source - CAL Research
Monday, July 16, 2012
Sri Lanka tourist arrivals up 21-pct in June
July 15, 2012 (LBO) - Tourist arrivals to Sri Lanka rose 21.6 percent to 65,245 in June 2012 from a year earlier, with arrivals up to June rising 18.7 percent to 452,867, data from the state tourism promotion office showed.
Arrivals from South Asia rose 8.5 percent to 19,993 with India, the top generating market growing 6.4 percent to 13,758. Visitors from the Maldives rose 14.5 percent to 4,214.
Visitors from Western Europe rose 22.9 percent to 17,314, with UK generating most tourists at 6,076 up 17.1 percent from a year earlier. German visitors rose 23.4 percent to 3,054 and French visitors rose 12.3 percent to 2,267.
Eastern European visitors rose 104 percent to 2,594 with Ukrainian arrivals up 205 percnet to 981 and Russia generating 780 visitors up 63.5 percent.
Middle Eastern visitors grew 31.8 percent to 5,915.
East Asian visitors rose 28.4 percent to 8,774 with Malaysia generating 1,715 visitors up 28.5 percent. Tourists from Japan rose 19.6 percent to 1,411 but visitors from Singapore fell 4.4 percent to 6,643. Chinese visitors rose 8.4 percent to 1,227.
In the first half of 2012, the top generating market was India, with 85,426 up 4.5 percent. UK was the second largest source of tourists at 47,975 up 2.8 percent, with Germany coming in third with 32,081 visitors up 25.6 percent.
France was the fourth largest source of tourists with 27,704 up 13.8 percent followed by Maldives at 20,602 up 6.7 percent closely followed by Australia with 19.345 up 16.1 percent.
Sri Lanka's tourist arrivals have growth steadily since a 30 year war ended in 2009.
source - www.lbo.lk
Arrivals from South Asia rose 8.5 percent to 19,993 with India, the top generating market growing 6.4 percent to 13,758. Visitors from the Maldives rose 14.5 percent to 4,214.
Visitors from Western Europe rose 22.9 percent to 17,314, with UK generating most tourists at 6,076 up 17.1 percent from a year earlier. German visitors rose 23.4 percent to 3,054 and French visitors rose 12.3 percent to 2,267.
Eastern European visitors rose 104 percent to 2,594 with Ukrainian arrivals up 205 percnet to 981 and Russia generating 780 visitors up 63.5 percent.
Middle Eastern visitors grew 31.8 percent to 5,915.
East Asian visitors rose 28.4 percent to 8,774 with Malaysia generating 1,715 visitors up 28.5 percent. Tourists from Japan rose 19.6 percent to 1,411 but visitors from Singapore fell 4.4 percent to 6,643. Chinese visitors rose 8.4 percent to 1,227.
In the first half of 2012, the top generating market was India, with 85,426 up 4.5 percent. UK was the second largest source of tourists at 47,975 up 2.8 percent, with Germany coming in third with 32,081 visitors up 25.6 percent.
France was the fourth largest source of tourists with 27,704 up 13.8 percent followed by Maldives at 20,602 up 6.7 percent closely followed by Australia with 19.345 up 16.1 percent.
Sri Lanka's tourist arrivals have growth steadily since a 30 year war ended in 2009.
source - www.lbo.lk
Sri Lanka LOLC gains full control of Browns
July 14, 2012 (LBO) - Sri Lanka's Lanka Orix Leasing Company Pltc (LOLC) said it is buying out a 50 percent shareholder in an investment vehicle that will give it full control of Brown & Company Plc.
LOLC said it is buying a 50 percent stake of Diriya Investments, an investment vehicle which owns 49.8 percent of Browns from Ajith Devasurendra, for 1.32 billion rupees which will be paid in two installments.
LOLC had an additional direct holding of 4.7 percent in Browns.
LOLC will pay 660 million rupees to Devasurendra and the balance will be settled in one year.
Nithya Partners, a law firm will act as escrow agents.
Browns & Company is a 135 year old company which has agencies for several global brands. It is the island's top seller of tractors having the brands Tafe and Massey Fergusen, F G Wilson, Yanmar Marine engines, consumer brands Olympus and Sharp among others.
The firm also has the agencies for Continental Airlines, Scandinavian and Austrian Airlines.
source - www.lbo.lk
LOLC said it is buying a 50 percent stake of Diriya Investments, an investment vehicle which owns 49.8 percent of Browns from Ajith Devasurendra, for 1.32 billion rupees which will be paid in two installments.
LOLC had an additional direct holding of 4.7 percent in Browns.
