Sri Lankan shares down on telecommunications, hotels; foreigners sell

(Reuters) - Sri Lankan shares fell for the third straight session on Friday to a more than one-week closing low as foreign investors offloaded telecommunications and hotel stocks.

However, analysts said the index would be on a slow rising trend this year due to lower interest rate.

The main stock index fell 0.17 percent or 10.75 points to 6,302.45, its lowest since June 11. It hit a more than one-year high on Tuesday.

"It was a sideway market. In the short term, we do not see any much risks because of the lower interest rates," a stockbroker said on condition of anonymity.

"However, concerns over the recent violence and the news that the country has been importing Iran crude despite sanctions could have an impact," the stockbroker said.

The bourse saw a net foreign outflow of 190.1 million rupees ($1.46 million), but they have been net buyers of 5.68 billion rupees so far this year.

Sri Lanka's Media Minister and government spokesman Keheliya Rambukwella on Thursday said that the island nation has been buying Iranian crude from various countries via third parties, and avoiding sanctions with the understanding of the United States. The U.S. denied the claim.

Dealers said investors perceive the weekend violence that killed at least three people and left over 75 people seriously injured could hit the market and tourism sector.

The market has been on a rising trend since late February due to the continued foreign buying and lower interest rates. It fell on Wednesday after the central bank held the key policy rates steady, though some had expected a rate cut.

Turnover was 1.21 billion rupees, more than this year's daily average of 1 billion rupees.

Shares of Conglomerate John Keells Holdings Plc, which accounted for 22 percent of the days turnover, fell 0.63 percent to 220.7 rupees.

Shares in leading fixed line telephone operator Sri Lanka Telecom Plc fell 2.71 percent to 46.70 rupees, while Asian Hotels and Properties Plc slid 5.35 percent. 

($1 = 130.2000 Sri Lankan Rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anand Basu)

Sri Lanka shares close down 0.2-pct

20 Jun, 2014 16:00:07
June 20, 2014 (LBO) - Sri Lanka's shares closed 0.17 percent lower for the third straight session amid strong foreign selling, brokers said.

The Colombo benchmark All Share Price Index closed 10.75 points lower at 6,302.45, down 0.17 percent. The S&P SL20 closed 11.81 points lower at 3,478.86, down 0.34 percent.

Turnover was 1.21 billion rupees, up from 683.59 million rupees a day earlier with 93 stocks closed positive against 87 negative.

Amana Takaful closed flat at 1.80 rupees with two off-market transactions of 180.25 million rupees changing hands at 2.00 rupees per share contributing 15 percent of the turnover.

The aggregate value of all off-the-floor deals represented 47 percent of the daily turnover.

John Keells Holdings closed 1.40 rupees lower at 220.70 rupees with market transactions of 268.26 million rupees contributing 22 percent of the turnover.

JKH’s W0022 warrants closed 1.40 rupees higher at 60.50 rupees and its W0023 warrants closed 1.50 rupees higher at 70.60 rupees.

Ceylon Leather Products W0014 warrants closed 20 cents higher at 1.80 rupees, attracting most number of trades during the day.

Foreign investors bought 196.45 million rupees worth shares while selling 386.54 million rupees worth shares.

Sri Lanka Telecom closed 1.30 rupees lower at 46.60 rupees and Dialog Axiata closed flat at 10.40 rupees.

Asian Hotels and Properties closed 3.80 rupees lower at 67.20 rupees and Trans Asia Hotels closed 1.40 rupees lower at 96.50 rupees.

Commercial Bank closed 2.00 rupees lower at 133.00 rupees and Commercial Leasing and Finance closed 10 cents higher at 4.10 rupees.

Bukit Darah closed 12.00 rupees higher at 660.00 rupees and Indo-Malay closed 98.70 rupees higher at 1,800.00 rupees.

Ceylon Beverage Holdings closed 39.10 rupees higher at 548.10 rupees and Lion Brewery Ceylon closed 8.90 rupees higher at 443.90 rupees.

CSE Investor Education Day today

The Colombo Stock Exchange (CSE) in association with the Securities and Exchange Commission of Sri Lanka (SEC) will host an awareness campaign, on investing in the Stock Market, today at the Lobby Level of the World Trade Centre, from 9 am to 5 pm.

