Sri Lankan shares hit 4-wk closing high; large caps lead

Reuters: Sri Lankan shares hit a four-week closing high on Wednesday, rising for a third straight session, as investors picked up large cap shares such as Ceylon Tobacco Company Plc, brokers said.

The Colombo stock index ended 0.43 percent firmer at 6,175.50, its highest close since Jan. 18.

"Market continued its uptrend as the prices are still cheap and attractive for investors and the news such as Fitch are positive for investors," said Reshan Kurukulasuriya, chief operating officer, Richard Pieris Securities (Pvt) Ltd.

Last week, Fitch Ratings affirmed Sri Lanka's Long-Term Foreign- and Local Currency Issuer Default Ratings (IDR) at 'B+' and revised the outlook to 'stable' from 'negative'.

Shares of Ceylon Tobacco Company Plc jumped 2.89 percent, while Ceylinco Insurance Plc rose 5.97 percent.

Turnover stood at 876.3 million rupees ($5.83 million), more than this year's daily average of 631.4 million rupees.

Foreign investors net bought 22.3 million rupees worth of equities on Wednesday. They have net sold 290.7 million rupees worth of shares so far this year.

Sri Lankan stocks have been hit by political uncertainty after ruling coalition parties decided to contest local polls separately, and on worries over a rise in interest rates.

Yields on treasury bills rose 5-8 basis points at a weekly auction on Wednesday and are hovering at a more than four-year high. 

($1 = 150.3000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)

Sri Lankan shares hit 2-wk closing high as blue chips rally

Reuters: Sri Lankan shares hit a two-week closing high on Tuesday as investors picked up blue chip shares such as John Keells Holdings Plc and Ceylon Tobacco Company Plc, brokers said.

The Colombo stock index ended 0.17 percent firmer at 6,148.94, its highest close since Jan. 23.

"Bargain hunting in blue chips is continuing. There was some block trades too," said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd.

Shares of John Keells Holdings Plc rose 1.01 percent, while Ceylon Tobacco Company Plc rose 0.59 percent.

Turnover stood at 548.9 million rupees ($3.65 million), more than this year's daily average of 623.3 million rupees.

Foreign investors net bought 58.2 million rupees worth of equities on Tuesday. They have net sold 313.1 million rupees worth of shares so far this year.

On Thursday, Fitch Ratings affirmed Sri Lanka's Long-Term Foreign- and Local Currency Issuer Default Ratings (IDR) at 'B+' and revised the outlook to 'stable' from 'negative'.

Sri Lankan stocks have been hit by political uncertainty after ruling coalition parties decided to contest local polls separately, and on worries over a rise in interest rates.

Last week, the country's central bank kept key rates steady for a sixth straight month, but flagged possible "corrective measures" in the months ahead in a sign further tightening might be on the cards to temper inflation pressures and safeguard a fragile rupee.

Yields on treasury bills are hovering at a more than four-year high.

Sri Lanka's stock and foreign exchange markets were closed on Friday for a Buddhist religious holiday. 

($1 = 150.3000 Sri Lankan rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan)

Colombo Stock Exchange Market Review – 14th Feb 2017

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Colombo Stock Exchange Trade Summary 14-Feb-2017

Colombo stock market continued to remain positive amid foreign inflows. Benchmark index touched 6,154 mark but close at 6,148.94 while 20-scrip S&P SL index advanced by 11.69 index points or 0.33% to end at 3,532.93.

Index gains were led by John Keells Holdings (LKR 149.90, +1.0%) and Nestle (LKR 2,019.10, +1.0%). Another dividend of LKR 4.75 per share & favourble quarter earnings in Sampath Bank (LKR 271.30, +2.0%) helped the index performance. Gainers outweighed the losers 78 to 59, while 51 stocks remained unchanged.

Daily market turnover was LKR 549mn. Dialog Axiata (LKR 131mn) was the top contributor to the turnover followed by John Keells Holdings (LKR 104mn), Hatton National Bank (LKR 68mn) and Hemas Holdings (LKR 43mn) respectively.

