Trade Summary Market - 07/11/2012

Nov 07, 2012 (LBT) - The initial jump to an intra-day high of 5,583.59 points at around 10:41am, did not sustain as the market moved with lack of confidence, untouched by the global hot talk of US election wins. The MPI travelled on a similar patter to shrink after touching a high of 5,165.03 points in the morning hours. The only encouraging fact has been the green upticks in the index throughout the day, although the ASPI closed with a border gain of 14.3 points at 5,570.87 points whilst the MPI and the S&P SL20 gained 28.1 and 11.4 points at their close of 5,130.83 and 3,024.4 points respectively. Active interest was evident in the heavy index lot whilst the retailers’ cowardice was proven as they wait to hear tangible news of the 2013 Budget tomorrow. However, volume levels improved to 13.4 mn shares to calculate a turnover of LKR250.8 mn for the day.

Investor move is too mild to rate the market in the buying side today. Yet, there is hope with no negativity emerging. Tomorrow’s budget bell would wake up the sideline players from their hibernation mode to race after stocks that prove to benefit of the proposals. We alert our investors not to be the last in the buying line of such news and instead gather on what is available today as you would never lose on accumulation of the steady lot than in the betting game. Key players of the diversified, Banks, Finance & Leasing, Food & Beverage and Manufacturing would definitely move up when the overall sentiment of the market is turned around. Re tracing back The Secretary to the Treasury’s words giving assurance to the capital market industry stakeholders adds hopes to the equity investing community as a whole.

Asiri Hospital Holdings continued to see large deals as a further 1.74mn shares were crossed off at LKR11.5 today after a 100k share block was traded in the market at LKR11.4. Hatton National Bank [Non–Voting] was the other in the crossings board with a 345.9k share quantity changing hands at LKR114.0. The share also saw two on-board deals taking 93.7k shares at LKR114.0. Though the crossings turnover addition is not very high, yet it constituted c.23.7% to the turnover clearly marking the slow move in the market.

Interest was prominent in the Banking and Finance sector during the day. Accumulation continued in both the share types of Commercial Bank as the Voting share saw two trades adding 173k shares at LKR103.8 whilst the Non-Voting share gathered 112.5k shares at LKR93.0 in two trades. The Non-Voting closed with a 1.98% gain at LKR93.0 whilst the Voting managed to close flat at LKR103.8 after trading in the red. Buying interest emerged in Central Finance, one of our favourite finance sector player, as some notable trades took place on board leading the price to gain 2.0% supporting to hold the MPI index in the green. Lanka Orix Leasing too registered interest for the day as the stock gained 0.2% for the day. Active play was also evident in Sampath Bank driving the share up 0.2% at close of LKR197.0.

Interest continued in John Keells Holdings taking the share up 0.6% for the day at its close of LKR213.3. Some notable transactions were evident in Expolanka Holdings as three trades accumulated 346.5k shares being handled at LKR7.3. Free Lanka Capital Holdings proved to be amongst those who witnessed large on-board deals as three trades carrying over 50k shares added 449.9k shares at LKR2.6. The share closed flat at LKR2.5 after touching an intra-day high of LKR2.7. Browns Investments too saw 196.9k shares being taken up by three trades at LKR3.6 whilst its parent Brown & Co too proved to be active making its price to appreciate 3.8% for the day. Accumulation continued in Lion Brewery as the counter at its renewed 52-week high point of LKR260.0.

Interest was also evident in Laugfs Gas [Non-Voting] [+1.1%], Balangoda Plantations[+2.1%], Nation Lanka Finance (+1.0%), Vallibel One (+1.6%), Environmental Resource Investments (+0.7%), Colombo Land & Developments (+2.2%) and Ceylon Grain Elevators (+2.3%).

European stocks advanced for the fourth time in five days as American President Barack Obama defeated Republican Mitt Romney to win a second term. US index were little changed whilst the Asian stocks too advanced on the same news for a second day, and as News Corp. and Nissan Motor Co. lifting the regional benchmark index on earnings that cheered investors: The Stoxx Europe 600 Index rose 0.3% to 275.46 at 8:40 am in London. The benchmark gauge has jumped 18% from this year’s low on June 4th as Central Banks around the world reduced borrowing costs and expanded stimulus programs. The MSCI Asia Pacific Index rose 0.7% to 123.28 as of 5:15 pm in Tokyo, with three shares rising for every two that fell.

Oil fell in New York for the first time in three days before a report that may show US crude inventories increased last week: Crude for December delivery fell 46 cents, or 0.5%, to USD88.25 a barrel in electronic trading on the New York Mercantile Exchange as of 8:29 am London time.
http://lbt.lk/stock-market/movement/2917-lbtmarket-wednesday