ASPI stagnates amidst value seekers extending BFI sector play

COLOMBO, Feb 27 (Reuters) - Sri Lankan stocks edged up from a two-month low on Wednesday as investors picked up battered banking shares, but foreign investors were net sellers on worries about the economy.

The main share index rose 0.09 percent to 5,674.47.

'Local interest in the banking sector pushed the market up while foreigners were on the selling side,' said a stockbroker who declined to be identified.

Commercial Bank of Ceylon, which after the market closed posted a 22.3 percent gain in its December quarter net profit, rose 1.4 percent.

Foreign investors sold a net 107.18 million rupees worth of shares, extending the net foreign outflow so far this year to 194.82 million rupees.

Turnover was 623.04 million rupees, well below this year's daily average of 1.05 billion rupees.

The rupee ended steady at 127.47/50 to the dollar as dollar inflows to government bonds and equity markets offset importer dollar demand, dealers said. ($1 = 127.5 rupees)

(Reporting by Ranga Sirilal and Shihar Aneez)

(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/2013/02/27/3226029.htm

but foreign investors were net sellers on worries about the economy..One crossing would have been enough to remove this part from this article.Oh then suddenly foreign inflow and economies fine.

sahan8896 wrote:but foreign investors were net sellers on worries about the economy..One crossing would have been enough to remove this part from this article.Oh then suddenly foreign inflow and economies fine.

I merely posting the news item from Reuters, if you have any concern or authenticity of the news better to email the reuters to convey your view.
Email details also you can find from the post.
Please note most of the electronic media in Sri Lanka usually post the same news but without the email link or the reporters name.

WRITTEN BY THARANGA SENARATNE

Feb 27, 2013 (LBT) - Colombo bourse rebounded to the green with sustained buying interest as steady accumulation in banking players and a few selected counters prevailed. Four large off-market blocks supported the sluggish turnover during early trading breathing in 40%. The ASPI remained in the green during majority of trading before settling broadly flat at 5,674.47 backed by gains made in Commercial Leasing & Finance (+5.3%), Commercial Bank (+1.4%), Sampath Bank (+2.6%) and Asian Hotels & Properties (+2.9%). Consequently the S&P SL20 index secured a marginal gain at its close of 3,210.82 points. The consistency in notably large transactions drawn up in fundamental play depicts accumulation by wise value investors continuing to hunt for counters with good bargains. The bourse currently trades at attractive valuations having dipped over 180 points within the past two weeks amidst macroeconomic woes. Banking & finance sector play has not subsided backed by anticipated earnings growth thereby continuing to emerge prominent hence we reiterate investors to utilize the stagnating trend to focus on value picks in order to surface ahead of the sidelined lot who accumulates the most at the upturn and the least during the downtrend.

Unending interest in Hatton National Bank led the counter to spearhead the day’s turnover while trades weighed largely on the buying side proceeding from a 100k on-board block which was transacted at LKR148.0 followed by two crossings which carried 900k shares at a similar price. The counter dipped marginally at its close of LKR147.8. Commercial Bank and Sampath Bank continued their momentum with the former adding 700k shares to the crossings board at LKR108.5 during mid-day and interest in the latter emerging towards latter trading. Each saw price appreciations of 1.9% and 2.9% before settling at LKR109.0 and LKR233.0 respectively. Seylan Bank [Non-Voting] saw some interest with a block of c.484k shares being picked on-board at LKR35.5. Notable buying was witnessed in Access Engineering with a quantity of c.958k shares taken on-board at LKR21.0. Similarly John Keells Holdings emerged ahead with a marginal gain at its intra-day high of LKR236.1. Renewed play was observed in Kegalle plantations and its parent, Richard Peiris Company with both denoting strong interest registering two on-board parcels of c.100k shares and 1 mn shares at LKR6.8 and LKR112.0 respectively while Chevron Lubricants grabbed some renewed focus trading between LKR213.0 and LKR217.0.

Dialog Axiata added a further 4.4 mn shares to the crossings board at LKR9.1 after an on-board block totaling c.653k shares was transacted at the same price. Retail activity was subdued while a few penny stocks sustained interest. Asian Stocks outside Japan Advance on US Economic Data; European Stocks Advance before Italian Debt Auction: Asian stocks outside Japan gained after US housing and consumer confidence data beat estimates. The MSCI Asia Pacific Excluding Japan Index gained 0.6% to 476.05 as of 1:40 p.m. in Tokyo. The Stoxx Europe 600 Index advanced 0.3% to 285.54 at 8:06 a.m. in London. WTI Oil Trades near Lowest Price of 2013 as Crude Supplies Gain: West Texas Intermediate oil traded near the lowest level this year after an industry report showed U.S. crude stockpiles increased for the seventh week in eight. WTI for April delivery was unchanged at USD92.63 a barrel in electronic trading on the New York Mercantile Exchange at 1:25 p.m. Singapore time.
http://lbt.lk/stock-market/movement/3783-aspi-stagnates-amidst-value-seekers-extending-bfi-sector-play