares on Thursday, fell 0.43 percent to 115 rupees.

Market Heavy weight conglomerate John Keells Holdings PLC rose 1.90 percent to 177.20 rupees a share.

The day's turnover was 3.71 billion rupees, highest since Dec. 1. Last year's average turnover was 2.3 billion. The day's volume was 88.2 million shares, compared to last year's record daily average of 102.7 million.

The rupee closed weaker at 119.30/45 a dollar, compared with Wednesday's close of 118.80/85 on heavy importer dollar demand. It hit an all-time low of 120.90 on Feb. 15, after the central bank stopped supporting a specific price level. ($1 = 118.7500 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Bryson Hull)
http://in.reuters.com/article/2012/02/23/markets-srilanka-idINL4E8DN48R20120223

2Sri Lanka bourse at 2-week high on foreign buying Empty Sri Lankan stocks surge more than 1.6 percent on Thu Feb 23, 2012 10:44 pm

sriranga

sriranga
Co-Admin
Sri Lankan stocks surged more than 1.6 percent Thursday as foreign investors bought blue chips and retail buyers poured into speculative shares analysts said.

The Colombo Bourse experienced an upright positive momentum having recorded the year-to-date high turnover and volume levels, they added.

The main All Share Price index (ASPI) gained 86.63 points and closed the day at 5,507.60; the more liquid Milanka Price Index (MPI) gained 70.44 points to close at 4,803.60 .

236 counters traded during the day to record a turnover of Rs. 3.7Bn which is an increase of 143% over previous trading day; out of which Rs. 1.33Bn was generated through privately negotiated deals on SPEN.N (Rs. 490.8Mn), LFIN.N (Rs. 195Mn) and HAYL.N (Rs. 646Mn). LB Finance PLC (Rs. 1.1Bn), Hayleys PLC (Rs. 1Bn) and Aitken Spence PLC (Rs. 517.3Mn) were the major contributors to the daily turnover, astock broker said.

The day recorded 19,433 trades which resulted in 88.2Mn shares changing hands. Blue Diamonds Jewellery [X] (7.6Mn), LB Finance PLC (7.4Mn) and Aitken Spence PLC (4.5Mn) were the top contributors to the total daily volume. The price gainers outnumbered the price losers by 154:63. The price gainers were led by Udapussellawa (Price gain of 43.3%) on the contrary, Harischandra (Price loss of 48.1%) led the price losers. The market recorded a net foreign inflow of Rs 529.9Mn. (Bandula)
http://sundaytimes.lk/index.php?option=com_content&view=article&id=16203:sri-lankan-stocks-surge-more-than-16-percent&catid=77:news&Itemid=563

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

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