Stocks close lower amid uncertainty

Redbulls · 1 Bourse on a consolidated phase Fri Apr 19, 2013 5:59 pm

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WRITTEN BY THARANGA SENARATNE

Apr 19, 2013 (LBT) - Indices traded on a range: The Colombo bourse endured a volatile trading day followed by the extended price rally. ASPI ranged on a 36 points band on the resistance near 5,900 points. At the end of the day ASPI lost marginally by 10 points to settle at 5.882.25. Interestingly, retail counters dominated the day’s gain during trading. Losses recorded by DFCC Bank (-3.3%), Distilleries Company (-2.0%) and The Bukit Darah (-1.3%) pulled down the indexes to the negative territory.

Commercial spearheading the crossings board: Commercial Bank the largest private listed bank spearheaded the turnover contributing to 50.0% of the daily turnover. The counter registered four large off-board blocks totaling 4.5mn shares which were transacted at a price of LKR113.0. However on-board activity of the counter was meager except for the two 20k transactions which were dealt at LKR113.0. The counter closed at LKR113.0 (-0.4%). Ceylon Tobacco Company and Nations Trust Bank too exhibited some off-board interest where the former recorded a single crossing of 30k shares at a price of LKR800 and the latter crossed a single 400k shares at a price of LKR60.0. Heavy retail activity on Colombo Land & Development Company: Renewed investor interest was seen in retail favorites; Colombo Land & Development Company with heavy on-board activity. The counter witnessed several large on-board transactions, largest being 49k shares which was dealt at LKR41.0 The counter also denoted an encouraging intra-day rally where the counter reached a high of LKR41.50 before closing with a gain of 6.6% at LKR40.6. Nations trust Bank too signified strong on-board interest with a single large block of 349k shares was seen to be transacted at a price of LKR60.5.

Retail activity heavy on speculative counters: Investor interest was heavy on speculative counters with intra-day rallies on several retail favorites; Onally Holdings (+2.5%), Kelsey Developments (+6.1%) and Bimputh Finance (+8.9%).
http://lbt.lk/stock-market/movement/4202-bourse-on-a-consolidated-phase

sriranga

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COLOMBO, April 19 (Reuters) - Sri Lankan shares edged lower on Friday, snapping a six-session gaining streak, from their six-month high due to retail profit taking, but foreign investors bought into banks on hopes of further easing of monetary policy.

The central bank on Tuesday kept key monetary policy rates unchanged for a fourth straight month as expected, but left the door open for easing later as inflation is expected to slow further.

The main stock index fell 0.16 percent, or 9.58 points, to 5,882.25, slipping from its highest close since Oct. 2, 2012.

'Retail profit taking brought the market down, but foreigners bought banks,' said a stockbroker, who asked not to be named.

An expected fall in interest rates has boosted sentiment, after Treasury Secretary P.B. Jayasundera said Sri Lanka's interest rates should fall in May-June as the borrowing needs of loss-making state energy companies recede.

The index has gained 2.15 percent in the last six straight sessions through Thursday since the treasury secretary's comments.

The turnover was at 1.03 billion rupees ($8.19 million) on Friday, higher than this year's daily average of about 966 million rupees.

Foreign investors, who mainly bought banking shares, were net buyers of 490.6 million rupees worth of shares, extending the year-to-date net foreign inflow to 7.8 billion rupees.

Last year, the bourse saw a net inflow of $303 million.

The rupee edged down for a fourth straight session to 125.95/126.00 to the dollar, from Thursday's close of 125.72/78, due to demand from importers for the greenback, currency dealers said.

The rupee has been on the rise since mid-March on inflows from remittances and exporter dollar sales ahead of the traditional new year which was celebrated on April 13 and April 14. ($1 = 125.7000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Bijoy Koyitty)

(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/2013/04/19/3314021.htm

CSE.SAS · 3 Stocks close lower amid uncertainty Sat Apr 20, 2013 12:08 am

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Stocks closed lower Friday, recouping some losses form a mid-day sell-off, amid uncertainty over the effects of power tariff hike and weaker commodity prices, brokers said.

The Colombo All Share Index Index closed 9.58 points lower at 5,882.25 down 0.16 percent and the S&P SL 20 Index closed 15.03 points lower at 3,336.12 points down 0.45 percent.

Turnover was one billion rupees.

Hatton National Bank closed at 170.20 down 1.30 rupees, Commercial Bank closed at 94.30 down 0.50 rupees and DFCC closed at 142.60 down 4.90 rupees.

Sampath Bank which fell 4.90 rupees on Thursday recovered 1.20 rupees to close at 213.50 rupees.

There had been a sell-off in banks over concerns that they were exposed to gold-backed loans with the precious metal plunging amid an overall fall in commodities.

Weaker commodity prices usually signals a strengthening of the underlying value reserve currencies such as the US dollar and Euro coming from weak loan growth or de-leveraging.

Plantations companies also weakened. Tea estates are facing higher wages and weakening global commodity prices, brokers said.

Kahawatte Plantations closed at 37 rupees down by 0.10 rupees. Kegalle Plantations closed at 116.80 down by 3.20 rupees. Kelani Valley Plantations closed at 80.20 rupees down 4.52 rupees

Tokyo Cement, which operates grinding plants closed at 24.00 rupees down 0.50 rupees Analysts say cement firms could benefit from weaker clinker prices but could be hurt by higher electricity prices.

Holcim Lanka, an unlisted firm which runs an integrated cement factory told a public hearing on a power tariff hike that the move would add 9.0 rupees to a 50 kilogram cement pack.

Nestle Lanka closed at 1770.00 rupees down by 4.60 rupees.

Copper prices have also tumbled more than 20 percent a 2012 peak, which could help companies such as Sierra Cables, though factories face higher power prices.

Sierra Cables closed at 2.50 rupees down by 0.10 rupees

Ceylon Tobacco Company and index heavy stock which gained 11.70 rupees to close at 800.00 rupees and Ceylinco Insurance which gained 49.10 rupees to close at 999.00 rupees helped offset losses on other stocks, brokers said.

Dialog Axiata closed flat at 9.20 rupees while Index heavy John Keells Holdings closed at 248.80 rupees down 0.20 rupees.

Distilleries Company of Sri Lanka close at 166.60 rupees down 3.40 rupees

Aitken Spence closed flat at 120.00 rupees.

(LBO)
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=77144