Colombo bourse down to 46-day low

sriranga

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COLOMBO, July 8 (Reuters) - Sri Lankan shares hit over two-month low on Monday, extending losses for a fourth straight session, due to foreign selling in John Keells Holdings Plc and investor concerns over the rupee's weakness.

The main share index fell 0.87 percent or 52.54 points to 5995.64, its lowest close since May 2. It has fallen 2.36 percent in the last four sessions.

The market's 14-day relative strength index (RSI) on Monday fell to an oversold region of 27.820, below the lower neutral range of 30, Thomson Reuters data showed.

'Market fell on continued foreign selling on Keells. However, foreign exit has become a problem as they don't find buying support,' said a stock broker asking not to be named.

The rupee has been on a decline since early last month as foreign investors exited from T-bonds as they have done in other emerging markets after the outlook on the U.S. economy improved, making U.S. Treasury yields more attractive.

Turnover was at 413.8 million rupees ($3.17 million) on Monday, well below this year's daily average turnover of about 1 billion rupees, according to provisional exchange data. John Keells lost 3.41 percent to 240.50 rupees. ($1 = 130.6500 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anand Basu)

(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/2013/07/08/3431577.htm

sriranga · 2 Sri Lanka stocks down 0.8-pct Mon Jul 08, 2013 10:09 pm

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July 08, 2013 (LBO) - Sri Lanka's stocks closed 0.68 percent lower Monday, amid losses in diversified companies and banking stocks, down 8.0 percent from a May 23 peak so far, brokers said.

The benchmark Colombo All Share Index closed at 5995.64, down 52.54 points lower and the and the S&P SL 20 Index closed 31.9 points lower at 3,351.4 down 0.94 percent.

The market has so far dropped eight percent since its peak on 23rd May at 6,488.00 points, ending a rally that was driven by foreign purchases and strong interest in John Keells Holdings among others.

Turnover was 413 million rupees down from 570 million from a day earlier.

Foreigners brought 124 million rupees worth shares while selling 54 million rupees in a day that 56 stocks advanced and 125 stocks declined

Ceylinco Insurance contributed most to the index closing at 1,146.80 rupees up 39.30 rupees, Commercial Bank of Ceylon closed at 113.50 up 20 cents and Peoples Leasing and Finance closed at 14.70 rupees up 10 cents.

Negative contributors included John Keells Holdings closing at 241.00 down 8.00 rupees, Carson Cumberbatch closed at 425.10 rupees down 09.90 rupees and Ceylon Tobacco Company closed at 990.00 rupees up 9.40 rupees.

Pan Asia closed at 18.00 rupees down 10 cents, Union Bank of Colombo closed at 16.20 rupees down 1.30 rupees. Hatton National Bank closed at 158.10 rupees down 10 cents and Sampath Bank closed at 191.80 rupees down 4.00 rupees.

Nations Trust Bank crossed 543,105shares at 65 rupees per share to close at 65.00 rupees up 50 cents.

Nestle Lanka closed at 1,947.20rupees down 40 cents, Aitken Spence closed flat at 125.00 rupees and Chevron Lubricants closed at 302.00 down 3.50 rupees.

The Lion Brewery closed at 395.00 down 04.00 rupees and Distilleries Company closed at 190.00 rupees down 70 cents.
http://www.lankabusinessonline.com/news/sri-lanka-stocks-down-0.8-pct/197269735

econ · 3 Re: Colombo bourse down to 46-day low Mon Jul 08, 2013 10:18 pm

econ

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NEST is not going down at all. still at 1947.. no correction for this share at all. it was 600 in 2011 and now 1947. most others are opposite.

Redbulls · 4 Colombo bourse down to 46-day low Tue Jul 09, 2013 1:30 am

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The Colombo bourse continued to extend its losses falling to 46 day low on Monday (08).

The All Share Price Index fell 52.54 points down 0.87 percent to 5,995.64 and the S&P SL20 closed 31.97 points lower at 3,351.49, 0.94 percent lower.

Turnover amounted to Rs. 413.74 million and foreign purchases amounted to Rs. 124.75 million, leading to net inflow of Rs. 70.46 million.

"The ASPI dropped below the 6,000 mark by market close, reaching a 46 day low, amid subdued activity levels dominated by trades on JKH and NTB which collectively accounted for around 45% of market turnover inclusive of crossings," John Keells Stockbrokers said.

"Losers outpaced winners with Blue Diamond(X), SMB Leasing and Keells Food declining by 16.7%, 12.5% and 12.3% and offsetting gains in Serendib Land, Touchwood and Convenience Foods which rose by 22.4%, 8.3% and 8.0% respectively," DNH Financial said.

"Although we experienced a decline in the market, we don’t believe that it is sustainable. We firmly believe that careful stock selection will determine the true extent of an investor’s gains by constructing a portfolio of the most compelling companies in the ASPI not purely based on macro-economic fundamentals, but strategically positioned to tap the 2013/2014 earnings cycle which we believe is tied to local consumption dynamics. In this respect, we are buyers of selected stocks in consumer, industrial, diversified, banking and hotel sectors which we expect would benefit fully out of the domestic expansion and pass our tests of top line growth prospects, margin sustainability, quality of management and valuation," DNH Financial said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=83113