* Bourse falls on low volume and turnover
* Foreign inflow at 34.3 mln rupees
* Rupee steady; cbank pumps in $28 mln to defend
COLOMBO, Jan 31 (Reuters) - Sri Lanka's share market closed weaker on Tuesday, ending a four-session rally as investors booked profits in financial and blue chip shares amid low volumes and turnover, dealers said.
The main share index ended 1.07 percent or 61.64 points weaker at 5,693.92, from its highest since Jan. 23.
Analysts said institutional investors are worried about a possible rise in interest rates, depreciation in the rupee and Sri Lanka turning down the remaining $800 million in disbursements remaining from a $2.6 billion International Monetary Fund loan.
Conglomerate John Keells Holdings PLC fell 0.14 percent to 169.30 rupees, On Thursday it posted a 56 percent gain in its December quarter earnings.
Shares in Commercial Bank of Ceylon fell 0.66 percent to 104.70 rupees.
Sri Lanka's bourse is the worst performer among Asian markets with a 6.26 percent loss so far this year. It was 10th-best in 2011, after being on top in 2009 and 2010.
Foreign investors were net buyers of 34.3 million Sri Lankan rupees on Monday, extending the net foreign buying to 471.5 million rupees worth of shares so far this year, after net outflows of 19.1 billion last year.
The day's turnover was 831 million Sri Lanka rupees ($7.30 million), lowest since Jan. 25 and well below last year's average of 2.3 billion. Volume was 34.3 million shares. Last year's daily average was a record 102.7 million.
Government data released after the market closed showed that annual inflation slowed to a 26-month low of 3.8 percent in January from a year earlier.
The rupee closed flat at 113.89/90 against the dollar for the 47th straight session since a Nov. 21 devaluation, with the central bank selling more than $28 million to defend it, dealers said.
The bank has spent more than $1.11 billion keeping the exchange rate steady since Nov. 21. It spent a net $1.79 billion in the first 10 months of last year to keep depreciation at bay. ($1 = 113.9000 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Bryson Hull)
source - www.reuters.com
Tuesday, January 31, 2012
Sri Lanka lifts ban on tea estates harvesting timber
n 31, 2012 (LBO) - A Sri Lanka state decision to allow commercial timber to be harvested will increase the supply of fuel wood for use in tea driers helping cut production costs, an industry body representing private managers said.
"We are confident this decision by the government will benefit not only the estate sector but the country as a whole, Lalith Obeyesekere, chairman of the Planters Association, which represents private managers said in a statement.
Plantations industries minister Mahinda Samarasinghe had intervened to lift the ban he said.
Sri Lanka's so-called regional plantation companies (RPCs) formerly state-run tea and rubber plantation now leased to the private firms, come under various state restrictions.
The plantations, originally grown by mainly British farmers, were expropriated in the 1970s and driven to losses by the state two decades later.
In 1990s most were given back to private firms after the taxes collected from the people had to be pumped into the firms to meet their salary bills every month.
Under private management many firms converted tea dryers which earlier ran on furnace oil to run to fuelwood, when commodity prices rose as loose US monetary policy pushed up commodity prices from 2001.
"The use of fuel wood is expected to reduce both RPC operating costs and also the country’s oil import bill, at a time when oil prices are rising," the Planters Association, a body representing private managers said.
"Timber harvesting will also provide RPCs with an alternate source of income. This is seen as particularly important as many RPCs are facing financial difficulties due to volatile tea prices and increasing production costs."
But greater use of fuelwood also drove up their prices.
The PA said plantation companies forestry programs are approved by Sri Lanka's Conservator of Forests and prior to harvesting timber tracts are inspected by the Forest Department, Central Environmental Authority and the plantations ministry.
The planters said timber harvested from their plantations was also used for construction and furniture production.
source - www.lbo.lk
"We are confident this decision by the government will benefit not only the estate sector but the country as a whole, Lalith Obeyesekere, chairman of the Planters Association, which represents private managers said in a statement.
Plantations industries minister Mahinda Samarasinghe had intervened to lift the ban he said.
