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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka bourse slip from 19-month high on profit-taking

Sri Lanka bourse slip from 19-month high on profit-taking

+5
Gainer
sahan8896
nopanic
Redbulls
sriranga
9 posters

Go down  Message [Page 1 of 1]

sriranga

sriranga
Co-Admin

COLOMBO, May 21 (Reuters) - Sri Lanka shares retreated on Tuesday from the previous session's 19-month high as investors booked profits in banking and telecommunication shares after the recent rally pushed the bourse into overbought territory.

The main stock index fell 0.39 percent, or 25.03 points, to close at 6,441.64, slipping for the first time in the last five sessions. The bourse hit its highest close since Oct. 14, 2011 on Monday.

Trading was dominated by foreign investors with foreign buying accounting for 69 percent of the day's turnover.

Foreign investors were net buyers of 1.09 billion rupee ($8.63 million) of shares, extending net foreign inflows this year to 12.56 billion rupees.

The market 14-day Relative Strength Index (RSI) was in over-bought territory of 83.627 on Tuesday and has been above the upper neutral level of 70 since April 16, Thomson Reuter data showed.

'Profit-taking brought the market down,' a stockbroker said on condition of anonymity.

Market turnover was 2.19 billion rupees ($17.34 million) on Tuesday, its highest since May 6, and well above this year's daily average of 1.05 billion rupees.

Shares in John Keells Holdings slipped 0.03 percent to 297 rupees from its all-time closing high of 297.10 rupees hit on Monday, while leading fixed-line telephone operator Sri Lanka Telecom PLC fell 2.26 percent to 43.30 rupees. Keells had jumped 19.1 percent in 12 sessions through Monday mainly due to foreign buying.

The bourse gained 3.65 percent since the central bank cut key policy rates by 50 bps on May 10, following some of its regional peers, to boost economic growth amid subdued demand.

A fall in interest rates of fixed income assets has helped boost sentiment in the share market as retail investors, who dominate the island nation's bourse in terms of volume, shift to equities from government securities.

The rupee edged up to 126.25/30 from Monday's close of 126.30/35 on exporter dollar conversions, currency dealers said.

($1 = 126.3250 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)

(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/2013/05/21/3361933.htm

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

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Sri Lanka stocks close down 0.3-pct

May 21, 2013 (LBO) – Sri Lanka’s stocks closed down 0.39 percent on Tuesday, following three consecutive days of gains due to a negative impact from the index heavy stocks, brokers said.

The benchmark Colombo All Share Index closed 25.03 points lower at 6,441.64 and the S&P SL 20 Index closed 03.35 points higher at 3,652.70 up 0.09 percent.

Turnover was 2.1 billion rupees up from 1.2 billion rupees day earlier. 72 stocks made positive contributions while 130 stocks were negative.

Large crossings were recorded in Commercial Bank, JKH, Distilleries, Cargills and Chevron Lubrication Lanka.

Foreigners brought 1.5 billion rupees worth shares while selling 433 million rupees of shares.

Top contributors Ceylon Tobacco Company gained 14.30 rupees to close at 899.20 rupees, Commercial Bank of Ceylon closed at 125.30 rupees up 3.20 rupees and Dialog Axiata gained 10 cents to close at 9.90 rupees.

Commercial Bank of Ceylon recorded the highest crossing of 4.2 million shares sold at 125 rupees per share.

Index John Keells Holding lost 10 cents to close at 297.00 rupees while Nestle Lanka closed at 2010.00 rupees down 85.20 rupees.

Hatton National Bank closed at 173.00 rupees up 70 cents, DFCC Bank closed at 148.10 rupees down 1.70 rupees and National Development Bank closed at 178.30 rupees down 1.10 cents.

Pan Asia closed at 20.80 rupees down 20 cents. Union Bank of Colombo closed at 19.70 rupees down 40 cents and Sampath Bank lost 2.10 rupees to close at 223.90 rupees.

LB Finance closed at 127.00 rupees down 50 cents, Peoples Leasing and Finance lost 30 cents to close at 15.10 rupees and Commercial Leasing and Finance closed flat at 4.70 rupees.

Distilleries Company of Sri Lanka gained 60 cents to close 190.10 rupees while The Lion Brewery gained 6.50 rupees to close at 386.50 rupees.

Aitken Spence closed at 135.50 up 50 cents. Browns Investments closed at 3.50 rupees down 10 cents.

