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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Indices on a volatile path amidst prominent activity in JKH

Indices on a volatile path amidst prominent activity in JKH

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sriranga

sriranga
Co-Admin

COLOMBO, Sept 17 (Reuters) - Sri Lankan stocks slipped for a second straight session on Tuesday, pulled down by large caps as foreign investors sold shares after the central bank held key monetary policy rates steady earlier in the day.

Foreign investors were net sellers of 671.7 million rupees ($5.08 million) worth of shares on Tuesday, the highest since Jan. 30. Foreigners have been net buyers of 18.63 billion worth of shares so far this year.

Before the market opened, the central bank kept key policy rates unchanged and said the country has the potential to achieve its targeted 7.5 economic growth this year.

The main share index edged down 0.43 percent, or 24.86 points, to close at 5,705.26, its lowest close since Sept. 10. It touched a near two-week high on Friday.

Brokers said the market has been concerned about the interest rate outlook after an expensive borrowing by state-owned National Savings Bank.

Shares in large caps dropped, with Carsons Cumberbatch PLC falling 5.25 percent and Cargills (Ceylon) PLC ending down 7.41 percent.

Tuesday's turnover was 913 million rupees, more than this year's daily average of about 883 million rupees.

($1 = 132.2500 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)

(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/2013/09/17/3550969.htm

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

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

WRITTEN BY THARANGA SENARATNE

Sep 17, 2013 (LBT) - Indices volatile: Indices denoted a volatile trend as the benchmark index stagnated during mid-day before adopting a downtrend to close at 5,705.26 (-24 points). Losses in Carson Cumberbatch (-5.3%), Cargills (-7.2%) and Ceylon Tobacco Company (-5.2%) outweighed the gains made in John Keells Holdings (+0.4%) and Dialog Axiata (+1.3%). The S&P SL20 index took a similar downtrend to close with a dip of 18 points.

JKH added 76% to turnover: John Keells Holdings continued to spearhead the bourse adding 76% to the day’s turnover supported by two large crossings which were transacted during the final trading hour. The two crossings carried 3.2 mn shares at LKR210.5 while on-board activity depicted some buying interest with its price touching LKR212.0 at its intra-day high. Renewed interest was noted in Alliance Finance as the counter added an off-board block of 32.4k shares at LKR836.0.

Diversified sector gathered interest: Diversified sector contributed 79% to the day’s revenue largely backed by John Keells Holdings. However Richard Peiris and Company and Softlogic Holdings also gathered some interest as they traded in the top turnover slot. Both counters dipped 3.3% and 2.4% respectively at their close. Orient Garments continued to be actively traded and recorded a few large on-board blocks at LKR5.5 and LKR5.6. Diesel and Motor Engineering entered the top turnover slot backed by some renewed buying interest however on low volume.

Retailers on the sidelines: Amidst the bourse being dominated by large trades, retailers remained on sidelines. Some interest surrounded Orient Garments, HVA Foods and Touchwood Investments.
http://lbt.lk/stock-market

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