Sri Lanka Melstacorp share trading commences from tomorrow

(LBO) – Sri Lanka’s newly formed Melstacorp, the holding company of Distilleries, said its shares will commence trading on the Colombo Stock Exchange from tomorrow.

In a stock exchange filing, the company said these shares will be classified under the ‘Diversified Holdings’ sector.

A total of 1,165,397,072 ordinary voting shares are to be listed on the main board under the security code of MELS-N-0000 by way of an introduction.

Melstacorp limited further said deposits will be accepted by the CDS with immediate effect.

In September, shareholders of the Distilleries Company approved a special resolution to make Melstacorp the holding company of the group, in a reversal of the structure.

From 1st October Melstacorp became the holding company of Distilleries as well as Lanka Bell, Continental Insurance Lanka, Melsta Regal Finance, Balangoda Plantations and Browns Beach Hotels.

It also owned a significant percentage of shares in Aitken Spence and Madulsima Plantations.

Distilleries earlier announced that Harry Jayawardena is still the Chairman of both DCSL and Melstacorp while Amitha Gooneratne is the Managing Director of Melstacorp Ltd.

Sri Lankan shares hit more than 1-wk closing high; PABC boosts turnover

Reuters: Sri Lankan shares touched a more than one-week closing high on Thursday led by financials, with shares of Pan Asia Banking Corporation Plc accounting for 85 percent of the day's turnover.

The Colombo stock index finished 0.28 percent higher at 6,245.71, moving away from its lowest close since April 6 hit on Tuesday.

Turnover stood at 720.9 million rupees ($4.82 million), less than the daily average of around 740 million rupees for this year.

Foreign investors bought a net 12.3 million rupees worth shares on Thursday, extending the year-to-date net foreign inflows into equities to 639.8 million rupees.

Pan Asia Banking gained 1.5 percent, while shares in Ceylinco Insurance Plc jumped 17.8 percent

($1 = 149.6000 Sri Lankan rupees) 

(Reporting by Shihar Aneez; Editing by Biju Dwarakanath)

Colombo Stock Exchange Market Review – 29th Dec 2016

(Click here)

Colombo Stock Exchange Trade Summary 29-Dec-2016

Colombo equities continued the positive momentum for the second straight-session with benchmark ASI gaining 17.20 index points (+0.3%) to close at 6,245.71. However, the blue-chip S&P SL 20 index closed 2.65 points (-0.1%) lower at 3,503.13.

Out of the 190 shares traded, 64 gained, 46 declined while 80 stocks remained unchanged. Gains in Ceylinco Insurance (LKR 1,471.40, +17.8%), Ceylon Tobacco (LKR 811.30, +1.4%) and C T Holdings (LKR 125.00, +4.2%) pushed the ASI higher. Among the blue-chips Nestle Lanka (LKR 1,979.50, -3.1%) and Hatton National Bank (LKR 225.00, +1.5%) led losers droving the S&P SL 20 index to the negative territory.

Market activity remained lackluster but the turnover reached LKR 721mn supported by the single crossing in Pan Asia Bank which accounted for 85% of the market turnover. The bank recorded the only crossing of the day where 29.1mn shares (9.9% of the issued cap) changed hands at LKR 21.00. Accordingly, Pan Asia Bank (LKR 614mn), Commercial Bank (LKR 24mn) and Sansa Development Bank (LKR 13mn) made the largest contribution to the turnover.

Pan Asia Bank (LKR 19.80, +1.5%) and Sansa Development Bank (LKR 106.20, +3.1%) attracted the retail investor interest today along with Union Bank (LKR 15.20, +1.3%) and Lanka IOC (LKR 31.00, +1.3%).

Foreign investors were net buyers with net inflow of LKR 12mn. Foreign participation was mere 4%. Top net inflows were seen in Commercial Bank –voting (LKR 23mn), Commercial bank – nonvoting (LKR 3mn) and Asiri Hospital Holdings (LKR 2mn) while top net outflow was seen in Dialog Axiata (LKR 7mn).
Source: LSL