Turnover for the day declined to LKR309 mn

sriranga

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COLOMBO, March 18 (Reuters) - Sri Lankan stocks rose for a third straight session on Monday to a near one-month high as investors picked up bank shares, but turnover was low as many investors stayed away because of rising interest rates.

The main index ended 0.27 percent higher at 5,704.53, its highest close since Feb. 22.

Analysts said many domestic investors stayed on the sidelines as yields on treasury bills rose for the second week on Wednesday even though the central bank kept its key policy rates unchanged for a third straight month.

Shares in the biggest listed lender, Commercial Bank of Ceylon, rose 1.79 percent to 114 rupees, while Hatton National Bank PLC rose 2.42 percent to 160.80 rupees.

Turnover was 309.34 million rupees ($2.45 million), well below this year's daily average of 1.02 billion rupees.

Foreign investors were net sellers of 5.9 million rupees worth of shares. They have been net buyers of 3.76 billion rupees worth of shares this year.

The rupee ended weaker at 126.30/35 to the dollar from Friday's close of 126.10/20, due to importer dollar demand, dealers said. ($1 = 126.1500 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez)

(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/2013/03/18/3259893.htm

Redbulls · 2 Turnover for the day declined to LKR309 mn Mon Mar 18, 2013 5:26 pm

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Written by Tharanga Senaratne

Mar 18, 2013 (LBT) - The market opened the week to a quiet start with the ASPI gaining just 0.1% to close the session at 5708. Turnover declined to LKR309 mn with trading in John Keells Holdings and Hatton National Bank accounting for 21% of the day’s total. Gainers outpaced losers with Ascot Holdings, Lake House Printers, Abans Finance rising by 22.3%, 9.9% and 9.5% and offsetting losses in Kotagala Plantations, Huejay and Nanda Investments which declined by 30.0%, 13.1% and 11.1% respectively. Meanwhile, European markets have followed Asian shares downward today on fears that the plan to bailout Cyprus could trigger an escalation of the eurozone debt crisis.

Even though the earnings story is largely intact, market activity appears to be relatively restrained with the exception of bluechip stocks which have continued to trend upwards. The critical question remains as to what level valuations may need to fall in order to trigger buying interest? We believe that current multiples provide the ideal opportunity for fundamental investors to generate double digit returns in the medium to longer term. With the price of relatively lower quality companies having risen to considerably high levels during the 2009/2010 bull run, an opportunity to invest in bluechip companies of superior fundamental value now exists with significant upside potential of reversing relative underperformance. We continue to advise investors to focus on high growth companies with a domestic focus in order to ‘beat’ the market and generate above average returns.
http://lbt.lk/stock-market/movement/3931-turnover-for-the-day-declined-to-lkr309-mn