JKH underscored market activity adding 82% to turnover

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COLOMBO, Sept 11 (Reuters) - Sri Lankan stocks rose to a one-week high on Wednesday on positive sentiment after foreign investors snapped up blue chips, including John Keells Holdings in an oversold market, traders said.

The main share index gained 1.11 percent, or 62.88 points, to close at 5,730.21, its highest since Sept. 4.

'Foreign buying in Keells boosted sentiment. We have seen some bottom fishing too,' said a stockbroker.

Foreign investors were net buyers of 712.2 million rupees ($5.36 million) worth of shares on Wednesday, extending the year to date net foreign inflows to 19.03 billion rupees.

The bourse, which had been in an oversold region since Sept. 3, shot up to neutral territory, with the 14-day Relative Strength Index at 37.089 on Wednesday, above its lower neutral level of 30, Thomson Reuters data showed.

Shares in marker heavyweight Ceylon Tobacco Co PLC rose 8.57 percent to 1,140 rupees. Top conglomerate John Keells Holdings Plc, which traded largely on block deals, ended flat at 209 rupees.

Wednesday's turnover was 1.17 billion rupees, its highest since Aug. 14 and more than this year's daily average of about 886.4 million rupees.

($1 = 132.8500 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)

(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/2013/09/11/3541013.htm

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WRITTEN BY THARANGA SENARATNE

Sep 11, 2013 (LBT) - Index continued on an uptrend: Indices depicted a volatile path as the ASPI denoted a marginal downtrend during mid-day and restored back its gains to close up 62 points at 5,730.21. The upturn was primarily backed by Ceylon Tobacco Company (+8.6%), Lion Brewery (12.8%), Chevron Lubricants (+3.8%) and Commercial Bank (+0.7%). The S&P SL20 follow suited ending with a gain of 28 points at 3,178.96.

JKH underscored bourse adding 82% to turnover: John Keells Holdings spearheaded the turnover for the ninth consecutive day backed by strong on-board and off-board participation. The counter contributed 82% to the day’s turnover supported by 6 crossings which carried c.1.4 mn shares in total at LKR209.0 and several sizable blocks which were picked on-board at LKR209.0. The counter closed flat at LKR209.0 for the day after touching LKR212.0 on thin volume at its intra-day high. Sampath Bank recorded two crossings accumulating to c.626k shares at LKR180.0. The counter denoted some selling pressure however closed up marginally at LKR180.0.

Diversified sector dominated bourse; selected banks gathered interest: Diversified sector dominated the bourse backed by John Keells Holdings which significantly outpaced the rest of the counters with a turnover of LKR846 mn. Selected banking players gathered focus with Commercial Bank and Sampath Bank which edged up to the top turnover slot. Access Engineering and Ceylon Guardian Investment Trust secured interest.

Retailer activity moderate: Retail activity was moderate with the upturn of indices. HVA Foods, E-Channelling and Blue Diamond [Non-Voting] saw notable activity.
http://lbt.lk/stock-market

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JKH underscored market activity adding 82% to turnover

1 Sri Lanka stocks up on optimism after foreign buying in Keells Wed Sep 11, 2013 5:52 pm

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2 JKH underscored market activity adding 82% to turnover Wed Sep 11, 2013 5:53 pm

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