Sri Lanka's so-called regional plantation companies (RPCs) formerly state-run tea and rubber plantation now leased to the private firms, come under various state restrictions.
The plantations, originally grown by mainly British farmers, were expropriated in the 1970s and driven to losses by the state two decades later.
In 1990s most were given back to private firms after the taxes collected from the people had to be pumped into the firms to meet their salary bills every month.
Under private management many firms converted tea dryers which earlier ran on furnace oil to run to fuelwood, when commodity prices rose as loose US monetary policy pushed up commodity prices from 2001.
"The use of fuel wood is expected to reduce both RPC operating costs and also the country’s oil import bill, at a time when oil prices are rising," the Planters Association, a body representing private managers said.
"Timber harvesting will also provide RPCs with an alternate source of income. This is seen as particularly important as many RPCs are facing financial difficulties due to volatile tea prices and increasing production costs."
But greater use of fuelwood also drove up their prices.
The PA said plantation companies forestry programs are approved by Sri Lanka's Conservator of Forests and prior to harvesting timber tracts are inspected by the Forest Department, Central Environmental Authority and the plantations ministry.
The planters said timber harvested from their plantations was also used for construction and furniture production.
source - www.lbo.lk
Bourse sustains mild rally
The Colombo bourse sustained its mild rally on Monday with both indices closing in positive territory led by interest in banking stocks, despite a slump driven by profit taking, brokers said.
The All Share Price Index closed 0.53 percent higher on 5,755.56 points, gaining 30.12 points on Monday. The index opened the week at nearly 100 points higher from last Friday’s closing. The Milanka Price Index of more liquid stocks closed 1.11 percent higher, gaining 54.4 points to close at 4,976.21 points.
Turnover amounted to Rs. 1.4 billion on a volume of nearly 46 million shares changing hands during the day. Around 100 counters closed in positive territory against 101 counters that closed in the red.
"The market managed to sustain the positive run from last week as the bourse started on an aggressive note although losing momentum half way through due to profit taking witnessed across the board.
The banking sector continued its dominance with NDB and Commercial Bank attracting both high net worth and institutional interest. Despite the persistent interest in fundamentally sound counters, heavy activity was seen in several retail favourite stocks,"NDB Stockbrokers said.
NDB Bank’s share price edged up by Rs 3.70 (3.00%) to close at Rs 127.00. Both Commercial Bank Voting and Non Voting gained by 1.34% and 6.38% respectively to close at Rs 106.00 and Rs 90.00.
NDB featured in a crossing involving a parcel of 2.84 million shares at Rs. 112.50 each, generating a turnover Rs. 347.7 million. A parcel of 944 thousand Union Bank shares changed hands at Rs. 21.5 each.
Despite the positive gains made over the past few days, the Colombo Stock Exchange was still down 5.25 percent year-to-date on Monday.
Foreign purchases amounted to Rs. 101.2 million against foreign sales amounting to Rs. 415.2 million.
source - www.island.lk
The All Share Price Index closed 0.53 percent higher on 5,755.56 points, gaining 30.12 points on Monday. The index opened the week at nearly 100 points higher from last Friday’s closing. The Milanka Price Index of more liquid stocks closed 1.11 percent higher, gaining 54.4 points to close at 4,976.21 points.
Turnover amounted to Rs. 1.4 billion on a volume of nearly 46 million shares changing hands during the day. Around 100 counters closed in positive territory against 101 counters that closed in the red.
"The market managed to sustain the positive run from last week as the bourse started on an aggressive note although losing momentum half way through due to profit taking witnessed across the board.
The banking sector continued its dominance with NDB and Commercial Bank attracting both high net worth and institutional interest. Despite the persistent interest in fundamentally sound counters, heavy activity was seen in several retail favourite stocks,"NDB Stockbrokers said.
NDB Bank’s share price edged up by Rs 3.70 (3.00%) to close at Rs 127.00. Both Commercial Bank Voting and Non Voting gained by 1.34% and 6.38% respectively to close at Rs 106.00 and Rs 90.00.
NDB featured in a crossing involving a parcel of 2.84 million shares at Rs. 112.50 each, generating a turnover Rs. 347.7 million. A parcel of 944 thousand Union Bank shares changed hands at Rs. 21.5 each.
