Market Review

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Re: Market Review

Postby PAT » Sat Sep 09, 2017 10:45 am

Sri Lankan stocks continue recovery

ECONOMYNEXT – Sri Lankan stocks edged up from near a four-month low Friday albeit in thin trade with foreign investors remaining net buyers, brokers said.

The benchmark All Share Price Index rose 13.68 points (0.22%) to reach 6,375.86 points while the more liquid S&P SL20 rose 3.80 points or (0.10%) to 3,674.58. Turnover was Rs688 million.

SC Securities said foreigners were net buyers for the day, with a net foreign inflow of Rs79 million.

John Keells Holdings accounted for the highest turnover for the day, followed by Commercial Ban and Tokyo Cement.

The ASPI is up 2.4% so far this year and the S&P SL20 up 5.1%.
(COLOMBO, Sept 08, 2017)
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Re: Market Review

Postby PAT » Sun Sep 10, 2017 9:14 am

Market reacts positively to passage of new Tax Bill

Markets responded positively followed by the new Inland Revenue Act passed on Thursday, Acuity Stockbrokers said in their Share Market Weekly noting that the Sri Lanka government, in line with its regional peers, aims to reduce revenue contribution from Indirect taxes to 60% and increase revenues from direct taxation to 40% by 2020.


"Notable concessions under new Act include: Lowered corporate tax rate for SMEs & Exporters, Tax exemptions for investments in Northern Provinces and raising of tax threshold for employees & senior citizens, the report said.


"In response to these policy directions ASPI recovered by 14.8 points on Friday, from the 20-week low 6,361.03 recorded on Wednesday. Market sentiment meanwhile started to pick up as the weekly turnover levels stood at a seven week high LKR 3.74Bn (15.4% W-o-W)."


Acuity said that turnovers were mainly buoyed by crossings over the week, which accounted for ~61% of week’s LKR3.74Bn turnover, helping push week’s average daily turnover to LKR 0.94Bn - highest seen since June this year.


Crossings over the week were primarily driven by TKYO - accounting for 28% of total market turnover (46% of week’s crossings) and SOY - accounting for 17% of total market (27% of total crossings). Significant interest in counters i.e. JKH, SPEN and SAMP further helped drive the rebound in turnover, the report said.


The week ended with a net foreign buying position of LKR 247.65 Mn in contrast with the previous week’s net foreign selling position of LKR 434.02 Mn.


LOLC, JKH & TKYO topped week’s foreign purchases list, helping the turnaround in net position while recovering from the over four month low in foreign buying.


"Following the passing of the Inland Revenue Bill on Thursday, the market has gradually edged up on Friday and we expect this sentiment to prevail over the next week," Acuity said.
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Re: Market Review

Postby PAT » Mon Sep 11, 2017 11:37 pm

Sri Lankan stocks down, foreigners buy JKH

ECONOMYNEXT - Sri Lankan stocks closed weaker in thin trade Monday, after two days of gains, with foreign buying seen in conglomerate John Keells Holdings (JKH), brokers said.

The All Share Price Index closed at 6,372.24, down 3.62 points (-0.06%) while the more liquid SP SL20 index closed at 3,672.50, down 2.08 points (-0.06%). Turnover was Rs291 million.

JKH closed at Rs160.50, up 10 cents. The stock is up 10.7% this year.

Foreign selling was seen in Aitken Spence which closed at Rs60, down 50 cents.
(COLOMBO, September 11, 2017)
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Re: Market Review

Postby PAT » Tue Sep 12, 2017 10:30 pm

Sri Lanka’s stocks up, foreigners buy JKH

ECONOMYNEXT – Sri Lanka’s main stock index ended firmer Tuesday with turnover pushed up by Dialog’s Axiata’s acquisition of Cargills group finance firm and foreigners continuing to buy into John Keells Holdings.

The All Share Price Index closed at 6,377.38, up 5.14 points (+0.08%) while the more liquid SP SL20 index closed at 3,660.15, down 12.35 points (-0.34%). Turnover was Rs2,034 million.

Asia Securities said crossings or off-the floor negotiated deals accounted for 70.0% of turnover.

The main crossings were in JKH, Melstacorp and Colombo Trust Finance, a finance company owned by the Cargills group.

Mobile firm Dialog Axiata said it bought a controlling 80% stake of 37.5 million shares in Colombo Trust Finance, formerly Capital Alliance Finance, at Rs28.7 per share from Cargills Bank Limited.

