Sri Lanka Stock Picks

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Wednesday, May 5, 2010

Nawaloka Hospital Traded in Large quantities : Foreigners were net buyers for the 03rd consecutive day in Colombo Stock Exchange

DAILY MARKET REVIEW

05/05/2010 (S.L.S.Picks) – Colombo Stock Market continues its upward trend today as well & reported further gains on back of share price improvements in the Telecom sector companies.

All Share Price Index was up by 14.25 points to close at 4219.76 & the Millanka Price Index was down by 37.59 points to close at 4786.19.

Turnover for the day was Rs 2.8b.n. Supported by the retail investors, High Net Worth individuals, & Institutional investors.

Foreign participation was at a moderate level. However Foreigners were net buyers for the third consecutive day or for this week so far. This is an encouraging factor for the local investors as the foreigners have been net sellers for the past couple of months according to the Colombo Stock Exchange data.

Foreigners purchased Rs 899m.n. worth of shares & sold shares worth of Rs 522m.n. reflecting a net foreign inflow of Rs 374m.n. There were rumors in the market that the stake in the Galadari Hotel which was sold by Nawaloka Hospital was purchased by a foreign buyer.

Telecom sector rose by 7.78% due to price appreciation of Dialog telecom & Sri Lanka Telecom, followed by IT sector. Investment trust sector was the leading in the negative performers list.

There were 53 gainers as against 93 losers.

CLOSER LOOK

Today we saw renewed buying interest in the Telecom sector. We can expect this sector to perform well in the medium to long term since our economy is recovering slowly but surely after the end of 30 year old civil war in the country. Investors purchased shares of Dialog Telecom & Sri Lanka Telecom expecting improved performance for the first quarter of year 2010.

Shares of Nawaloka Hospital were leading in both large volumes traded & most traded share for the day.Investors are expecting Nawaloka Hospital to benefit from the sale of troubled Galadari Hotel.This was reported by Sri Lanka stock picks well in advance through our "CSE RUMOR" report on 08/02/2010.