Sri Lanka Stock Picks

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Thursday, July 8, 2010

Sampath Bank traded in large quantities: Colombo Stocks Recovered

DAILY MARKET REVIEW

08/07/2010 (S.L.S.Picks) – Colombo Stock Exchange was up today ending the downward trend recorded for the past five consecutive days.

All share price index was up by massive 50.62 points to close at 4521.40 & more liquid Milanka index was up by 80.60 points to close at 5114.01

As we predicted yesterday there were buying interest for Blue chip counters today at the market as several blue chip counters were trading at attractive price levels at the end of yesterday’s trading session.

However we saw foreigners were in the selling side today, by Rs 36m.n. They purchased shares to the tune of Rs 233m.n & sold shares worth of Rs269m.n

Turnover for the day was healthy Rs 3.2b.n which was well supported by several large parcels of Sampath Bank shares changing hands @ Rs 228.00 /share. There was 5.8m.n shares of Sampath traded as crossings today.

Land & Property sector index rose by 4.61% & was the leading sector among all sectors, followed by Trading sector. The only negative performing sector in today’s market was the Trading sector.

There were 120 gainers as against 38 negative performing counters.

ANNOUNCEMENTS

Bukit Darah PLC 9.00 First Interim

Central Finance Co. PLC 3.50 Final

CLOSER LOOK

Market moved to the positive territory today with the help of several large crossings.

5.7m.n shares of Sampath Bank traded as several crossings today @ Rs 128.00 & Rs 132.00 / share.

Ceylon Hotels Corporation saw 6.0m.n shares traded as a single crossing today.

Focus for Blue Chip Companies in the market which are trading at attractive price levels, to get maximum return for the future.

STOCKS TO WATCH

Sampath Bank -

Has reported exceptional performance for the 1Q 2010 ended 31/03/2010 by registering a profit of Rs 598m.n as against 397m.n reported for the same period in year 2009.This reflects a profit growth of 50.6% YOY. EPS for the period was Rs 7.09 as at 311/03/2010 & it was Rs 5.24 for the same period in year 2009.

NAV of Sampath share as at 31/03/2010 was Rs 174.33. Sampath trailing PE ratio is below 12 & is one of lowest among listed banks.

Sampath Bank has a pending subdivision of 2 shares for every single shares held.