Market trended down reaching a support level

sriranga

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COLOMBO, Oct 23 (Reuters) - Sri Lankan stocks slipped for a third straight session on Wednesday to a two-week low, led by telecommunications and hotel shares as investors sold their stocks to fund buying in top conglomerate John Keells Holdings Plc rights issue, dealers said.

The main share index dropped 0.41 percent, or 24.32 points, to 5,900.90, its lowest since Oct.8. It hit an
eight-week high on Thursday.

'The market is down as investors were cashing to buy Keells rights. The market will be sluggish till the rights issue is over,' a stockbroker said on condition of anonymity. The deadline for the rights issue Friday.

Shares in leading fixed line telephone operator Sri Lanka Telecom PLC fell 2.26 percent to 38.90 rupees.

Keells' ordinary shares edged up 0.05 percent to 213.00 rupees, while the conglomerate's rights shares
rose 4.07 percent to 51.10 rupees.

The day's turnover was 481.2 million rupees ($3.68 million), well below this year's daily average of 876.6 million rupees.

Foreign investors were net buyers of 32.6 million rupees worth of shares on Wednesday, extending the year-to-date foreign inflows to 22.79 billion rupees worth of shares.

($1 = 130.8250 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anupama Dwivedi)

(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/2013/10/23/3618101.htm

Redbulls · 2 Sri Lanka stocks down 0.4-pct, rupee up Wed Oct 23, 2013 8:47 pm

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Oct 23, 2013 (LBO) - Sri Lanka stocks continued to sustain losses closing down 0.41 percent with the rupee gaining against the US dollar on export conversions and foreign inflows into the debt and equities market, dealers said.

The benchmark Colombo All Share Price Index fell 24.32 points to 5,900.90, down 0.41 percent, after peaking at an intraday high of 5,930.96.

The S&P SL20 closed 7.50 points lower at 3,265.08, down 0.23 percent.

Turnover amounted to 481.31 million rupees, down from 983.09 million a day earlier, with shares of 109 firms losing against 45 gainers.

Foreigner bought shares worth 147.08 million rupees, down from 492.29 million rupees a day ago, and sold shares worth 114.5 million rupees, down from 265.30 million rupees a day earlier.

Carson Cumberbatch closed 10.20 rupees lower at 380.20 rupees and Sri Lanka Telecom closed 90 cents lower at 38.90 rupees.

Asia Hotels and Properties closed 2.20 rupees lower at 70.80 rupees and Nestle Lanka closed 16.00 rupees lower at 1,959.20 rupees.

Finlays closed 20.80 rupees lower at 250.20 rupees.

LOLC closed 1.20 rupees higher at 60.00 rupees and Shalimar closed 69.80 rupees higher at 951.00 rupees.

Ceylinco Insurance closed 23.90 rupees higher at 1,275.00 rupees and Chevron Lubricants Lanka closed 2.40 rupees higher at 272.40 rupees.

Lion Brewery closed 3.50 rupees higher at 360.00 rupees.

JKH closed 10 cents higher at 213.60 rupees featured in two crossings and JKH Rights closed 2.00 rupees higher at 51.50 rupees.

Dialog closed flat at 8.80 rupees with more than 5.8 million shares changing hands, with 5.7 million of these shares via a single crossing.

Union Bank closed 50 cents lower at 16.20 rupees with more than 3 million shares traded.

Commercial Bank closed 50 cents lower at 117.50 rupees and NDB Bank closed 90 cents lower at 153.00 rupees. Sampath Bank closed flat at 175.70 rupees.

Speculative trading continued in troubled Touchwood, closing flat at 4.40 rupees with more than 1.67 million shares traded.

PCH Holdings closed flat at 1.50 rupees with more than 2.8 million shares changing hands.

The Sri Lanka rupee strengthened to 130.72/75 against the US dollar in late trading in the spot market Wednesday, after opening at 130.85/90 on export conversions, foreign inflows to the debt and equities market, dealers said.

A liquid five year Treasury bond was trading in narrow band at 11.05/08 percent after opening at 11.05/16 percent.
http://www.lankabusinessonline.com/news/sri-lanka-stocks-down-0.4-pct,-rupee-up/1381658272

Redbulls · 3 Market trended down reaching a support level Thu Oct 24, 2013 3:42 am

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WRITTEN BY THARANGA SENARATNE

Oct 23, 2013 (LBT) - ASPI on a resistant turned support zone: The bourse denoted a clear downtrend throughout the day due to the price dips in heavyweights Carson Cumberbatch (-2.6%), Sri Lanka Telecom (-2.3%) and Nestle Lanka (-0.8%). ASPI closed near a resistant turned-support area at 5.900.90 with a dip of 24 points. S&PSL20, too follow suited with a downtrend and settled at 3,259.18 with a fall of 13 points.

Crossings on DIAL and JKH; Dialog Axiata topped the crossing board with a single off-board transaction which amounted to 5.7mn shares which changed hands at LKR8.8. The counter closed flat at LKR8.8 on-board with marginal activity. John Keels Holdings too denoted off-board interest supported by a single block of 180k shares which transacted at LKR213.0. Heavy on-board interest was also seen in the counter backed by a single trade of 258k trade at LKR213. JKH closed at LKR213.0 with a marginal gain of 0.1%.

Interest on BFI sector: On-board interest was notable in the BFI sector with Union Bank of Colombo and Commercial bank attracting investor interest. The former was heavily active during the day and turnover was backed by a large on-board block of 1.4mn shares which traded at LKR16.0. UBC closed at LKR16.2 with a dip of 3.0%. COMB also displayed on-board interest and settled the day at LKR117.5 with a dip of 0.4%. Weak retail front: Retail activity was low and concentrated on Touchwood Investments and Central Investments and Finance.
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