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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka bourse snaps three session gain streak on profit taking

Sri Lanka bourse snaps three session gain streak on profit taking

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sriranga

sriranga
Co-Admin

COLOMBO, March 11 (Reuters) - Sri Lanka shares snapped a three-session gaining streak on Monday, as retail investors took profits in thin volumes while many investors were cautious after the central bank held rates steady, brokers said.

The main share index fell 0.25 percent, or 14.08 points, to 5,677.31, from its highest since Feb. 22.

'Retailers are getting out. We will see local investors getting out, attracted by the high interest rates. But foreigners keep accumulating fundamentally sound stocks,' said a stockbroker on condition if anonymity.

The central bank last Friday left policy rates unchanged for a third straight month, saying inflation was expected to ease and reach more favourable levels by the end of the year.

That in turn comes after yields on treasury bills reversed their falling trend for the first time in 13 weeks.

The day's turnover was 557.01 million rupees ($4.40 million), around half of this year's daily average of 1.07 billion rupees.

Foreign investors were net buyers of 45 million rupees, extending year-to-date foreign inflows to 2.78 billion rupees.

The rupee ended firmer at a near one-month closing high of 126.45/55 to the dollar compared with Friday's finish of 126.50/60. ($1 = 126.6750 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Ron Popeski)

(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/2013/03/11/3247597.htm

http://sharemarket-srilanka.blogspot.co.uk/

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Total turnover for the day reaches LKR557 mn
WRITTEN BY THARANGA SENARATNE

Mar 11, 2013 (LBT) - The market opened the week on a relatively quiet note with the ASPI trading a notch down and closing at 5677. Turnover was at LKR557 mn, with parcels of John Keells Holdings, Commercial Bank and Hatton National Bank changing hands that accounted for 52% of the day’s total. Losers outpaced gainers with Serendib Engineering, Miramar Beach and Huejay declining by 29.6%, 20.9% and 20.9% offsetting gains in SMB Leasing, Malwatte Valley(X) and Alufab which rose by 12.5%, 12.5% and 10.2% respectively. Meanwhile European shares edged away from 4-1/2 year highs today as weak economic data from China and worries about Italy 12 undermined the optimism generated by last week's strong US jobs numbers.

In terms of market trajectory, we believe that the current price weakness in the bourse provides an excellent opportunity for medium to long-term investors to pick up attractively priced growth stocks. We advise domestic investors to enter the market in an informed manner carefully selecting sectors and counters that will fully benefit from positive domestic economics. We also expect foreign participation to accelerate during the year with bluechip counters likely to remain in focus given that several large quality stocks in Sri Lanka at current levels appear to be more attractively priced than their counterparts in competing emerging/frontier markets.
http://lbt.lk/stock-market/movement/3871-total-turnover-for-the-day-reaches-lkr557-mn

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Profit taking after 3 session gain streak ?

Yeah right CTC, JINS and maybe HNB but what else?

sahan8896


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

@slstock wrote:Profit taking after 3 session gain streak ?

Yeah right CTC, JINS and maybe HNB but what else?
No observation in the market time.It was green all day and after the end they look at index and write the report.Day buy day I'm enjoying these articles.

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

it was a see saw todays ASI red and S&P green is making mix signals and the market is looking for future direction .....

tomorrow will see further consolidation around 5690 region or make a HIGH Smile

TAH

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