Softlogic Holding lost 40cents to close at 12.00 rupees

Hayleys closed at 315.10 rupees up 60 cents and Vallibel One closed at 20.20 rupees down 50 cents.
http://www.lankabusinessonline.com/news/sri-lanka-stocks-close-down-0.3-pct/2138313756

nopanic


Stock Trader

Do not agree,Market was red throughout the day and some party wanted it to be red and they succeeded in final minutes by using NEST,CDIC....etc.This can be called
" Deliberately killing the positive sentiment".

sahan8896


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

@nopanic wrote:Do not agree,Market was red throughout the day and some party wanted it to be red and they succeeded in final minutes by using NEST,CDIC....etc.This can be called
" Deliberately killing the positive sentiment".
hmm,I always had argument about index color and reasons for it on these newspaper articles.

Gainer

Gainer
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Today SLTL and NESTLY bring down the market and tomorrow both are bring up the market.

CSE.SAS

CSE.SAS
Global Moderator

The Colombo bourse reversed a four day uptrend to close in the red on Tuesday with turnover reaching Rs. 2.2 billion driven by trades in JKH, Com Bank and Distilleries.

The All Share Price Index fell 0.39 percent to close 25.03 points lower at 6,441.64 while the S&P SL20 closed 0.32 percent higher, up 11.59 points at 3,660.94.

Foreign purchases amounted to Rs. 1,522 million leading to net inflow of Rs. 1,088 million.

"The ASPI reversed a 4 day upward trend to end lower, amid declines in selected large and mid-cap counters. Turnover crossed the Rs. 2bn mark, with trades on JKH, COMB, and DIST, collectively accounting for around 60% of turnover inclusive of crossings. The market also saw crossings on CARG, LLUB, and SAMP," John Keells Stockbrokers said.

JKH closed flat at Rs. 297 after more than 1.4 million shares changed hands during the day. Com Bank closed 2.62 percent higher at Rs. 125.30 after more than 5.6 million shares traded during the day.

Distrilleries closed 0.32 percent higher at Rs. 190.10.

Lanka Cement closed 11.83 percent higher at Rs. 10.40 while Chilaw Finance closed 9.52 percent higher at Rs. 2.30 to be the biggest gainers of the day.

The biggest loser was NDB Capital Holdings, down 14.21 percent to Rs. 412.90 followed by Harischandra Mills which closed 9.93 percent lower to Rs. 2,007.10 and Colombo Investment Trust down 9.65 percent to Rs. 143.30.

Benchmark Treasury bill yields stayed flat at yesterday’s primary market auction which saw the Central Bank offer maturing bills amounting to Rs. 15 billion. Bids amounted to Rs. 31.13 billion, of which Rs. 16.26 billion were accepted.

The three month Treasury bill yields stayed unchanged at 8.75 percent from last week while the six-month yields eased a single basis point to 9.9 percent. The 12-month yield increased two basis points to 10.86 percent, moving up for the first time in eight weeks.

Last week, Treasury bill yields fell between 29-45bps after the Central Bank eased monetary policy rates by around 50bps earlier this month.

After injecting Rs. 10.75 billion last Friday to ease liquidity concerns in the money markets, the Central Bank has mopped up around 5.2 billion rupees on Monday and Tuesday with the system holding a short liquidity position of Rs. 3.2 billion.

The rupee closed flat at Rs. 126.30 against the US dollar after it fell to an intraday low of Rs. 126.40 against the greenback currency dealers said.

Secondary market Treasury bond yields picked up yesterday following the trend of the 12-month Treasury bill yield.

The one year bond yield moved up to 10.60/70 percent from 10.50/60 percent the previous day while the more liquid five year bond yield inched up to 11.07/10 percent from 11.01/03 while the eight year yields moved to 11.52/58 percent from 11.50/54 percent.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=79560

sriranga

sriranga
Co-Admin

The Colombo stock market yesterday consolidated itself with ASI marginally down and blue chip S&P SL20 Index up whilst foreign buying remained robust with net inflow topping the Rs. 12 billion mark.

“Reversing Monday’s gains, the ASPI lost 0.4% as investors took profit from the market’s ascent over the last week. Turnover jumped to Rs. 2.2 billion with trading in Commercial Bank, John Keells Holdings and Distilleries accounting for 60% of the week’s total,” DNH Financial said.