LOLC will pay 660 million rupees to Devasurendra and the balance will be settled in one year.
Nithya Partners, a law firm will act as escrow agents.
Browns & Company is a 135 year old company which has agencies for several global brands. It is the island's top seller of tractors having the brands Tafe and Massey Fergusen, F G Wilson, Yanmar Marine engines, consumer brands Olympus and Sharp among others.
The firm also has the agencies for Continental Airlines, Scandinavian and Austrian Airlines.
source - www.lbo.lk
Friday, July 13, 2012
Stocks nudge up amid concerns; rupee weaker
Reuters: The stock market edged up on Thursday from a one-month low, but concerns over rising interest rates and exchange rate volatility trimmed the trading volume.
Colombo Stock Exchange’s main index gained 0.08% or 3.67 points up at 4,872.06, from its lowest since 13 June.
“The market is just going without a direction,” said one stockbroker, who asked not to be identified.
“If not for foreign participation, it’s a very low turnover.”
Analysts said rising interest rates had become the main investor concern.
Despite the Central Bank leaving key policy rates unchanged for the third straight month on Wednesday, yields in benchmark T-bills rose 9-14 basis points at a weekly auction to their highest since June 2009.
Some analysts expected the benchmark 364-day T-bill yield to reach 14.5% from its current 13.10%, which may result in a shift of portfolio to fixed deposits from equities.
Turnover was Rs. 336.7 million ($ 2.52 million), against this year’s daily average of Rs. 942.3 million.
Foreign investors were net sellers of Rs. 12.7 million worth of shares, though they have been net buyers of Rs. 23.7 billion so far this year.
The rupee currency ended weaker at 133.80/90 against the dollar from Wednesday’s close of 133.75/85 on importer demand for dollars, dealers said.
source - www.ft.lk
Colombo Stock Exchange’s main index gained 0.08% or 3.67 points up at 4,872.06, from its lowest since 13 June.
“The market is just going without a direction,” said one stockbroker, who asked not to be identified.
“If not for foreign participation, it’s a very low turnover.”
Analysts said rising interest rates had become the main investor concern.
Despite the Central Bank leaving key policy rates unchanged for the third straight month on Wednesday, yields in benchmark T-bills rose 9-14 basis points at a weekly auction to their highest since June 2009.
Some analysts expected the benchmark 364-day T-bill yield to reach 14.5% from its current 13.10%, which may result in a shift of portfolio to fixed deposits from equities.
Turnover was Rs. 336.7 million ($ 2.52 million), against this year’s daily average of Rs. 942.3 million.
Foreign investors were net sellers of Rs. 12.7 million worth of shares, though they have been net buyers of Rs. 23.7 billion so far this year.
The rupee currency ended weaker at 133.80/90 against the dollar from Wednesday’s close of 133.75/85 on importer demand for dollars, dealers said.
source - www.ft.lk
Thursday, July 12, 2012
Sri Lanka stocks steady, rupee weaker
July 12, 2012 (LBO) - Sri Lanka's stocks closed marginally higher Thursday while the rupee closed weaker from opening, brokers and dealers said.
The Colombo All Share Price Index closed up 0.08 percent at 4,872.06 points and the S&P SL20 index of large cap stocks closed 0.17 percent higher at 2,780.34.
Turnover was 336 million rupees.
The closed around 133.80/90 to the US dollar in the spot market after opening around 133.60/90 dealers said.
Aitken Spence closed at 113.60 up 3.20 rupees, Aviva Insurance fell 3.90 to close at 149.00 rupees, Capital Development and Investment Company Plc closed up 29.90 tat 234.90 rupees, Cargills (Ceylon) closed at 142.10 up 10 cents.
Carsons Cumberbatch closed at 463.10 down 90 cents, Central Finance closed at 127.20 down 1.80 rupees, Commercial Bank of Ceylon closed at 98.50 down 50 cents and Dialog Axiata closed flat at 6.00 rupees and John Keells Holdings closed at 180.50 down 2.00 rupees.
source - www.lbo.lk
The Colombo All Share Price Index closed up 0.08 percent at 4,872.06 points and the S&P SL20 index of large cap stocks closed 0.17 percent higher at 2,780.34.
Turnover was 336 million rupees.
The closed around 133.80/90 to the US dollar in the spot market after opening around 133.60/90 dealers said.
Aitken Spence closed at 113.60 up 3.20 rupees, Aviva Insurance fell 3.90 to close at 149.00 rupees, Capital Development and Investment Company Plc closed up 29.90 tat 234.90 rupees, Cargills (Ceylon) closed at 142.10 up 10 cents.