The acquisition was at a 74% premium to its previously traded price. Colombo Trust Finance PLC closed at Rs18.70, up Rs2.20 or 13.33%.

Asia Securities said foreign investors were net sellers of Rs155.6 million worth of shares, with estimated net foreign buying topping in JKH, which closed at Rs160.60.

Estimated net foreign selling topped in Commercial Bank.
(COLOMBO, September 12, 2017)
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Re: Market Review

Postby PAT » Fri Sep 15, 2017 2:31 am

Sri Lanka stocks recover, foreign buying in CTC

ECONOMYNEXT – Sri Lankan shares recovered Thursday helped by gains in Ceylon Tobacco Company, a cigarette monopoly, on buying by foreign investors who remained net buyers for the day, brokers said.

The benchmark All Share Price Index ended at 6,381.46, up 8.76 points (0.14%) while the S&P SL20 rose by 8.65 points or 0.24% to close at 3,663.81. Turnover was a low Rs347 million.

SC Securities said foreigners were net buyers for the day, with a net foreign inflow of Rs 70 million.

Most of the foreign buying was in CTC, which recorded the highest turnover for the day. CTC closed at Rs1,000, up 4.17%.

Mobile operator Dialog Axiate, which entered the financial services sector by buying a controlling stake in Colombo Trust Finance PLC, a finance company, for just over a billion rupees, closed at Rs11.50, up 1.77%.
(COLOMBO, Sept 14 2017)
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Re: Market Review

Postby Blue Whale » Fri Sep 15, 2017 7:22 am

Thanks PAT.
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Re: Market Review

Postby PAT » Mon Sep 18, 2017 10:24 pm

Sri Lanka stocks up, foreign buying in JHK, Com Bank

ECONOMYNEXT – Sri Lankan stocks closed higher Monday with foreign investors being net buyers, taking stakes especially in conglomerate John Keells Holdings and Commercial Bank, one of the biggest local banks.

The All Share Price Index rose 7.62 points (0.12%) to close at 6,409.65 while the more liquid SP SL20 index closed at 3,683.69, up 1.35 points (0.04%). Turnover was Rs459 million.

Estimated largest foreign inflows were into JKH, Commercial Bank, Lanka Milk Foods and Ceylon Tobacco Company, according to First Capital Equities.

Brokers Asia Securities said crossings or off-the-floor negotiated deals accounted for 25% of the turnover with two crossings each in Hemas Holdings and JKH.

Foreign investors were net buyers of Rs97.7 million worth of shares. Estimated net foreign selling topped in National Development Bank.
(COLOMBO, Sept 18, 2017)
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Re: Market Review

Postby Blue Whale » Tue Sep 19, 2017 5:43 am

Thanks PAT.
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Re: Market Review

Postby PAT » Tue Sep 19, 2017 11:17 pm

Sri Lankan shares end up, foreign buying in JKH

ECONOMYNEXT – Sri Lankan stocks closed higher Tuesday, buoyed by foreign buying of firms like John Keells Holdings (JKH) while there was retail investor interest in plantations, brokers said.

The All Share Price Index rose 18.42 points (0.29%) to end at 6,,428.07 while the more liquid SP SL20 index closed at 3692.52, up 8.83 points (0.24%). Turnover was Rs1,628 million.

First Capital Equities said gains in Ceylon Cold Stores (CCS) which has a big weighting on the index helped push it up. CCS closed at Rs821.80, up 1.46%.

Trans Asia Hotel Plc ended 6.7% firmer at Rs80, while JKH, which saw the highest foreign buying, gained 0.2%.

There was a net foreign inflow of Rs130 million.

Asia Securities said crossings or off-the-floor negotiated deals accounted for 48% of the turnover with three crossings each in Hemas Holdings and JKH. There were also crossing in Balangoda and Madulsima plantations.
(COLOMBO, Sept 19 2017)
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Re: Market Review

Postby topcat » Wed Sep 20, 2017 3:48 am

Thnx pat
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Re: Market Review

Postby Blue Whale » Wed Sep 20, 2017 4:59 am

Thanks PAT. Seems like ASPI is again heading towards 6,500.
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Re: Market Review

Postby PAT » Mon Sep 25, 2017 9:28 am

Share market uptrend continues for second week

Equity markets continued its uptrend for the second consecutive week, aided by a slight uptick in second quarter GDP growth figures and waning concerns on the new Inland Revenue Bill, Acuity Stockbrokers said in their Share Market Weekly.