Despite the positive gains made over the past few days, the Colombo Stock Exchange was still down 5.25 percent year-to-date on Monday.
Foreign purchases amounted to Rs. 101.2 million against foreign sales amounting to Rs. 415.2 million.
source - www.island.lk
Monday, January 30, 2012
SL among Kuoni’s top five destinations
Sri Lanka has been named among the top five destinations in Kuoni’s annual poll of where UK customers want to spend their holidays. Sri Lanka also retained the number one destination for weddings according to the report.
Where holidaymakers want to go is just part of leading tour operator Kuoni’s annual Travel Trends Report. The 20-page report also tracks hot travel trends and the top destinations for weddings and honeymoons, for families, for solo travellers, for pampering spa holidays, for the most exciting adventures and authentic experiences as well as the best destinations for those that care about the planet.
The report also highlights changes in holiday behaviour and includes trends in holiday booking behaviour, such as the importance of social media in driving holiday choices.
Sri Lanka retained number one destination for weddings, Kuramathi Island Resort in the Maldives kept the top slot for family destinations, as did Thailand for solo holidays.
The winner of the Top 10 adventure holiday is the 11-day tour of culture-rich Sri Lanka on the Ceylon Tour, while those looking for the best Planet Friendly Holiday voted for Governors Main Camp in the wildlife safari heaven of Kenya.
The Report’s 2012 figures are based on holiday bookings made as at December 2011.
Kuoni has been undertaking the annual Travel Trends Report since 1980.
Recently National Geographic and Condé Nast Traveller also named Sri Lanka among ‘Best Trips for 2012.
source - www.iewy.com
Where holidaymakers want to go is just part of leading tour operator Kuoni’s annual Travel Trends Report. The 20-page report also tracks hot travel trends and the top destinations for weddings and honeymoons, for families, for solo travellers, for pampering spa holidays, for the most exciting adventures and authentic experiences as well as the best destinations for those that care about the planet.
The report also highlights changes in holiday behaviour and includes trends in holiday booking behaviour, such as the importance of social media in driving holiday choices.
Sri Lanka retained number one destination for weddings, Kuramathi Island Resort in the Maldives kept the top slot for family destinations, as did Thailand for solo holidays.
The winner of the Top 10 adventure holiday is the 11-day tour of culture-rich Sri Lanka on the Ceylon Tour, while those looking for the best Planet Friendly Holiday voted for Governors Main Camp in the wildlife safari heaven of Kenya.
The Report’s 2012 figures are based on holiday bookings made as at December 2011.
Kuoni has been undertaking the annual Travel Trends Report since 1980.
Recently National Geographic and Condé Nast Traveller also named Sri Lanka among ‘Best Trips for 2012.
source - www.iewy.com
Sri Lanka bourse up on earning hopes; banks lead
* Market erase early gains amid IMF, rates concerns
* Foreign outflow at 314 mln rupees
* Rupee steady; cbank pumps in $12 mln to defend
COLOMBO, Jan 30 (Reuters) - Sri Lanka's share market closed firmer on Monday extending its positive momentum as investors snapped up financials and blue chips on better earning hopes after the market heavyweight and bellwether John Keells Holdings posted strong earnings.
The main share index ended 0.53 percent or 30.12 points at 5,755.56, its highest since Jan. 23, after retreating from a early gain of 1.78 percent.
Analysts said institutional investors are still on the sideline due to concerns over a possible rise in interest rates, depreciation in the rupee and Sri Lanka turning down the IMF's remaining $800 million of a $2.6 billion loan.
Keells gained 1.25 percent to 170 rupees, On Thursday it posted a 56 percent gain in its December quarter earnings.
Banking shares led the gain with Sampath Bank PLC gaining 6.66 percent to 190.50 rupees, while Hatton National Bank PLC rising 3.95 percent to 150.10 rupees.
Shares in Commercial Bank of Ceylon rose 1.35 percent to 105.40 rupees.
