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Monday, June 21, 2010

Colombo Stock Exchange was up by 1.11%: Foreigners were net buyers for the day

DAILY MARKET REVIEW

21/06/2010 (S.L.S.Picks) - Colombo Stock Exchange continues its bull run on a start of a fresh week today, backed by improved corporate earnings by the listed companies in Colombo Stock Exchange. Earnings by the listed companies during the first quarter 2010 alone has risen 190% so far, will definitely help to bring down the market valuations to below 15 levels. This is a clear indication of the future growth potential available to the investors who have faith in investing at Colombo Stock Exchange Sri Lanka. The extension of the GSP+ by the European Union for a further period of six months was another positive factor for the today’s upward trend in the market.

Colombo Market was up by 1.11% today. All share price index was up by substantial 51.34 points to close at 4658.68 & the Millanka index was up by 68.29 points to close at 5339.76 on back of continuous buying interest for the future growth stocks by the Retail investors, High net worth individuals. Foreigners, who were reported as net buyers for the day will be a positive sign for the CSE.

Foreign participation was at a moderate level. Foreigners purchased shares worth of Rs 775m.n & sold shares worth of Rs 531m.n reflecting a net foreign in flow of Rs 244m.n.

Investor interest was focused around companies that are benefit from the extension GSP+ & the selected future growth stocks. There were some interest to Plantation sector companies as well & the main focused was towards the Rubber plantation companies. The rising oil prices in the world market will directly benefit the Rubber plantation companies.

Telecommunication sector was the highest gainer among all sectors today by registering a growth of 4.58% due to share price increase in Dialog Telecom Company, followed by the Land & Property sector. IT sector was down by 2.44% was the leading negative growth sector.

Turnover reported for the day was healthy Rs 3.5b.n

There were 96 gainers as against 65 losers for the day.

ANNOUNCEMENTS

Cargills (Ceylon) PLC declared a final dividend of 0.80cents /share for the financial year 09/10

Central Industries PLC declared a final dividend of Rs 7.00 /share

CLOSER LOOK

Today EPF has purchased a block of 20m.n shares of Ceylon Hotels Corporation @ Rs 35/= share. The seller was Galle Face Hotel.

Shares of Land & Property sector & Vallibel Finance together with L.B. Finance moved up today.

Unusual quantity of (164,700 shares)Lion Brewery a Carson company change hands today at a price range of Rs 118.50 & Rs 129.00 & closed at Rs 125.25 up by Rs 7.50. This share offered medium to long term value for the investors.

STOCKS TO WATCH