Sri Lanka Stock Picks

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Tuesday, June 15, 2010

Janashakthi Insurance traded in large quantities: Colombo Stocks down marginally

DAILY MARKET REVIEW

15/06/2010 (S.L.S.Picks) – Both ASI & MPI of the Colombo Stock Market were moved opposite directions today. All share price index was down marginally after recording history best index levels in yesterday’s trading session,due to the profit taking by the retail investors.

There were renewed buying interest on Banking sector companies & the improved quarterly reports published by the most of listed companies for the JAN – MARCH 2010 quarter (03 months) were reflects above average results. The 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 for the investors from the Colombo Stock Exchange Sri Lanka.

All share price index was down by 6.07 points to close at 4606.69 & the more liquid Millanka price index was up by 13.95 points to close at 5271.03 points.

Turnover for the day was healthy Rs 1.6 b.n

Foreign participation was at moderate levels. Foreigners remain as net sellers for the day by Rs 44m.n. Foreigners purchased Rs 188m.n. worth of shares & sold shares to the tune of Rs 232m.n.for the day.

Land & property sector rose by 3.29% due to share price increase in companies listed in Property sector such as York Arcade, Overseas Reality etc, followed by Trading sector. Motors sector was heading the negative performers list.

There were 70 positive contributors as against 82 negative contributors for the day.

ANNOUNCEMENTS

Dunamis Capital PLC (CSEC) announced that its subsidiary PVIC Management Company Limited has disposed of 9,119,000 shares of First Capital Holdings PLC which is 9.01% of the voting rights, for a consideration of Rs. 182,648,300/=.

The above sale results in a capital gain of approximately Rs. 130 million in group consolidated results.

CLOSER LOOK

Today we saw renewed buying interest in the Banking & Finance Sector Companies & Companies listed in the Land & Property Sector.

Share price of Cargills(ceylon ) came down to Rs 134.75 levels today due to the selling pressure of few investors. However we believe that this share has a huge upside potential purely on the basis of its future growth prospects.

Brown & Company has potential to go up due to the exceptional profit figures publish by the company for the last financial year ended 31/03/2010. Net Assets Value / share up to Rs 135 from Rs 85.72 from year ago. Earnings per share was Rs 13.55 as at 31/03/2010. up from Rs 6.36 reported for the same period last year.Reported profit was Rs 1.0b.n as at 31/03/2010 against Rs 438m.n.in 2009, up by 137%.

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