Second quarter GDP recorded a growth of 4% year-on-year, slightly higher than the 3.8% growth recorded in the first quarter, as robust growth in the Services and Industrial sectors helped offset the Agriculture sector’s sixth quarter of negative growth, the reportnoted.

"The benchmark ASPI consequently rose ~25 points week-on-week in line with the ~26 point increase in the previous week. Average daily turnover levels however, declined to LKR 0.89 Bn. over the week, down 70% from the previous week’s notable daily average of LKR 2.95Bn amid the LKR 10.90Bn transaction in Singer Sri Lanka as Hayley’s acquired a 61.73% stake in the company," Acuity said.

"The week’s average daily turnover however, is broadly in line with the year-to-date daily average of LKR 0.92Bn. Crossings over the week meanwhile, accounted for ~25% of total market turnover, driven by crossings in JKH & Madulsima Plantations."

Foreign investors meanwhile reverted to a net buying position once again, as foreign purchases rose to LKR 2.91Bn cf. sales of LKR 2.04Bn and compared to the previous week’s net selling position of LKR 10.91Bn amid the transaction in Singer Sri Lanka.

Markets in the week ahead are likely to look for cues from next week’s monetary policy decisions by Central Bank, Acuity said.
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Re: Market Review

Postby SHARK » Tue Sep 26, 2017 8:13 am

ECONOMYNEXT - Sri Lanka's central bank said it is holding rates at current levels of 8.75 percent to inject liquidity into the banking system and 7.25 percent to withdraw excess liquidity.

Market short term rates however have started to move to the lower end of the band, with the country emerging from a balance of payments crisis, budget deficits declining and banks raising greater volumes of deposits compared to credit.

The central bank said it is September policy review that rates were being held after considering international and domestic economic conditions.

Sri Lanka's central bank has been steadily buying dollars and also mopped up part of it to build foreign reserves, also curtailing reigning in the growth of credit and domestic reserve money to some extent.

Under such a scenario money supply expands only with net foreign assets, unlike when the central bank triggers a balance of payments crisis by acquiring domestic assets (Treasury bills) with printed money.

"…[T]he expansion in the net foreign assets (NFA) of the banking sector, as a result of the buildup of NFA of the Central Bank and the reduction in foreign liabilities of commercial banks, caused broad money (M2b) growth to remain at elevated levels," the central bank said.

"Meanwhile, deposit and lending rates appear to have stabilised, partly in response to the recent decline in yields on government securities."

To grow NFA, the central bank has to buy dollars from the forex market, prevent its appreciation (or forcibly depreciate it) and effectively maintain a dollar soft-peg.

Though the IMF has called upon the central bank to maintain a flexible exchange rate, the requirement to build up forex reserves, effectively requires peg defence, analysts have pointed out.


The full monetary policy statement is reproduced below:-


Considering developments and outlook in the domestic and international macroeconomic environment, the Monetary Board, at its meeting held on 25 September 2017, was of the view that the current monetary policy stance is appropriate and decided to maintain the policy interest rates of the Central Bank of Sri Lanka at their present levels.

Given below are the key factors that the Monetary Board considered in arriving at the decision. According to the provisional estimates of the Department of Census and Statistics (DCS), the Sri Lankan economy expanded at the moderate pace of 4.0 per cent, year-on-year, in the second quarter of 2017, in comparison to 3.8 per cent year-on-year growth in the first quarter of 2017. Economic growth continued to be affected by extreme weather conditions and weak external demand. In terms of value addition, key growth drivers in the first half of the year were construction, mining and quarrying, financial service activities, and wholesale and retail trade.

Although disruptions to near term growth prospects continue, forward looking indicators show improved medium term prospects, which are likely to be realised with the envisaged structural reforms and expected inflows of foreign investments.

Headline inflation based on both Colombo Consumer Price Index (CCPI, 2013=100) and National Consumer Price Index (NCPI, 2013=100) increased in August 2017, reflecting the base effect of tax revisions as well as higher prices of food items. Core inflation, based on both CCPI and NCPI also recorded an uptick in August 2017. Nevertheless, projections indicate that inflation will revert to the envisaged mid-single digit levels by end 2017 and stabilise thereafter, underpinned by tight monetary conditions that have been in place from the beginning of 2016.

