Indices extend gains; JKH underscored activity

Redbulls · 1 Indices extend gains; JKH underscored activity Thu Oct 17, 2013 5:56 pm

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WRITTEN BY THARANGA SENARATNE

Oct 17, 2013 (LBT) - Uptrend in indices: Indices denoted an upward trend as the benchmark index traded in a 19 point band before settling with a gain of 14 points. The index heavy counters led the upturn as gains made in Ceylon Tobacco Company (+1.8%), CT Holdings (+8.4%), Carsons Cumberbatch (+2.8%) and Sri Lanka Telecom (+1.8%) weighed positively on the index. Consequently the S&P SL20 index gained 18 points.

JKH topped turnover; crossings added 40%: John Keells Holdings spearheaded the day’s turnover supported by four crossings accumulating to 750k shares at prices between LKR217.0 and LKR218.0. On-board activity in the counter denoted considerable buying interest as its price touched LKR218.5 before settling at LKR217.3. John Keells Holdings [Rights] saw significant activity as an off-board block of 803k shares were transacted at LKR66.0 before it closed lower with some selling pressure.

BFI sector play highlighted selected counters: Sampath Bank and Hatton National Bank (Non-Voting) gathered interest. The former emerged to the top turnover slot followed by an on-board block of 85k shares. Continuous interest in Textured Jersey Lanka led the counter to renew its 52-week high at LKR15.4 amidst a few mid-sized on-board blocks. Interest stayed in diversified counters; Hayleys and Softlogic Holdings. Retail activity in selected counters: Retail activity surrounded selected counters; Touchwood Investments, MTD Walkers, Multi Finance, Textured Jersey Lanka and John Keells Holdings [Rights].
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sriranga

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COLOMBO, Oct 17 (Reuters) - Sri Lankan stocks edged up to their highest level in nearly eight weeks on Thursday, led by thin trading in shares of large caps such as Ceylon Tobacco Co PLC, but John Keells Holdings PLC helped to boost turnover.

The main share index edged up 0.24 percent, or 14.53 points, to 5,976.51, its highest since Aug. 22.

John Keells Holdings though, ended in red. It accounted for two-thirds of the day's turnover of 545.7 million rupees ($4.16 million), which was less than this year's daily average of 875 million rupees.

Keells voting slipped 0.09 percent to 217.30 rupees a share, while the conglomerate's rights fell 1.08 percent to 62.10 rupees.

Shares in Ceylon Tobacco Co rose 1.81 percent to 1,150 rupees.

Foreign investors were net sellers for the first time in eight sessions, selling of 27.9 million rupees worth of shares.

Foreigners have been net buyers of 22.14 billion rupees worth of shares so far this year.

The central bank cut key policy interest rates on Tuesday to spur economic growth, just three weeks after the International Monetary Fund advised it to hold rates steady.

Stockbrokers expect the rate cut to give impetus to a sluggish stock exchange.

Both the currency and the stock markets will remain closed on Friday for a holiday and trading will resume on Monday.

($1 = 131.1500 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/2013/10/17/3610153.htm?c=1&t=