Negotiated deals were seen in Dialog Axiata (5.8mn shares at LKR 11.00), John Keells Holdings (0.4mn shares at LKR 150.00) and Hatton National Bank (0.2mn shares at LKR 228.00 per share).

John Keells Holdings, Pan Asia Bank rights, Adam Investments and Sampath Bank were among highly traded stocks. Meanwhile, Aitken Spence Holdings advanced to LKR 60.50, +0.8% and its subsidiary, Aitken Spence Hotels advanced to LKR 40.50, +1.3% supported by positive earnings in last quarter.

Foreign investors stood on buy side for ninth straight day with a net foreign inflow of LKR 58mn. Foreign participation was 58%. Net foreign inflows were seen in John Keells Holdings (LKR 79mn), Commercial Bank (LKR 12mn) and Nestle (LKR 2mn). Net foreign outflow was mainly seen in Dialog Axiata (LKR 21mn).
Source: LSL

Colombo Stock Exchange Market Review – 13th Feb 2017

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Colombo Stock Exchange Trade Summary 13-Feb-2017

Colombo bourse regained lost grounds on Monday as Fitch revised country's sovereign rating outlook from negative to stable. All Share index bagged 44.58 index points or 0.73% to end at 6,138.73 while high cap constituent S&P SL20 index gained 32.74 index points or 0.94% to close at 3,521.24.

Price appreciation in premier blue-chip, John Keells Holdings (LKR 149.90, +1.6%) along with Dialog Axiata (LKR 11.00, +3.8%), Commercial Bank (LKR 142.00, +1.4%) pushed the index to positive territory. Market breadth was positive where out of 201 stocks traded, 79 advanced, 55 slipped and 67 remained unchanged.

Daily market turnover reached LKR 785mn boosted by negotiated trades in selected blue-chips. Off-the-floor dealings were recorded in Hemas Holdings (1.5mn shares at LKR 107.00), John Keells Holdings (1.0mn shares at LKR 146.00) and Hatton National Bank (0.1mn shares at LKR 227.00). Aggregate value of crossings accounted for 41% of the turnover.

Accordingly, Hemas Holdings (LKR 304mn) and John Keells Holdings (LKR 238mn) were major contributors to turnover followed by Hatton National Bank (LKR 82mn) and Chevron Lubricants (13mn).

High investor activity was witnessed in John Keells Holdings, Dialog Axiata and HNB Assurance. Share price of both, Dialog Axiata and HNB Assurance increased amid the dividend announcements. Further, Overseas Realty advanced by +5.7% to LKR 20.30 supported by final dividend of LKR 1.25 per share.

Foreign investors were net buyers with a net foreign inflow of LKR 333mn. Foreign participation was 61%. Net foreign inflows were seen in Hemas Holdings (LKR 259mn), John Keells Holdings (LKR 70mn) and Chevron Lubricants (LKR 13mn). Foreign outflow was mainly seen in Hatton National Bank (LKR 29mn).

Source: LSL

Sri Lankan shares hit more than 1-wk closing high; blue chips gain

Reuters: Sri Lankan shares hit a more than one week closing high on Monday as investors picked up battered blue chips such as John Keells Holdings Plc and Dialog Axiata Plc, brokers said.

The Colombo stock index ended 0.73 percent firmer at 6,138.73, its highest close since Feb. 2.

The index hit its lowest closing level since March on Feb. 6.

"Bargain hunting in blue chips drove the market, but rest of the market, retailers and high net-worth investors are on the sidelines," said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd.

"The only positive news we heard is the Fitch rating revision, but still investors are waiting to see the direction."

On Thursday, Fitch Ratings affirmed Sri Lanka's Long-Term Foreign- and Local Currency Issuer Default Ratings (IDR) at 'B+' and revised the outlook to 'stable' from 'negative'.

Shares of John Keells Holdings Plc rose 1.64 percent, while Dialog Axiata Plc jumped 3.77 percent and the biggest listed lender, Commercial Bank of Ceylon Plc climbed 1.36 percent.

Turnover stood at 785.1 million rupees ($5.21 million), more than this year's daily average of 625.8 million rupees.

Foreign investors net bought 332.6 million rupees worth of equities on Monday. They have net sold 371.2 million rupees worth of shares so far this year.