The growth of credit extended to the private sector by commercial banks has shown a gradual deceleration since July 2016, responding to the prevailing high nominal and real interest rates in the domestic market. So far during the year, net credit extended to the government (NCG) by the Central Bank has declined sharply, although NCG by the banking sector has been high. A moderate expansion of credit to public corporations has also been observed during the year.

However, the expansion in the net foreign assets (NFA) of the banking sector, as a result of the buildup of NFA of the Central Bank and the reduction in foreign liabilities of commercial banks, caused broad money (M2b) growth to remain at elevated levels. Meanwhile, deposit and lending rates appear to have stabilised, partly in response to the recent decline in yields on government securities.

In the external sector, earnings from exports maintained its positive growth for the fifth consecutive month in July 2017. However, the cumulative trade deficit widened in July 2017 as a result of the rise in import expenditure, partly attributed to weather related disruptions to power generation and food production. Tourist arrivals and associated foreign exchange inflows grew on a cumulative basis. Workers’ remittances also increased in July 2017, although declining on a cumulative basis during the year owing to sluggish economic performance and geo-political uncertainties in the Middle East.

The rupee denominated government securities market and the Colombo Stock Exchange (CSE) continued to attract foreign inflows. Amidst these developments, the Central Bank cumulative purchases of foreign exchange from the domestic market exceeded US dollars 1.1 billion on a net basis, and gross official reserves improved to around US dollars 7.3 billion by 21 September 2017 from US dollars 6.0 billion at end 2016.

With increased flexibility in the determination of the exchange rate, the pressure in the domestic foreign exchange market has eased considerably, resulting in a cumulative depreciation of the Sri Lankan Rupee against the US dollar by 2.0 per cent up to 22 September 2017, in comparison to the depreciation of 3.8 per cent observed in 2016.

In view of the above, the Monetary Board decided to maintain the Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 7.25 per cent and 8.75 per cent, respectively.
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Re: Market Review

Postby PAT » Wed Sep 27, 2017 6:20 am

Plantation sector stocks move up

Stocks in the plantation sector counters have shown improvement in the Colombo Stock Exchange (CSE) because of high global market prices supported by enhanced interest of recent origin.

However, stocks fell for a forth straight session on yesterdays performance. As investors divested shares ahead of the Central Bank’s policy rate decision.

Amid those developments both indices moved up. The All Share Price Index went up 7.54 points and S and P SL20 up by 10.42 points. The turnover level stood at Rs 532.3 million.

At retail market the companies that mainly contributed today's turnover were Sampath Bank Rs 31.6 million (105,000 shares traded), Hemas Holdings Rs 25,7 million (212,000 shares traded) and Malwatta Valley Plantations Rs 22.2 million shares (2,5 million shares traded).

During the day 25.9 million share volumes changed hands in 6895 transactions.
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Re: Market Review

Postby Blue Whale » Wed Sep 27, 2017 10:16 am

Thanks PAT.
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Re: Market Review

Postby PAT » Thu Sep 28, 2017 4:44 am

Banking and beverage stocks pick -up in aftermath of policy rates decision

Stock prices in plantation sector counters increased yesterday due to increases in global market prices. However, investors also picked up banking and beverage stocks apart from plantation stocks after the Central Bank held its policy rates steady.

Prices of plantation counters, such as Ceylon Tea Brokers PLC, increased by 25 percent and Asia Siyake Commodities PLC increased by 15 percent. Current weather conditions favourably impacted the plantation sector.

The Sri Lanka Central Bank on Tuesday held its key rates steady, saying past steps were keeping inflation and credit growth under control, as policy makers focus on supporting an economy hit by extreme weather.

Further, both indices, ie, All Share Price Index moved down by 0.14 points and S and P SL20 index came down by 11.19 points.

Amid those developments, the day's turnover stood at Rs. 738.2 million with four crossings. Those were: Dialog's four millions shares crossed to the tune of Rs. 49 million at a per share value of Rs. 12.10, JKH 190,000 shares crossed at Rs. 30.9 million at a per share value of Rs. 163, J.L Morrison 151,000 shares crossed at Rs. 125.1 million and its per share value was Rs.826 and Sampath Bank 66,000 shares crossed for Rs. 20 million at a per share value of Rs. 300.10.

