Bourse reaches 18 month high

sriranga

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COLOMBO, May 23 (Reuters) - Sri Lankan shares climbed to a 19-month high on Thursday, bucking the regional trend, as investors encouraged by an interest rate cut this month piled into large caps.

The main stock index rose 0.42 percent, or 27.23 points, to close at 6,488.85, its highest since 14 Oct, 2011.

The market shut early to mark a Buddhist religious holiday.

Both stocks and currency markets will remain closed on Friday.

Foreign investors were net buyers of shares worth of 218.8 million rupees, extending net foreign inflows this year to 13.1 billion rupees.

Shares in Ceylon Tobacco Company PLC rose 4.57 percent. Distillers Sri Lanka was up 1.94 percent.

The market's 14-day Relative Strength Index (RSI) was in overbought territory of 86.801 on Thursday and has been above the upper neutral level of 70 since April 16, Thomson Reuters data showed.

The stock index has gained 4.01 percent since the central bank cut key policy rates by 50 basis points on May 10, following some of its regional peers, to boost economic growth amid subdued demand.

The turnover was 556 million rupees ($4.40 million) on Thursday, less than this year's daily average of 1.05 billion rupees.

The rupee ended barely changed at 126.30/35 per dollar from Wednesday's close.

($1 = 126.4000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sanjeev Miglani)

(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/2013/05/23/3366045.htm

Redbulls · 2 Sri Lanka stocks close up 0.4-pct Thu May 23, 2013 4:12 pm

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May 23, 2013 (LBO) - Sri Lanka's stock closed up 0.42 percent in a short trading day ahead of a holiday driven by gains in alcohol and tobacco stocks, brokers said.

The benchmark Colombo All Share Index closed 27.23 points higher at 6,488.85 and the S&P SL 20 Index closed up 02.06 points at 3,666.04 up 0.06 percent.

Turnover was 556 million rupees, down from 776 million a day earlier, as the market closed early for ahead of a Bhuddhist religious festival Vesak.

Foreigners brought 257 million rupees worth shares while selling 38 million rupees of shares, in a day that 97 stocks advanced and 89 stocks declined.

Ceylon Tobacco Company contributed most to the index gain closing at 951.50 rupees up 41.60 rupees. Distilleries Company of Sri Lanka extended gains to close at 199.90 rupees up 3.80 rupees after rising 6.00 on Wednesday.

Trans Asia Hotels closed at 87.50 rupees up 05.40 rupees.

Banks lost ground, Hatton National Bank closed at 170.00 rupees down 3.00 rupees, DFCC Bank closed at 148.00 rupees down 1.10 rupees and National Development Bank closed at 175.10 rupees down 70 cents

Commercial Bank of Ceylon closed at 123.90 rupees down 1.00 rupee, Pan Asia closed at 21.00 rupees up 10 cents. Union Bank of Colombo closed flat at 19.80 rupees and Sampath Bank gained 20 cents to close at 224.80 rupees.

LB Finance closed at 128.70 rupees up 60 cents. Peoples Leasing and Finance closed at 15.20 rupees up 10 cents. The Lion Brewery, gained 40 cents to close at 426.00.

Index John Keells Holdings lost 1.30 rupees to close at 293.80 rupees while Nestle Lanka gained 9.50 rupees to close at 2037.50 rupees.

Aitken Spence closed at 138.10 down 70 cents. Browns Investments closed flat at 3.50 rupees.

Softlogic Holding closed flat at 12.00 rupees and Vallibel One closed at 20.30 rupees up 20 cents. Dialog Axiata closed flat at 9.70 rupees and Sri Lanka Telecom too closed flat at 43.10.
http://www.lankabusinessonline.com/news/sri-lanka-stocks-close-up-0.4-pct/387354391

CSE.SAS · 3 Bourse reaches 18 month high Fri May 24, 2013 12:07 am

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The Colombo bourse closed the four day week on an 18-month high with United Motors (UML,) Overseas Realty (OSEA) and Chevron Lubricants (LLUB) accounting for more than 50 percent of the day’s turnover.

The All Share Price Index closed 27.23 points higher, up 0.42 percent at 6,488.85 while the S&P SL20 closed 0.06 percent higher, up 2.06 points to 3,666.04.

Turnover was low at Rs. 556.04 million.

A net inflow was recorded at Rs. 218.79 million on foreign purchases amounting to Rs. 257.43 million.

"The ASPI ended on an 18 month high amid buying interest across the board. Activity levels slowed down partly due to the shortened trading hours, with trades on UML, OSEA and LLUB accounting for more than 55% of turnover," John Keells Stockbrokers said.

UML closed flat at Rs. 115 after 1.5 million shares changed hands during the day. OSEA closed 4.21 percent higher at Rs. 19.80 on more than 3.76 million shares being traded during the day.

Lakehouse Printers and Publishers closed 12.45 percent higher to be the biggest gainer, closing at Rs. 112.90 followed by JL Morison which closed 11.50 percent higher at Rs. 289.90.

SMB Leasing was the biggest loser, down 10 percent to 90 cents.

"With the ASPI’s break through the 6500 resistance level, we expect market momentum to accelerate next week on the back of renewed optimism in the bourse. This combined with the release of strong 4Q2013 corporate results for bluechip companies should enable the bourse to comfortably re-rate to higher levels even though intermittent bouts of profit taking could temporarily slow growth," DNH Financial said.

"With the global risk appetite for equities having risen significantly over the past few months, we expect foreign buying in Sri Lankan equities to rise, however limited to quality companies with sustainable attributes. Accordingly, we advise domestic investors to be appropriately positioned in bluechip stocks in key sectors such as diversified, banking, hotels and f&b," it said.

http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=79682