Sri Lankan shares hit over 7-month high despite outflows

COLOMBO, Jan 24 (Reuters) - Sri Lankan shares hit seven-month highs on Friday as investors bought large cap stocks such as Ceylon Tobacco Co PLC, despite selling by foreign investors to reduce exposure to risky assets. 

 The main stock index rose 0.47 percent, or 29.49 points, to 6,255.63, its highest close since June 12. Foreign investors were net sellers for the first time in four sessions. 

They sold a net 384.82 million rupees worth of shares. But they have been net buyers of 826.6 million rupees so far this year. 

They had bought 22.88 billion rupees of stocks last year. 

 Offshore investors were net buyers for the last three sessions through Thursday on positive sentiment after the Colombo Stock Exchange and the Securities and Exchange Commission of Sri Lanka hosted an investor roadshow in Singapore earlier this week to attract more foreign funds. 

 Shares in large cap Ceylon Tobacco rose 1.73 percent to 1251.30 rupees, while Dialog Axiata PLC gained 2.15 percent to 9.50 rupees. 

 The index has gained 5.2 percent in the last 12 sessions including this week's 2 percent gain, which analysts attributed to the central bank's interest rate cut on Jan. 2 and the recent fall in t-bill yields. 

 The index has been in an overbought region since Jan. 7, Thomson Reuters data showed. 

It has risen 5.8 percent so far this year following a 4.8 percent gain in 2013, after having fallen in the previous two years. 

 The day's turnover was 1.5 billion rupees ($11.47 million), more than last year's daily average of about 828.4 million rupees. 

 ($1 = 130.7250 rupees) 

 (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anand Basu)
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Sri Lanka stocks close up 0.4-pct

Jan 24, 2014 (LBO) – Sri Lanka stocks close up 0.47 percent Friday with telco and tobacco stocks gaining, brokers said.

The Colombo benchmark All Share Price Index closed 29.49 points higher at 6,255.63, up 0.47 percent. The S&P SL20 closed 8.97 points higher at 3,478.09, up 0.26 percent.

Turnover was 1.45 billion rupees, down from 1.9 billion rupees a day earlier, with stocks of 78 firms closing in the red against 115 gainers.

Aitken Spence closed 1.20 rupees lower at 103.80 rupees with four off market transactions of 386.80 million rupees contributing to 27 percent of the turnover.

S M B Leasing closed 30 cents higher at 1.50 rupees, attracting most number of trades during the session.

Foreigners bought 299 million rupees worth shares while selling 684 million rupees of shares.

Ceylon Tobacco Company closed 21.30 rupees higher at 1,251.30 rupees and Dialog closed 20 cents higher at 9.50 rupees, contributing most to the index gain.

C T Holdings closed 6.40 rupees higher at 150.00 rupees and Distilleries closed 2.90 rupees higher at 205.00 rupees.

Commercial Bank closed 70 cents lower at 129.90 rupees and JKH closed 1.20 rupees lower at 247.00 rupees.

JKH’s W0022 warrants closed 10 cents lower at 80.00 rupees and its W0023 warrants closed 20 cents lower at 85.00 rupees.


Sri Lanka Telecom on Friday confirmed that they have not negotiated to purchase Hutch. SLT closed 40 cents lower at 36.60 rupees.

Cargills Ceylon closed 3.30 rupees higher at 153.40 rupees and Nestle Lanka ended 10.60 rupees higher at 2,150.50 rupees.

Carson Cumberbatch ended 80 cents lower at 355.00 rupees and Bukit Darah closed 1.40 rupees higher at 612.00 rupees.

Sri Lanka's Ceylon Cold Stores profits sharply up

Jan 24, 2014 (LBO) - Profits at Sri Lanka's Ceylon Cold Stores, a consumer goods maker and retailer rose 315 percent from a year earlier to 259 million rupees in the December 2014 quarter, interim accounts showed.

The firm reported earnings of 2.73 rupees per share for the quarter. In the nine months to December earnings were 6.03 rupees per share on total profits of 572 million rupees up 16 percent.

The firm said revenues rose 8 percent to 6.3 billion rupees, and expense grew at a slower 6 percent to 5.4 billion rupees allowing gross profits to grow at a faster 25 percent to 826 million rupees.

Ceylon Cold Stores, a unit of John Keells Holdings which produces 'Elephant' brand soft drinks and ice cream said revenues from manufacturing in the quarter rose to 2.0 billion rupees from 1.8 billion and profits rose to 182 million rupees from 102 million rupees a year earlier.

Revenues from retailing rose to 4.2 billion rupees from 3.9 billion rupees and profits rose to 75 million rupees recovering from a loss of 40 million rupees in 2012.