Sri Lanka Stock Picks

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Monday, August 2, 2010

Dankotuwa & Greg lead the way: Colombo Stocks up

DAILY MARKET REVIEW

02/08/2010 (S.L.S.Picks) - Colombo Stock Exchange reported record gains on a start of a fresh week today on back of retail, High net worth individual, Institutional investors buying in to stocks that have strong future upward potential. Colombo Stock Exchange is now at record high levels & both indices are at its history best levels.

Colombo Stock Exchange is the best performing stock market in Asia so far for year 2010 with more than 35% return & is the second best stock exchange in the world as per the reports published by Bloomberg news wires. Colombo stocks still attractive for medium to long term investors & investors still can find a lot of undervalued fundamentally sound companies & sectors in the Market. There are companies trading with low PE multiples.

All share price index was up by 21.67 points to close at record 5182.85 & the Milanka index was up by 30.42 points to close at 5885.15

Foreign participation was at high levels. Foreigners purchased shares worth of Rs 1.0b.n & sold shares worth of Rs 519m.n reflecting a massive net foreign in flow of Rs 540m.n

Investment Trust sector was the highest gainer among all sectors today by registering a growth of 3.65% due to share price appreciation of shares & warrants of Environmental Resources Investment Company.
Construction & Engineering sector was the leading negative performing sector in the market today.

Turnover reported for the day was healthy Rs 6.0b.n

There were 88 gainers as against 85 losers for the day.

ANNOUNCEMENTS

Lanka Ceramic Final Dividend of Rs 1.60 /share

Swedeshi Final Dividend of Rs 1.00 /share

SMLL Rights Issue of 01 share for every 01 held @ Rs 25.00 /share

CLOSER LOOK

The quarterly results of the listed companies in the Colombo Stock Exchange for the MARCH – JUNE Quarter 2010 will be released to the market within couple of weeks ahead. The results released for JAN – MARCH 2010 quarter showed improved performances for the period. Earnings for this period has risen more than 150% & we expect better results from the listed companies for this quarter as well.

Foreign participation was at a high level during last three weeks. The Net foreign buying for the last three weeks topped almost Rs3.30 b.n This is a positive sign for the Colombo Market as investors are waiting to see continuous foreign buying in to the Colombo stocks.

JKH Sri Lanka's largest market capitalized company has continuous buying at improved price levels always gives a signal of an upward market potential. JKH was closed at Rs 250.00. The share was up by Rs 1.00 for the day. JKH has reported improved profits for the last quarter ended 30/06/2010 as well.

DIAL has reported improved performance for six months period as at 30/06/2010 will be a booster for the overall market activities. The company has reported a loss of Rs 9.5b.n for the same period in year 2009.