Sri Lanka's bourse is still the worst performer among Asian markets with a 5.25 percent loss so far this year. It was 10th-best in 2011, after being on top in 2009 and 2010.
Net foreign share sales on Monday were 314 million Sri Lankan rupees, but offshore investors are net buyers of 437.2 million rupees worth of shares so far this year, after a net outflows of 19.1 billion last year.
The day's turnover was 1.41 billion rupees ($12.39 million), less than last year's average of 2.3 billion. Volume was 46 million shares. Last year's daily average was a record 102.7 million.
The rupee closed flat at 113.89/90 against the dollar for a 46th straight session since a Nov. 21 devaluation with the central bank selling around $12 million to defend it, dealers said.
The bank has spent more than $1.08 billion keeping the exchange rate steady since Nov. 21. It spent a net $1.79 billion in the first 10 months of last year to keep depreciation at bay.
($1 = 113.8350 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Ed Lane)
source - www.reuters.com
* Foreign outflow at 314 mln rupees
* Rupee steady; cbank pumps in $12 mln to defend
COLOMBO, Jan 30 (Reuters) - Sri Lanka's share market closed firmer on Monday extending its positive momentum as investors snapped up financials and blue chips on better earning hopes after the market heavyweight and bellwether John Keells Holdings posted strong earnings.
The main share index ended 0.53 percent or 30.12 points at 5,755.56, its highest since Jan. 23, after retreating from a early gain of 1.78 percent.
Analysts said institutional investors are still on the sideline due to concerns over a possible rise in interest rates, depreciation in the rupee and Sri Lanka turning down the IMF's remaining $800 million of a $2.6 billion loan.
Keells gained 1.25 percent to 170 rupees, On Thursday it posted a 56 percent gain in its December quarter earnings.
Banking shares led the gain with Sampath Bank PLC gaining 6.66 percent to 190.50 rupees, while Hatton National Bank PLC rising 3.95 percent to 150.10 rupees.
Shares in Commercial Bank of Ceylon rose 1.35 percent to 105.40 rupees.
Sri Lanka's bourse is still the worst performer among Asian markets with a 5.25 percent loss so far this year. It was 10th-best in 2011, after being on top in 2009 and 2010.
Net foreign share sales on Monday were 314 million Sri Lankan rupees, but offshore investors are net buyers of 437.2 million rupees worth of shares so far this year, after a net outflows of 19.1 billion last year.
The day's turnover was 1.41 billion rupees ($12.39 million), less than last year's average of 2.3 billion. Volume was 46 million shares. Last year's daily average was a record 102.7 million.
The rupee closed flat at 113.89/90 against the dollar for a 46th straight session since a Nov. 21 devaluation with the central bank selling around $12 million to defend it, dealers said.
The bank has spent more than $1.08 billion keeping the exchange rate steady since Nov. 21. It spent a net $1.79 billion in the first 10 months of last year to keep depreciation at bay.
($1 = 113.8350 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Ed Lane)
source - www.reuters.com
Sunday, January 29, 2012
Big block blue chip trades infuses welcome oxygen to CSE
The Colombo bourse rallied last week as high net worth investors traded large blocks of blue chip shares boosting retail investor confidence, Acuity Stockbrokers said in a research report yesterday.
The All Share Price Index gained 133 points (2.38%) while the Milanka was up 163.35 points (3.43%) on Friday on top of a less spectacular gain of 36.11 points (0.65%) on the All Share and 21.53 points (0.45%) on the Milanka the previous day.
Acuity said that the rally had been led by the banking and finance and diversified sectors which contributed 78.2% on Friday’s market turnover.
"We expect the positive market sentiment to gather momentum in the week ahead, supported by strong fourth quarter corporate earnings," the report said.
The big trades on Thursday comprised sales of large blocks of John Keells Holdings (JKH) by Mr. Sohli Captain and connected parties to foreign shareholders.
The Captains, who remain the biggest shareholders of JKH, were buying into Commercial Bank which also saw substantial blocks being sold by foreign shareholders to local buyers.
JKH last week posted a strong third quarter result for the current financial year with group attributable profit after-tax up 55% to Rs.2.73 billion. It was up 46% to Rs.5.68 billion in the nine months ended September 30, 2011.
