Turnover slumps below Rs. 200 mn

sriranga

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COLOMBO, July 17 (Reuters) - Sri Lankan shares fell for a fourth straight session on Wednesday to their one-week low, led by oil palm and telecommunications companies, and the turnover slumped to a seven-month low amid concerns over a falling rupee.

The main share index ended 0.42 percent, or 25.30 points, weaker at 5,982.35, its lowest since July 9.

The index hit a near 10-week low on July 9 on concerns over the rupee's weakening trend and possible foreign outflows.

Turnover was 191.7 million rupees ($1.46 million), provisional data showed, the lowest since Dec. 24 and well below this year's daily average of 964.4 million rupees.

Shares in oil palm cultivator Good Hope Plc fell 21.42 percent to 1,100 rupees in thin trade, while leading mobile phone operator Dialog Axiata fell 2.3 percent to 8.50 rupees.

The local currency weakened to a 10-month low early on

Wednesday due to importer demand for dollar and there was no central bank intervention.

($1 = 131.4000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)
http://uk.reuters.com/article/2013/07/17/markets-srilanka-idUKL4N0FN27X20130717

Redbulls · 2 Turnover slumps below Rs. 200 mn Thu Jul 18, 2013 2:48 am

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Among the lowest in recent times, say brokers

The Colombo bourse yesterday posted one of its lowest recent turnovers of Rs.191.7 million, down from the previous day’s Rs.737.8 million, with both indices down – the all Share by 25.30 points (0.42%) and S&P SL20 by 9.69 points (0.29%) with 73 gainers limping behind 99 losers while 141 counters closed flat.

There was one block trade yesterday with 250,000 HNB crossed at Rs.154 in a deal worth Rs.38.9 million.

JKH, the most traded stock on the trading floor, closed 70 cents up at Rs.249.90 on 0.1 million shares done between Rs.245 and Rs.249 contributing Rs.24.6 million to turnover.

Anilana Hotels and Properties which had an IPO recently opened trading, closing Rs.1.50 down at Rs.10.50 with nearly 1.2 million shares done between Rs.9.50 and Rs.13.50 turning over Rs.14 million. The IPO was priced at Rs.12.

Waskaduwa Beach Resorts closed 30 cents up at Rs.6.70 on over 1.5 million shares contributing Rs.9.2 million to turnover, John Keells Hotels closed 10 cents down at Rs.13.20 on 0.6 million shares and Citrus Kalpitiya closed 40 cents up at Rs.6.30 on 1.2 million shares.

Elpitiya Plantations announced a first and final dividend of 50 cents per share for 2012/13 following shareholder approval at an AGM on Sept. 26. The share will trade XD from Sept. 27 with payment on Aug. 7.

Piramal Glass announced that it has agreed to sell its balance Ratmalana land to Ideal Motors (Pvt) Ltd. for Rs.415 million with the transaction likely to be completed on or before Nov. 30.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=83775

hunter · 3 Re: Turnover slumps below Rs. 200 mn Thu Jul 18, 2013 6:37 am

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IMO, This could be a sign that the market is waiting for a signal to find the direction to move. My estimate is an upward movement.

Light of Hope · 4 Re: Turnover slumps below Rs. 200 mn Thu Jul 18, 2013 9:07 am

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Low turnover in a downtrend is good. There was this formula I can't find it.

Jana1 · 5 Re: Turnover slumps below Rs. 200 mn Thu Jul 18, 2013 9:31 am

Jana1

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Light of Hope wrote:Low turnover in a downtrend is good. There was this formula I can't find it.

In the short term bear mkt whilst long term in bull mode, at about near bottom if mkt kept down whilst TO is less means mkt got dried up...But Iwas thinking yesterday dried up was due to Wal street journal article..

dudi · 6 Re: Turnover slumps below Rs. 200 mn Thu Jul 18, 2013 9:49 am

dudi

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Jana,most of the times you give good predictions.what is the bottom level and when will the uptrend start in your POW?

sriranga · 7 Re: Turnover slumps below Rs. 200 mn Thu Jul 18, 2013 10:42 am

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Light of Hope wrote:Low turnover in a downtrend is good. There was this formula I can't find it.

May be the following formula?

Basic Volume theory includes the following maxims:
* Increasing Volume with an advance is Bullish
* Decreasing Volume with a decline is Bullish
* Increasing Volume with a decline is Bearish
* Decreasing Volume with an advance is Bearish
* A Market Top is imminent when heavy volumes occurs with little or No Gain in the averages.
* Heavy Volume confirms the direction of price breakouts from a Support or Resistance Zones.
* An increase on heavy volumes after a previous substantial rally signals a "Blow Off" with an impending to a Reversal approaching.
* Heavy Volumes accompanied by an accelrating drop in prices confirms a "Selling Climax" and impending price reversal after the panic selling subsides.
* Low volume periods after upward price reversals reflect a Consolidation Phase before resumption of the Upward Movement.
http://forum.srilankaequity.com/t11476-basic-volume-theory?highlight=volume

worthiness · 8 Re: Turnover slumps below Rs. 200 mn Thu Jul 18, 2013 11:24 am

worthiness

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Concern over falling rupees keep the foreign investors aback. Locals concerned it should be reversal I guess. It looks heavy selling from locals are being continued endlessly. Do they follow the steps of foreigners or something else?