Carsons Cumberbatch closed at 463.10 down 90 cents, Central Finance closed at 127.20 down 1.80 rupees, Commercial Bank of Ceylon closed at 98.50 down 50 cents and Dialog Axiata closed flat at 6.00 rupees and John Keells Holdings closed at 180.50 down 2.00 rupees.
source - www.lbo.lk
Stocks approach one-month low; rupee steady
Reuters: The stock market fell for the third straight session on Wednesday to approach a one-month low on concerns about the risk of higher interest rates, though the Central Bank kept its policy rates unchanged earlier in the day.
The Colombo Stock Exchange’s main index fell 0.76 per cent or 37.21 points to 4,868.39, its lowest since 13 June.
The bank left key policy rates unchanged for a third straight month, but yields in benchmark T-bills rose 9-14 basis points at a weekly auction on Wednesday to their highest since June 2009.
Some analysts expect the benchmark 364-day T-bill yield to reach 14.5 per cent from its current 13.10 per cent.
“There is no liquidity in the market,” said a stockbroker. “The Central Bank has postponed the pain and the pain is going to be more intense when it bursts,” he said referring to the policy rate announcement.
The Central Bank’s latest data showed private sector credit growth has been near a 16-year high of 33.5 percent year-on-year despite the monetary authority raising policy rates twice, restricting credit and allowing a more flexible exchange rate.
The day’s turnover was Rs. 269 million ($ 2.01 million), well below this year’s daily average turnover of Rs. 947.1 million.
Foreign investors were net buyers of Rs. 6.3 million worth of shares on Wednesday, extending the net foreign inflow to Rs. 23.75 billion into stocks this year.
The rupee currency ended steady at 133.75/85 against the dollar as importer demand for dollars offset by the exporter demand for the local currency, dealers said.
Dealers said importer demand for dollars is still high and heavy oil bills may threaten the stability of the rupee as a prolonged drought in Sri Lanka has increased oil imports for thermal power.
source - www.ft.lk
The Colombo Stock Exchange’s main index fell 0.76 per cent or 37.21 points to 4,868.39, its lowest since 13 June.
The bank left key policy rates unchanged for a third straight month, but yields in benchmark T-bills rose 9-14 basis points at a weekly auction on Wednesday to their highest since June 2009.
Some analysts expect the benchmark 364-day T-bill yield to reach 14.5 per cent from its current 13.10 per cent.
“There is no liquidity in the market,” said a stockbroker. “The Central Bank has postponed the pain and the pain is going to be more intense when it bursts,” he said referring to the policy rate announcement.
The Central Bank’s latest data showed private sector credit growth has been near a 16-year high of 33.5 percent year-on-year despite the monetary authority raising policy rates twice, restricting credit and allowing a more flexible exchange rate.
The day’s turnover was Rs. 269 million ($ 2.01 million), well below this year’s daily average turnover of Rs. 947.1 million.
Foreign investors were net buyers of Rs. 6.3 million worth of shares on Wednesday, extending the net foreign inflow to Rs. 23.75 billion into stocks this year.
The rupee currency ended steady at 133.75/85 against the dollar as importer demand for dollars offset by the exporter demand for the local currency, dealers said.
Dealers said importer demand for dollars is still high and heavy oil bills may threaten the stability of the rupee as a prolonged drought in Sri Lanka has increased oil imports for thermal power.
source - www.ft.lk
Few blue chip gainers on modest volume
Bourse continues to slide downThe Colombo bourse continued to lose ground yesterday on low turnover with the All Share Price Index declining 37.21 points (0.76%), the Milanka down 16.11 points (0.37%) and S&P down 18.01 points (0.64%) on a turnover of Rs.269 million, down from the previous day’s Rs.914.2 million, with 69 gainers trailing 116 losers.
Brokers said that trading activity was focused on PC Pharma and PC House Holdings where some internal transfers appeared to have been done. However there was no confirmation of this.
PC Pharma accounted for Rs.103.6 million of the day’s turnover on over 8.6 million shares done between Rs.11.70 and Rs.12 closing 50 cents down at Rs.12 while PC House accounted for Rs.50.4 million of the turnover with 4 million shares done between Rs.12.40 and Rs.12.50 closing 20 cents down at Rs.12.50.
Brokers noted that similar large volumes on both companies had been done recently.