Further, in the retail market, the companies that mainly contributed to the day's turnover were; Richard Pieris Rs. 77.4 million (5.8 million shares traded), Sampath Bank Rs. 32.2 million (107,000 shares traded) and JKH Rs. 23.8 million (146,000 shares traded)

"It was a bit of a slow day with some foreign outflow," stock market analysts said.

During the day 49.1 million share volumes changed hands in 7949 transactions.

"High local interest in the plantation sector and some block deals in blue chips were seen as a positive sign. Foreigners are inactive and global funds are shifting towards U.S,. expecting a possible fed rate hike in December, analysts added.

Meanwhile, JKSB adds -

ASPI: 6,419.47 (-0.14 pts; -0.00%); Val T/O: Rs. 738mn (US$4.83mn); Vol T/O: 49.2mn; Trades: 7,949

Advance/decline ratio: 103/80; Top gainer: MORI.N (+24.96%) ; Top loser: PCP.N (-50.00%)

Highlights:

• The ASPI ended flat today amid moderate turnover levels. MORI, DIAL, SAMP and RICH led market activity, including crossings seen in JKH. Trading in MORI accounted for 17% of total turnover.

• Diversified was the most actively traded sector (+0.85%)

• Information Technology was the best performing sector (+5.65%)

• Beverage, Food, & Tobacco was the worst performing sector (-1.03%)
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Re: Market Review

Postby Blue Whale » Thu Sep 28, 2017 7:15 am

Thanks PAT
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Re: Market Review

Postby PAT » Fri Sep 29, 2017 4:36 am

Sri Lankan stocks up, foreigners net buyers

ECONOMYNEXT – Sri Lankan stocks closed higher Thursday with foreign investors net buyers, taking stakes in Commercial Bank, Access Engineering and John Keells Holding, (JKH) brokers said.

The benchmark All Share Price Index ended up 14.07 points (0.22%) at 6,433.54 while the more liquid SP SL20 index closed at 3,682.89, up 10.05 points (0.29%).

Foreign investors were net buyers of Rs110.5 million worth of shares, accounting for over half the turnover.

Estimated net foreign buying was highest in JKH while the estimated highest net foreign selling was in Hemas Holdings, Asia Securities said.
(COLOMBO, Sept 28, 2017)
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Re: Market Review

Postby Blue Whale » Fri Sep 29, 2017 5:58 am

Thanks PAT.
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Re: Market Review

Postby NC+ » Fri Sep 29, 2017 6:20 am

Thanks PAT.... :)
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Re: Market Review

Postby StockFlashSL » Fri Sep 29, 2017 7:14 am

Thanks PAT for the big picture

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Re: Market Review

Postby PAT » Sat Sep 30, 2017 4:05 am

Active trading in banks, finance and insurance

Reporting on yesterday's CSE trading JKSB said -

ASPI: 6,438.24 (+4.70 pts; +0.07%); Val T/O: Rs. 782mn (US$5.11mn); Vol T/O: 35.3mn; Trades: 7,967

Advance/decline ratio: 119/78; Top gainer: PCP.N (+100.00%) ; Top loser: SIL.N (-15.34%)

Highlights:

*The ASPI ended higher today amid moderate turnover levels. LION, COMB, HNB, and SAMP led market activity including crossings. Trading in LION amounted to 14% of total turnover.

*Banks, Finance, & Insurance was the most actively traded sector (+0.10%)

*Trading was the best performing sector (+2.68%), supported by gains on CFT (+13.46%)

*Footwear & Textiles was the worst performing sector (-2.69%), dragged down by declines on MGT (-0.66%)
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Re: Market Review

Postby PAT » Sat Sep 30, 2017 4:14 am

Bourse closes at more than 1-week high

Reuters: Shares edged higher for a second straight session and closed at a more than one-week high on Friday as investors bought beverage and manufacturing shares while continued foreign buying in the market underpinned positive sentiment, brokers said.

The Colombo stock index ended 0.07% up at 6,438.24, its highest close since 21 September.

The Bourse rose 0.2% for the week, marking its third straight weekly gain.

Foreign investors bought a net Rs. 188 million ($1.23 million) worth of shares on Friday extending the year-to-date net foreign inflow to Rs. 18 billion worth of equities.

Turnover stood at Rs. 782.3 million, compared with this year’s daily average of about Rs. 914.8 million.

“We were expecting margin calls to come in being the month end, but we did not see that,” said Dimantha Mathew, Head of Research at First Capital Holdings.