Both revenue and profitability were up substantially with group revenues for the first nine months up 28% to Rs.54.27 billion.
The September financials indicated that JKH had done best in the leisure and transportation segments with leisure earnings topping Rs.1 billion before-tax during the nine months under review and transportation earning Rs.879 million pre-tax.
Financial services too had done well earning Rs.605 pre-tax during the 9-month period while consumer food and retail earned Rs.532 million with all segments doing substantially better than during the comparative period the previous year.
source - www.island.lk
The All Share Price Index gained 133 points (2.38%) while the Milanka was up 163.35 points (3.43%) on Friday on top of a less spectacular gain of 36.11 points (0.65%) on the All Share and 21.53 points (0.45%) on the Milanka the previous day.
Acuity said that the rally had been led by the banking and finance and diversified sectors which contributed 78.2% on Friday’s market turnover.
"We expect the positive market sentiment to gather momentum in the week ahead, supported by strong fourth quarter corporate earnings," the report said.
The big trades on Thursday comprised sales of large blocks of John Keells Holdings (JKH) by Mr. Sohli Captain and connected parties to foreign shareholders.
The Captains, who remain the biggest shareholders of JKH, were buying into Commercial Bank which also saw substantial blocks being sold by foreign shareholders to local buyers.
JKH last week posted a strong third quarter result for the current financial year with group attributable profit after-tax up 55% to Rs.2.73 billion. It was up 46% to Rs.5.68 billion in the nine months ended September 30, 2011.
Both revenue and profitability were up substantially with group revenues for the first nine months up 28% to Rs.54.27 billion.
The September financials indicated that JKH had done best in the leisure and transportation segments with leisure earnings topping Rs.1 billion before-tax during the nine months under review and transportation earning Rs.879 million pre-tax.
Financial services too had done well earning Rs.605 pre-tax during the 9-month period while consumer food and retail earned Rs.532 million with all segments doing substantially better than during the comparative period the previous year.
source - www.island.lk
Saturday, January 28, 2012
HSBC to Tap Sri Lanka Corporate Demand for Global Debt Sales
By Anusha Ondaatjie
Jan. 27 (Bloomberg) -- HSBC Holdings Plc, Europe’s biggest bank, plans to expand sales of debt issued by Sri Lankan companies to investors abroad as the island’s resurgent economy boosts demand for financing.
The lender is targeting the country’s financial firms and the tourism industry with overseas dollar bonds and syndications, according to Nick Nicolaou, who heads HSBC’s Sri Lanka operations. The London-based bank is focusing on funds of three-year tenure or more, Nicolaou said, without naming specific companies.
“Given the large amount of infrastructural development and private sector investment, the sort of financing required is difficult to raise totally in the local market,” Nicolaou said in an interview in Colombo on Jan. 26. “Investors are looking at opportunities in emerging markets and, without a doubt, there is confidence in Sri Lanka.”
The island’s economy grew 8.4 percent in the quarter to Sept. 30 as the end of a 26-year civil war in 2009 spurs infrastructure spending and encourages tourism and consumer demand. Sri Lanka’s $1 billion sale of 10-year dollar bonds in July, co-arranged by HSBC, attracted bids for more than seven times the amount on offer and the central bank has encouraged local companies to follow its lead and tap overseas funds.
Foreign inflows this year will probably include $500 million of overseas borrowings by large domestic companies and $1 billion of subordinated debt raised by commercial banks to boost regulatory capital requirements, Central Bank Governor Ajith Nivard Cabraal said earlier this month.
The island’s $50 billion economy may expand 8 percent in 2012, compared with an estimated 8.3 percent in 2011, Cabraal said.
Sri Lanka’s $500 million of 8.25 percent five-year bonds are maturing in October, according to data compiled by Bloomberg. HSBC, which helped arrange four of the island’s sovereign issues since 2007, would vie for lead manager role if the debt was to be refinanced, Nicolaou said.
