* Worries over weak rupee, rising interest rate weigh
* Institutional investors buy blue chips
* Rupee flat amid dull trade-dealers
COLOMBO, June 8 (Reuters) - Sri Lankan stocks edged up on Friday for a second straight gain as institutional investors sought blue-chip firms such as National Development Bank and the island nation's fourth largest lender Sampath Bank, stockbrokers said.
The main index gained 0.86 percent, or 40.72 points, to 4,798.70.
National Development Bank and Sampath Bank rose 2.7 percent and 1.7 percent respectively.
But analysts said trade was thin as investors remain concerned over the global economic outlook.
Turnover was 309.3 million rupees, well below the daily average of 968.7 million rupees this year.
The rupee ended flat at 130.35/45 against the dollar in dull trade as importer dollar demand was offset by the exporter sales of greenback, dealers said.
($1 = 130.2500 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Ed Lane)
source - in.reuters.com
Friday, June 8, 2012
Sri Lanka stocks up 0.8-pct
June 08, 2012 (LBO) - Sri Lanka stocks closed up 0.8 percent Friday boosted by selected buying in large cap companies which are beginning to trade at attractive valuations, recovering some recent losses, brokers said.
The benchmark Colombo All Share Index rose 40 points (0.86 percent) to 4,798.7 and the Milanka Index of liquid stocks rose 23 point (0.55 percent) to close at 4,264.7 points, according to provisional stock exchange data.
Turnover was 309 million rupees.
Sri Lanka's stocks have fallen 21 percent in 2012, as higher interest rates and a balance of payment crisis accelerated the burst of a credit fired stock bubble.
In recent weeks foreign buying had picked up. On Friday foreign purchases were 84 million rupees against sales of 75 million rupees.
Commercial Bank of Ceylon closed at 102.00 rupees up 1.80 rupees, Chevron Lubricants rose 2.10 to close at 165.10 rupees, Carsons closed at 467 rupees up 5.90 rupees and HNB closed flat at 145.00 rupees.
John Keells Holdings closed down 40 cents at 178.70 rupees with 340,000 shares traded.
source - www.lbo.lk
The benchmark Colombo All Share Index rose 40 points (0.86 percent) to 4,798.7 and the Milanka Index of liquid stocks rose 23 point (0.55 percent) to close at 4,264.7 points, according to provisional stock exchange data.
Turnover was 309 million rupees.
Sri Lanka's stocks have fallen 21 percent in 2012, as higher interest rates and a balance of payment crisis accelerated the burst of a credit fired stock bubble.
In recent weeks foreign buying had picked up. On Friday foreign purchases were 84 million rupees against sales of 75 million rupees.
Commercial Bank of Ceylon closed at 102.00 rupees up 1.80 rupees, Chevron Lubricants rose 2.10 to close at 165.10 rupees, Carsons closed at 467 rupees up 5.90 rupees and HNB closed flat at 145.00 rupees.
John Keells Holdings closed down 40 cents at 178.70 rupees with 340,000 shares traded.
source - www.lbo.lk
Thursday, June 7, 2012
Sri Lankan stocks up 0.42 percent
June 07, 2012 (LBO) – Sri Lankan stock prices rose marginally on Thursday, on selected buying across key blue chip counters, brokers said.
The All Share Price Index rose 0.42 percent or 20.23 points to 4,757.98, while the liquid Milanka Price Index gained 25.09 points or 0.59 percent to close at 4,223.35, according to figures published by the Colombo Stock Exchange.
Thursday’s turnover was 499.46 million rupees, with foreign buying of 190.58 million over foreign sales of 211.20 million rupees.
Conglomerate John Keells Holdings, with investments in leisure, food and transport, dominated the day’s trading on 769,287 shares. The counter rose 1.80 rupees to 179.40 rupees.
Two large blocks of 133,000 each of JKH changed hands at 117.50 rupees and 177.40 rupees a share.
DFCC Bank, which does business in development banking and commercial banking, slipped 2.20 rupees to 105.50 rupees on 470,472 shares. A parcel of 257,290 DFCC shares changed hands at 106.20 rupees.
Conglomerate Aitken Spence, with investments in leisure and transport, was flat at 109.80 rupees on 401,368 shares.
source - www.lbo.lk
The All Share Price Index rose 0.42 percent or 20.23 points to 4,757.98, while the liquid Milanka Price Index gained 25.09 points or 0.59 percent to close at 4,223.35, according to figures published by the Colombo Stock Exchange.
Thursday’s turnover was 499.46 million rupees, with foreign buying of 190.58 million over foreign sales of 211.20 million rupees.
Conglomerate John Keells Holdings, with investments in leisure, food and transport, dominated the day’s trading on 769,287 shares. The counter rose 1.80 rupees to 179.40 rupees.
Two large blocks of 133,000 each of JKH changed hands at 117.50 rupees and 177.40 rupees a share.
DFCC Bank, which does business in development banking and commercial banking, slipped 2.20 rupees to 105.50 rupees on 470,472 shares. A parcel of 257,290 DFCC shares changed hands at 106.20 rupees.
Conglomerate Aitken Spence, with investments in leisure and transport, was flat at 109.80 rupees on 401,368 shares.
source - www.lbo.lk
Sri Lanka in final run to demutualise stock exchange
June 07, 2012 (LBO) - Sri Lanka is putting the final touches to a draft bill to demutualise, or make the Colombo Stock Exchange a shareholder owned limited company, the island's Securities and Exchange Commission (SEC) said.