“Domestic investor participation was high and they were looking to buy blue chips while foreigners were also active.”

Shares of Lion Brewery Plc gained 5.2%, while Sampath Bank Plc advanced 1.8% and Richard Pieris Plc rose 3.8%.

On Tuesday, the Central Bank held its key rates steady, saying past steps were keeping inflation and credit growth under control, as policymakers focus on supporting an economy hit by extreme weather.
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Re: Market Review

Postby PAT » Mon Oct 02, 2017 5:18 am

ASPI returns 0.74% in September

The Bourse ended the week on a mixed note as the ASPI increased by 10.98 points (or 0.17%) to close at 6,438.24 points, while the S&P SL20 Index decreased by 4.18 points (or 0.11%) to close at 3,687.97 points.

Turnover and market capitalization

JKH was the highest contributor to the week’s turnover value, contributing LKR 0.47Bn or 12.98% of total turnover value. Ceylon Cold Stores followed suit, accounting for 7.89% of turnover (value of LKR 0.29Bn) while Sampath Bank contributed LKR 0.26Bn to account for 7.07% of the week’s turnover.

Total turnover value amounted to LKR 3.65Bn (cf. last week’s value of LKR 4.44Bn), while daily average turnover value amounted to LKR 0.73Bn (-17.82% W-o-W) compared to last week’s average of LKR 0.89Bn. Market capitalization meanwhile, increased by 0.17% W-o-W (or LKR 4.99Bn) to LKR 2,919.70Bn cf. LKR 2,914.71Bn last week.

Liquidity (in value terms)

The Diversified Sector was the highest contributor to the week’s total turnover value, accounting for 22.02% (or LKR 0.80Bn) of market turnover. Sector turnover was driven primarily by JKH, Hemas Holdings & Richard Peiris which accounted for 89.82% of the sector’s total turnover.

The Banking ,Finance & Insurance Sector meanwhile accounted for 21.05% (or LKR 0.77Bn) of the total turnover value with turnover driven primarily by Sampath Bank & Commercial Bank which accounted for 54.70% of the sector turnover.

The Beverage, Food & Tobacco Sector was also amongst the top sectorial contributors, contributing 13.45% (or LKR 0.49Bn) to the market driven by Cold Stores & Lion Brewery which accounted for 84.25% of the sector turnover.



Liquidity (in volume terms)

The Diversified Sector dominated the market in terms of share volume, accounting for 18.62% (or 31.73Mn shares) of total volume, with a value contribution of LKR 0.80Bn.

The Plantations sector followed suit, adding 13.70% to total turnover volume as 23.34Mn shares were exchanged.

The sector’s volume accounted for LKR 0.25Bn of total market turnover value. The Telecom Sector meanwhile, contributed 20.12Mn shares (or 11.81%), amounting to LKR 0.24Bn.

Top gainers and losers

Malwatte[NV] was the week’s highest price gainer; increasing 64.5% W-o-W from LKR 6.20 to LKR 10.20. Malwatte gained 43.8% W-o-W to close at LKR 10.50 while Ceylon Tea Brokers gained 40.5% W-o-W to close at LKR 5.20. Lankem Developments (+32.5% W-o-W) and Morrisons(+25.0% W-o-W) were also amongst the gainers.

Union Chemicals was the week’s highest price losers, declining 22.0% W-o-W to close at LKR 390.00 while Adam Investments (-20.0% Y-o-Y), Hunas Falls (-17.4% W-o-W) & Samson International(-15.1% W-o-W) were also amongst the top losers over the week.

Foreign investors closed the week in a net buying position with total net inflows amounting to LKR 0.27Bn relative to last week’s total net inflow of LKR 0.87Bn (-68.7% W-o-W).

Total foreign purchases decreased by 48.6% W-o-W to LKR 1.50Bn from last week’s value of LKR 2.91Bn, while total foreign sales amounted to LKR 1.22Bn relative to LKR 2.04Bn recorded last week (-40.06% W-o-W).

In terms of volume, Dialog & Access Engineering led foreign purchases while Singer Sri Lanka & Tokyo Cement[X] led foreign sales. In terms of value, Lion Brewery and JKH led foreign purchases while Singer Sri Lanka & Hemas Holdings led foreign sales.