Apart from these, Commercial Bank (non-voting) saw some activity closing 10 cents down at Rs.74.10 on nearly 0.2 million shares done between Rs.74 and Rs.74.40 contributing Rs.13.4 million to turnover while Lankem Development closed 30 cents up at Rs.7 on over 1.7 million shares done between Rs.6.60 and Rs.7.10 contributing Rs.12.3 million to turnover.
Cargills (63,502 shares), Carsons (14,014 shares) and CTC (4,683 shares) were blue chip gainers, albeit modestly, while Chevron (24,727 shares) and Central Finance (20,211 shares) closed flat.
JKH edged down 90 cents to close at Rs.182.50 on 14,229 shares.
source - www.island.lk
Brokers said that trading activity was focused on PC Pharma and PC House Holdings where some internal transfers appeared to have been done. However there was no confirmation of this.
PC Pharma accounted for Rs.103.6 million of the day’s turnover on over 8.6 million shares done between Rs.11.70 and Rs.12 closing 50 cents down at Rs.12 while PC House accounted for Rs.50.4 million of the turnover with 4 million shares done between Rs.12.40 and Rs.12.50 closing 20 cents down at Rs.12.50.
Brokers noted that similar large volumes on both companies had been done recently.
Apart from these, Commercial Bank (non-voting) saw some activity closing 10 cents down at Rs.74.10 on nearly 0.2 million shares done between Rs.74 and Rs.74.40 contributing Rs.13.4 million to turnover while Lankem Development closed 30 cents up at Rs.7 on over 1.7 million shares done between Rs.6.60 and Rs.7.10 contributing Rs.12.3 million to turnover.
Cargills (63,502 shares), Carsons (14,014 shares) and CTC (4,683 shares) were blue chip gainers, albeit modestly, while Chevron (24,727 shares) and Central Finance (20,211 shares) closed flat.
JKH edged down 90 cents to close at Rs.182.50 on 14,229 shares.
source - www.island.lk
Rishan and Lankem in double deal at Bourse
Deals between PC House Holdings owner S.H.M. Rishan, who is emerging as a very active high net worth investor in the market, and low profile Lankem Group dominated interest in an otherwise lacklustre Colombo Bourse.
PCH Holdings controlling shareholder Dynaris Holdings (formerly Sansiyo Corporation) owned by Rishan bought 1.66 million shares or a 3% stake in Lankem Development Plc from the latter’s controlling shareholder Lankem Ceylon Plc for Rs. 11.8 million.
In turn Lankem Ceylon bought four million shares or a 1.5% stake in PCHH from Dynaris for Rs. 50 million.
As at 31 March 2012, Lankem Ceylon held 3.2 million shares or a 5.45% stake in Lankem Developments Plc, whilst Lankem Plantations (56%) and related party Kotagala Plantations (10%) were the major shareholders.
The buying into Lankem Development by Dynaris though small appears strategic as PCHH has interests in engineering business via several associates.
In a separate deal, Rishan bought 8.6 million shares or an 8.5% stake of PC Pharma for Rs. 103.6 million from M.R.M. Nawas.
Ever since listing recently, Rishan had figured in several large deals on PCHH. On 28 June Dynaris sold 4.4 million shares at Rs. 15 and Rs. 20.50 each. On 6 July Rishan and his wife acquired 3.7 million shares of PCHH at Rs. 13.30 each.
These deals involving Rishan were worth Rs. 165.6 million, or 61.5% of the day’s total.
source - www.ft.lk
PCH Holdings controlling shareholder Dynaris Holdings (formerly Sansiyo Corporation) owned by Rishan bought 1.66 million shares or a 3% stake in Lankem Development Plc from the latter’s controlling shareholder Lankem Ceylon Plc for Rs. 11.8 million.
In turn Lankem Ceylon bought four million shares or a 1.5% stake in PCHH from Dynaris for Rs. 50 million.
As at 31 March 2012, Lankem Ceylon held 3.2 million shares or a 5.45% stake in Lankem Developments Plc, whilst Lankem Plantations (56%) and related party Kotagala Plantations (10%) were the major shareholders.
The buying into Lankem Development by Dynaris though small appears strategic as PCHH has interests in engineering business via several associates.
In a separate deal, Rishan bought 8.6 million shares or an 8.5% stake of PC Pharma for Rs. 103.6 million from M.R.M. Nawas.
Ever since listing recently, Rishan had figured in several large deals on PCHH. On 28 June Dynaris sold 4.4 million shares at Rs. 15 and Rs. 20.50 each. On 6 July Rishan and his wife acquired 3.7 million shares of PCHH at Rs. 13.30 each.
These deals involving Rishan were worth Rs. 165.6 million, or 61.5% of the day’s total.
source - www.ft.lk
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