--Editors: Pavel Alpeyev, Andrew Monahan
source - www.businessweek.com
Jan. 27 (Bloomberg) -- HSBC Holdings Plc, Europe’s biggest bank, plans to expand sales of debt issued by Sri Lankan companies to investors abroad as the island’s resurgent economy boosts demand for financing.
The lender is targeting the country’s financial firms and the tourism industry with overseas dollar bonds and syndications, according to Nick Nicolaou, who heads HSBC’s Sri Lanka operations. The London-based bank is focusing on funds of three-year tenure or more, Nicolaou said, without naming specific companies.
“Given the large amount of infrastructural development and private sector investment, the sort of financing required is difficult to raise totally in the local market,” Nicolaou said in an interview in Colombo on Jan. 26. “Investors are looking at opportunities in emerging markets and, without a doubt, there is confidence in Sri Lanka.”
The island’s economy grew 8.4 percent in the quarter to Sept. 30 as the end of a 26-year civil war in 2009 spurs infrastructure spending and encourages tourism and consumer demand. Sri Lanka’s $1 billion sale of 10-year dollar bonds in July, co-arranged by HSBC, attracted bids for more than seven times the amount on offer and the central bank has encouraged local companies to follow its lead and tap overseas funds.
Foreign inflows this year will probably include $500 million of overseas borrowings by large domestic companies and $1 billion of subordinated debt raised by commercial banks to boost regulatory capital requirements, Central Bank Governor Ajith Nivard Cabraal said earlier this month.
The island’s $50 billion economy may expand 8 percent in 2012, compared with an estimated 8.3 percent in 2011, Cabraal said.
Sri Lanka’s $500 million of 8.25 percent five-year bonds are maturing in October, according to data compiled by Bloomberg. HSBC, which helped arrange four of the island’s sovereign issues since 2007, would vie for lead manager role if the debt was to be refinanced, Nicolaou said.
--Editors: Pavel Alpeyev, Andrew Monahan
source - www.businessweek.com
Brokers smile as bourse looks up on blue chips
* ComBank, JKH, Spence and banking stock attract interest
* Foreign buying helps market
The smiles came back in Colombo’s stock broking industry yesterday with the market distinctly looking up closing with turnover comfortably topping a billion rupees and both indices up sharply with many brokers and analysts attributing foreign buying into some blue chips triggering upward movement.
Turnover at Rs.1.72 billion was down from the previous day’s Rs.2.29 billion and the All Share Price Index up 133.04 points (2.38%) while the Milanka gained 163.35 points (3.43%) with 193 gainers leaving 20 losers trailing dismally behind.
"All are smiling today," a stockbroker from a leading brokerage said. "The market was helped by foreign buying which triggered interest."
Foreign buying was evident in JKH which closed Rs.4.50 up at Rs.167 on 0.7 million shares done between Rs.163.40 and Rs.169 generating a turnover of Rs.118.6 million which was number four on the turnover league.
The big business generator was Commercial Bank closing Rs.4 up at Rs.106 on nearly 3.5 million shares done between Rs.100.50 and Rs.106 contributing Rs.348.9 million to turnover.
Aitken Spence followed gaining Rs.3.50 to close at Rs.113 on two million shares done between Rs.108 and Rs.115 contributing Rs.350 million to turnover while NTB was up Rs.5 to close at Rs.62.50 on over 2.2 million shares done between Rs.55.90 and Rs.62.80.
Noting that blue chips moved on price and volume, a broker said that this was good for the market adding that institutions are still not active with state institutions yet absent.
Asia Asset Finance closed flat at Rs.7 on 14.8 million shares done between Rs.6.80 and Rs.7.50 with other speculative stocks likes Swarnamahal, ERI and Ceylinco Finance also showing volume and price gain.
Commercial Bank’s non-voting shares did better than the voting shares gaining Rs.7.20 to close at Rs.86 on a million shares traded between Rs.76 and Rs.86. Brokers explained that since the dividend yield was the same for the voting and non-voting shares, many investors preferred to buy the non-voting stock.
Other than ComBank and NTB, banking stocks that were active included Sampath up Rs.8.70 to Rs.179.90 on nearly 0.2 million shares done between Rs.174 and Rs.179.90, HNB up a rupee to close at Rs.145 on nearly 0.6 million shares done between Rs.141 and Rs.145.