Point of view

Domestic equities continued its relatively positive momentum for the 3rd consecutive week, gaining ~10 points W-o-W as the Central Bank held policy rates steady for the 4th time this year (since its policy rate hike in Mar’17).

Despite a 15 point loss on the Index early in the week, the benchmark ASPI recovered ~26 points over the remainder of the week to close at 6430-levels. Greater certainty since Parliament passed the new inland revenue bill in early September has helped equity markets rebound marginally, with the Index gaining ~1.2% (~76 points) since September 7th when the bill was passed.

The monthly return on the Index has consequently been positive in September, with the Index gaining 0.74% over the month relative to the losses of 3.7% recorded in August and loss of 1.6% recorded in July.

Despite the relatively positive index performance, market activity remained largely dull over the week, with average daily turnover levels falling to Rs.0.73Bn over the week, down ~18% from last week although crossings continued to account for 24% of total market turnover yet again this week.

Average daily turnover levels for the year have been Rs. 0.91Bn, and Rs,0.86Bn when excluding the significant transaction in Singer when Hayley’s acquisition of a 61.7% stake in Singer helped push up daily average turnover to Rs. 11Bn (the highest since Dec 2016).

Foreign investors meanwhile continued to remain net equity buyers over the week albeit at a lower Rs. 0.27Bn (cf. Rs. 0.87Bn last week). Markets in the week ahead are likely to remain largely flat as sentiment and activity remains broadly similar to that of this week.

External sector continues to improve in July

The Central Bank on Tuesday held rates steady for the 4th consecutive time this year, citing expectations that inflation levels will moderate over the remainder of the year while private credit growth would moderate amid the prevailing high nominal and real interest rates in domestic markets.



The CBSL was also positive on the country’s external front, adding that the increased flexibility in the determination of the exchange rate has eased pressure in the domestic FX markets and resulted in a cumulative depreciation (till Sept 22) of 2% (against the USD) cf. the 3.8% depreciation recorded in 2016. Sri Lanka’s external sector continued to improve in July, amid increased exports and inflows to the financial account.

Despite the trade deficit widening over the month, export earnings rose for the 5th consecutive month. Inflows to the financial account meanwhile continued to strengthen amid net inflows to the G-sec, long term loans to the government, continued portfolio investment inflows to the CSE and receipt of the 3rd tranche of the IMF EFF facility. Consequently.

The country’s Balance-of-Payments during the first seven months of 2017, recorded a surplus of $1,448.5Mn compared to a surplus of $356.0Mn recorded in the corresponding period of 2016. Sri Lanka’s gross official reserves as at end July 2017 meanwhile, amounted to $6.7Bn, equivalent to 3.9 months of imports, while total foreign assets amounted to $9.0Bn which is equivalent to 5.3 months of imports.

http://www.dailynews.lk/2017/10/02/busi ... -september
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Re: Market Review

Postby PAT » Mon Oct 02, 2017 8:14 pm

Sri Lankan shares hit 7-week closing high; banks gain

Reuters - Sri Lankan shares rose for a third straight session on Monday to end at their highest close in seven weeks led by banks and diversified shares, while continued foreign buying in the market underpinned positive sentiment.

The Colombo stock index ended 0.51 percent up at 6,470.96, its highest close since Aug. 14.

The index gained 0.2 percent last week, recording its third straight weekly gain.

Foreign investors bought a net 11 million rupees ($71,895) worth of shares on Monday, extending their year-to-date net foreign inflow to 18 billion rupees worth of equities.

Turnover stood at 549.4 million rupees, less than two-third of this year’s daily average of 914.8 million rupees.

“We expect the overall positive sentiment in the market to continue for a few more days,” said Dimantha Mathew, head of research at First Capital Holdings.

“High net worth and retail investor participation was seen in plantation sector, though it did not impact the overall market. Meanwhile, institutions and foreign investors were looking to buy blue chips.”

Analysts said the market shrugged off a statement by the International Monetary Fund, which on Friday said Sri Lanka’s central bank should be ready to tighten monetary policy to contain inflation and credit growth.

Shares of Ceylon Tobacco Company Plc rose 3 percent while, Lanka ORIX Leasing Company Plc ended 4 percent firmer while Hatton National Bank Plc gained 2.1 percent.

On Tuesday, the Sri Lankan central bank held its key rates steady, saying past steps were keeping inflation and credit growth under control, as policymakers focus on supporting an economy hit by extreme weather.
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