"The SEC is in the process of finalising the draft bill for the Demutualisation of the CSE to bring our capital market to be in line with those in more mature jurisdictions," Thilak Karunaratne said in the watchdog's annual report.
The SEC said Sri Lanka's cabinet of ministers had approved a draft bill to be brought as a special act of parliament. The watchdog was assisting the legal draftman's office to finalise the bill.
Sri Lanka's stock exchange is an entity limited by guarantee, nominally owned by a group of legacy broking houses called full members.
In the case of demutualisation they will get shares in the exchange. The stock exchange also has so-called trading members who were licensed later.
The SEC had also drafted changes to the governing law of the agency to set up a clearing house.
Securities and Exchange Board of India has given suggestions which were given to technical consultants for review.
source - www.lbo.lk
"The SEC is in the process of finalising the draft bill for the Demutualisation of the CSE to bring our capital market to be in line with those in more mature jurisdictions," Thilak Karunaratne said in the watchdog's annual report.
The SEC said Sri Lanka's cabinet of ministers had approved a draft bill to be brought as a special act of parliament. The watchdog was assisting the legal draftman's office to finalise the bill.
Sri Lanka's stock exchange is an entity limited by guarantee, nominally owned by a group of legacy broking houses called full members.
In the case of demutualisation they will get shares in the exchange. The stock exchange also has so-called trading members who were licensed later.
The SEC had also drafted changes to the governing law of the agency to set up a clearing house.
Securities and Exchange Board of India has given suggestions which were given to technical consultants for review.
source - www.lbo.lk
Wednesday, June 6, 2012
Sri Lanka's SEC to boost investigation capacity
June 06, 2012 (LBO) - Sri Lanka's Securities and Exchange Commission is boosting its investigations capacity this year and modernizing is supervision and regulations, its chairman Thilak Karunaratne has said.
"In the coming year we are determined to further strengthen the regulatory and supervisory arrangements in keeping with modern trends," Karunaratne said in the regulators 2011 annual report.
"Investigation capability will certainly be enhanced and we expect better performance in this area."
The SEC has brought in a slew of new rules which has met with some resistance from market participants.
Last year it ordered brokers to cut credit and placed price ceilings on volatile stocks, as loose monetary policy and margin trading fired a stock bubble.
Interest rates increased later in the year as credit growth put Sri Lanka's dollar peg under pressure, and the market has since fallen.
The SEC also progressively relaxed credit rules. Analysts say investors who sold down their leveraged portfolios when the SEC first ordered credit to be cut would now be much better off, than others who continued to hold stocks on margin.
source - www.lbo.lk
"In the coming year we are determined to further strengthen the regulatory and supervisory arrangements in keeping with modern trends," Karunaratne said in the regulators 2011 annual report.
"Investigation capability will certainly be enhanced and we expect better performance in this area."
The SEC has brought in a slew of new rules which has met with some resistance from market participants.
Last year it ordered brokers to cut credit and placed price ceilings on volatile stocks, as loose monetary policy and margin trading fired a stock bubble.
Interest rates increased later in the year as credit growth put Sri Lanka's dollar peg under pressure, and the market has since fallen.
The SEC also progressively relaxed credit rules. Analysts say investors who sold down their leveraged portfolios when the SEC first ordered credit to be cut would now be much better off, than others who continued to hold stocks on margin.
source - www.lbo.lk
Sri Lankan stocks dip 0.22 percent
June 06, 2012 (LBO) – Sri Lankan share prices slipped 0.22 percent on Wednesday, as investors cherry-picked selected counters, brokers said.
The broader All Share Price Index fell 10.85 points to close at 4,737.75, while the more liquid Milanka Price Index dipped 0.22 percent or 9.54 points to end at 4,198.26, according to Colombo Stock Exchange figures.
Wednesday’s turnover of 247.61 million rupees was largely driven by trades in NDB Bank, John Keells Holdings PLC, Carsons PLC, Aitken Spence and Commercial Bank PLC.
NDB, gained 1.70 rupees to 99.90 rupees on 296,926 shares.
Shares of Royal Ceramics PLC, one of the island’s leading ceramic and porcelain tile manufacturers, rose 70 cents to 94.50 rupees.
Tokyo Cement non-voting stock slipped 10 cents to 18.90 rupees on trades of 613,859 shares.
Market heavyweight, JKH, rose 3.70 rupees to 177.00 rupees on trades of 64,002 shares.
source - www.lbo.lk
The broader All Share Price Index fell 10.85 points to close at 4,737.75, while the more liquid Milanka Price Index dipped 0.22 percent or 9.54 points to end at 4,198.26, according to Colombo Stock Exchange figures.
Wednesday’s turnover of 247.61 million rupees was largely driven by trades in NDB Bank, John Keells Holdings PLC, Carsons PLC, Aitken Spence and Commercial Bank PLC.
NDB, gained 1.70 rupees to 99.90 rupees on 296,926 shares.
Shares of Royal Ceramics PLC, one of the island’s leading ceramic and porcelain tile manufacturers, rose 70 cents to 94.50 rupees.
Tokyo Cement non-voting stock slipped 10 cents to 18.90 rupees on trades of 613,859 shares.
Market heavyweight, JKH, rose 3.70 rupees to 177.00 rupees on trades of 64,002 shares.
source - www.lbo.lk
Friday, June 1, 2012
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