Sri Lankan stocks have been hit by political uncertainty arising from a decision of the ruling coalition parties to contest local polls separately, and on worries over a rise in market interest rates.

Last week, the country's central bank kept key rates steady for a sixth straight month, but flagged possible "corrective measures" in the months ahead in a sign further tightening might be on the cards to temper inflation pressures and safeguard a fragile rupee.

Yields on treasury bills are hovering at a more than four-year high.

Sri Lanka's stock and foreign exchange markets were closed on Friday for a Buddhist religious holiday. 

($1 = 150.7500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)

Sri Lankan shares snap 2 days of gains; rising interest rates weigh on mkt

Reuters: Sri Lankan shares closed slightly weaker on Thursday, snapping two straight sessions of gains and hovering near a more than 10-month closing low hit earlier this week, as concerns over rising market interest rates weighed on sentiment.

The Colombo stock index ended 0.04 percent lower at 6,094.15. The index hit its lowest close since March 2016 on Monday.

"Interest rates are the real concern," said Prashan Fernando, CEO at Acuity Stockbrokers. "If the central bank raises the rates, it is going to hit the market."

The central bank on Tuesday kept its key rates steady for a sixth straight month, but flagged possible "corrective measures" in the months ahead in a sign further tightening might be on the cards to temper inflation pressures and safeguard a fragile rupee.

Sri Lankan stocks, which have been declining since October, have been hit by political uncertainty arising from a decision of the ruling coalition parties to contest local polls separately, and on worries over a rise in market interest rates.

Yields on treasury bills rose 2-8 basis points at a weekly auction on Tuesday, hovering at more than four-year high.

Market turnover was 719.3 million rupees ($4.78 million) ($3.37 million) on Thursday, more than this year's daily average of 620.2 million rupees.

Foreign investors, who have been net sellers of 703.8 million rupees worth of shares so far this year, net bought 322.2 million rupees worth of equities.

Shares of John Keells Holdings Plc rose 0.34 percent, while Sri Lanka Telecom Plc fell 2.51 percent and Dialog Axiata Plc declined 1.85 percent.

Sri Lanka's stock and foreign exchange markets will be closed on Friday for a Buddhist religious holiday. 

($1 = 150.5000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

Colombo Stock Exchange Market Review – 9th Feb 2017

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Colombo Stock Exchange Trade Summary 09-Feb-2017

Colombo bourse concluded the session on mixed note despite foreign inflows. All Share index shed 2.24 index points (-0.04%) to close at 6,094.15 while 20-scrip S&P SL index edged up 3.30 index points or 0.09% to end at the session 3,488.50.

Two telcos, Dialog Axiata (LKR 10.60, -1.9%) and Sri Lanka Telecom (LKR 35.00, -2.5%) contributed negatively to the index performance while gains in Hemas Holdings (LKR 105.90, +1.3%) and John Keells Holdings (LKR 146.00, +0.3%) eased the impact.

Daily market turnover was 719mn. John Keells Holdings was the top contributor to the turnover with LKR 374mn underpinned by a single crossing of 0.3mn shares at LKR 146.00. Ceylon Cold Stores (LKR 68mn), Hemas Holdings (LKR 48mn) and Seylan Bank (LKR 45mn) made notable contribution. Single crossing was seen in Seylan Bank where 0.5mn shares changed hands at LKR 97.00.

Market breadth was negative where out of 191 stocks, 63 slipped and 48 advanced. High investor activity was seen in John Keells Holdings, Richard Pieris and Teejay Lanka. Richard Pieris declared an interim dividend of LKR 0.60 per share.

Foreign investors stood on buy side with a net foreign inflow of LKR 322mn. Foreign participation for the day was 52%. Net foreign inflows were seen in John Keells Holdings (LKR 345mn), Hemas Holdings (LKR 27mn), Tokyo Cement non-voting (LKR 6mn) while net foreign outflow was mainly seen in Seylan Bank (LKR 43mn).

Please note Colombo Stock Exchange will be closed tomorrow (10th February 2017) due to public holiday.

Source: LSL