“The Bourse moved on a consolidation path today as the benchmark index took a steep downturn after a 19 point gain at its peak during mid-day to an intra-day low of 6,423.04 points (-43 points). However it closed with a lesser dip of 25 points,” Softlogic Stockbrokers said.

The latter was due to losses in Nestle Lanka, NDB Capital Holdings and Sri Lanka Telecom outweighing gains in Ceylon Tobacco Company, Commercial Bank and Dialog Axiata.

Retail favourite Environmental Resources was down by 6.3%.

In contrast the S&P SL20 index which saw a number of shares trading at their 52-week high levels secured a gain of 11 points extending its YTD gain to 18.7%.

“Market turnover crossed the Rs. 2 billion mark on the back of a number of block trades on counters such as Commercial Bank, John Keells Holdings and Distilleries. High net worth and foreigners remained active during the day while the latter contributed to nearly 45% of the turnover,” NDB Stockbrokers said.

According to Softlogic the market saw 15 crossings encompassing S&P SL20 calibre counters, which took up 48% of turnover.

Commercial Bank continued its rally gaining 2.6% as it registered eight crossings carrying 4.2 million shares at Rs. 125 while on-board activity in the counter remained strong amidst its price renewing its 52-week high at Rs. 126. Overall Commercial Bank saw 5.65 million of its shares traded for Rs. 705.7 million.

Foreign interest remained uninterrupted with the day recording a net foreign inflow of Rs. 1.1 billion carrying the YTD net foreign inflow to the Rs. 12.4 billion mark, Softlogic said.

Investor hunt on John Keells Holdings continued with the counter renewing its all-time high at Rs. 299.8. Selling pressure that emerged led the counter to close with a marginal dip at Rs. 297.

NDBS also said the share price of Distilleries Company increased Rs. 0.50 (0.26%) to close at Rs. 190 while the share price of Cargills Ceylon edged up Rs. 2.50 (1.45%) to close at Rs. 175. The share price of Royal Ceramics fell by Rs. 1.20 (1.10%) to close at Rs. 107.50. Foreign holding of Distilleries Company and Cargills Ceylon increased by 730,000 and 552,456 shares respectively.

BFI sector play persisted with greater focus on Commercial Bank Voting & Non-Voting and Nations Trust Bank which traded at 52-week high levels of Rs. 126, Rs. 102 and Rs. 68.9 respectively, according to Softlogic.

Retail activity picked up with the recent bullish sentiment prevailing in the Bourse. Majority of focus surrounded Amana Takaful, Overseas Realty, Central Investment and Finance and Colombo Fort Land and Building, it added.

DNH Financial said it viewed yesterday’s profit taking as healthy given that the market had risen by 203 points over the past week.

“We also view the price weakness as an opportunity for fundamentally focused investors to select a basket of stocks that will outperform over the medium to longer term. We advise investors to maintain a healthy investment horizon focusing on high quality cash rich companies with strong balance sheets that have underperformed during periods of market over-exuberance and which have the upside potential to re-rate to their intrinsic values. In terms of market trajectory, we expect the Bourse to test the 6,500 key resistance level over the next few days although intermittent bouts of profit taking could result in temporary dislocations,” DNH Financial added.
http://www.ft.lk/2013/05/22/bourse-consolidates-as-net-foreign-inflow-tops-rs-12-b/

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

econ

econ
Global Moderator

Foreign inflow may be there but for mainly overpriced counters like JKH, NEST, LLUB etc.. most attractive counters are lacking inflows from foreign funds. Newspapers like FT and other broker companies should introduce and promote other attractive counters to those foreign funds.

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

funny suggestion, ask news papers to promote to foreign funds. Smile

econ

econ
Global Moderator

@seek wrote:funny suggestion, ask news papers to promote to foreign funds. Smile

But don't you know that FT is one of the most famous promoter of stock market. Very Happy

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Yes for the local crowed and know how it is used by local big guys to dump their holdings but is it effective for foreign fund managers?.

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Foreign Buying are

DIST
PABC
DIST
COMB
JKH
NTB
NDB
SAMP

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

@seek wrote:funny suggestion, ask news papers to promote to foreign funds. Smile

Most of the Sri Lankan Newspapers just copy and past broker huts daily report.

Foreign or local fund managers usually have their own research department not relying on broker huts recommendation.

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