Pan Asia too was up Rs.1.40 to Rs.25.50 on slightly over 0.3 million shares done between Rs.23.30 and Rs.25.50.
Union Bank was up 90 cents to close at Rs.20.50 on nearly 0.4 million shares and Seylan Bank (non-voting) up Rs.1.70 to Rs.29.70 on nearly 0.3 million shares traded between Rs.27.10 and Rs.29.70.
Dividend announcements for the day were by Royal Ceramics, a tax-free interim dividend of Rs.2 per share for 2011/12 XD from Feb. 8 and payment on Feb. 17; Alliance Finance an interim dividend of Rs.25 per share for 2011/12 XD from Feb. 8 and payment on Feb. 17; and Bairaha an interim dividend of Rs.2 per share for 2011/12 XD from Feb. 8 and payment on Feb. 21.
source - www.island.lk
* Foreign buying helps market
The smiles came back in Colombo’s stock broking industry yesterday with the market distinctly looking up closing with turnover comfortably topping a billion rupees and both indices up sharply with many brokers and analysts attributing foreign buying into some blue chips triggering upward movement.
Turnover at Rs.1.72 billion was down from the previous day’s Rs.2.29 billion and the All Share Price Index up 133.04 points (2.38%) while the Milanka gained 163.35 points (3.43%) with 193 gainers leaving 20 losers trailing dismally behind.
"All are smiling today," a stockbroker from a leading brokerage said. "The market was helped by foreign buying which triggered interest."
Foreign buying was evident in JKH which closed Rs.4.50 up at Rs.167 on 0.7 million shares done between Rs.163.40 and Rs.169 generating a turnover of Rs.118.6 million which was number four on the turnover league.
The big business generator was Commercial Bank closing Rs.4 up at Rs.106 on nearly 3.5 million shares done between Rs.100.50 and Rs.106 contributing Rs.348.9 million to turnover.
Aitken Spence followed gaining Rs.3.50 to close at Rs.113 on two million shares done between Rs.108 and Rs.115 contributing Rs.350 million to turnover while NTB was up Rs.5 to close at Rs.62.50 on over 2.2 million shares done between Rs.55.90 and Rs.62.80.
Noting that blue chips moved on price and volume, a broker said that this was good for the market adding that institutions are still not active with state institutions yet absent.
Asia Asset Finance closed flat at Rs.7 on 14.8 million shares done between Rs.6.80 and Rs.7.50 with other speculative stocks likes Swarnamahal, ERI and Ceylinco Finance also showing volume and price gain.
Commercial Bank’s non-voting shares did better than the voting shares gaining Rs.7.20 to close at Rs.86 on a million shares traded between Rs.76 and Rs.86. Brokers explained that since the dividend yield was the same for the voting and non-voting shares, many investors preferred to buy the non-voting stock.
Other than ComBank and NTB, banking stocks that were active included Sampath up Rs.8.70 to Rs.179.90 on nearly 0.2 million shares done between Rs.174 and Rs.179.90, HNB up a rupee to close at Rs.145 on nearly 0.6 million shares done between Rs.141 and Rs.145.
Pan Asia too was up Rs.1.40 to Rs.25.50 on slightly over 0.3 million shares done between Rs.23.30 and Rs.25.50.
Union Bank was up 90 cents to close at Rs.20.50 on nearly 0.4 million shares and Seylan Bank (non-voting) up Rs.1.70 to Rs.29.70 on nearly 0.3 million shares traded between Rs.27.10 and Rs.29.70.
Dividend announcements for the day were by Royal Ceramics, a tax-free interim dividend of Rs.2 per share for 2011/12 XD from Feb. 8 and payment on Feb. 17; Alliance Finance an interim dividend of Rs.25 per share for 2011/12 XD from Feb. 8 and payment on Feb. 17; and Bairaha an interim dividend of Rs.2 per share for 2011/12 XD from Feb. 8 and payment on Feb. 21.
source - www.island.lk
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Sri Lanka Rupee Exchange Rate