Visitors to the stall will be given an opportunity to tour the trading floor, meet with Stock Brokers and Unit Trust Companies, open accounts in the Central Depository System (CDS) and obtain vital insights on investing in the Capital Market.

It is the prevailing notion that in light of the positive performance of the Market and the current low interest rates; it is an ideal time for potential investors to enter the market and maximize their returns by investing wisely.

The CSE Investor Education Team will be present to educate visitors to the Stall on the principal elements of investing, provide them with special publications and answer any queries on investing.
www.dailynews.lk

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Kelani Cables hits magical Rs 5 b turnover in 2013 -14

- Kelani Saviya extended to Jaffna Peninsula
Fizel Jabir

Kelani Cables has achieved the landmark Rs 5 billion turnover for the financial year 2013 -14, Kelani Cables Chief Executive Officer Mahinda Saranapala said .

Kelani Cables is also poised to further expand its operations with an investment of Rs 300 million where Rs100 million has already been invested in a plot of land.

Saranapala said the company's total export earnings stood at US$ 4.5 million which was 15% of the total turnover of the company and held a 38 % market share in Sri Lanka.

Kelani Cables has also recorded tremendous performances year on year with the Top Line recording Rs 5,235 billion in 2013/14 in comparison with Rs 4,565 billion in 2012/2013 an YoY growth of 14.5%. Similarly a 10.3% growth in the company's Bottom Line has been reported from Rs 204 million in 2012/2013 to Rs 225 million in 2013/14.

The company's Gross Profit YoY has increased from Rs717 million in 2012/2013 to Rs 845 million in 2013/14 a 17.8 % increase. Similarly profit before tax of the company stood at Rs 312 million in 2013/14 a 9.8% increase YoY.

Meanwhile, the Kelani Saviya Career Development Program has ben extended to the Jaffna Peninsula and this would make a great impact to the country towards building trust and confidence among communities.

Saranapala said this is done to uplift the knowledge of electricians. "Traditionally electricians learn from their father, uncle or brother. It would be a problem if they learn the wrong thing as it can be disaster to humanity and property. So having realized this we launched this CSR programme in 2007 and based on the successful story and all the reports that we got from the participants we decided to extend this to the Northern province purely to uplift the working conditions of electricians plus to build a private,public sector partnership in developing and uplifting the hearts and minds of the people in the Northern peninsula,"

The signing of the agreement took place on Tuesday at the Kelani Cables Auditorium between the Vice Chancellor University of Jaffna, Prof Vasanthy Arsaratnam and Chief Executive Officer Kelani Cables Mahinda Saranapala witnessed by Anil Munasinghe, General Manager Marketing and Dr A Athputhurajah Dean, Engineering Faculty.

Those who wish to apply should have minimum qualification of GCE (O/L) examination and they may send completed application together with copies of the certificates, addressed to the Course Director, Kelani Saviya, Faculty of Engineering, University of Jaffna.
www.dailynews.lk

Sri Lankan shares edge down to one-week low; Keells leads

(Reuters) - Sri Lankan shares edged down to hit a one-week closing low on Thursday in moderate volume, led by a fall in shares of market heavyweight John Keells Holdings .

However, analysts said the index would be on a slow rising trend this year due to lower interest rate.

The main stock index fell 0.07 percent or 4.41 points to 6,313.20, its lowest since June 11. It hit a more than one-year high on Tuesday.

"We expect the index to gain this year due to lower interest rates," said Danushka Samarasinghe, chief operating officer at Softlogic Finance. "But the gain will be slower and sticky because we don't see a growth in profits in businesses."

The bourse saw a net foreign inflow of 105.9 million rupees, extending the inflows to 5.92 billion rupees ($45.47 million) so far this year.

The market has been on a rising trend since late February due to the continued foreign buying and lower interest rates. It fell on Wednesday after the central bank held the key policy rates steady, though some had expected a rate cut.

Dealers said investors were waiting to see the impact of weekend violence that killed at least three people and left 75 people seriously injured on the market and tourism sector.

The central bank has reduced its key policy rates to multi-year lows, but has not yet seen any improvement in credit and import growth. April private sector credit growth contracted 3.3 percent year-on-year, its worst performance since January 2010.

Turnover was 683.6 million rupees, less than this year's daily average of 1 billion rupees.

Shares of Conglomerate John Keells fell 2.20 percent to 222.10 rupees.

($1 = 130.2000 Sri Lankan Rupees) 

(Reporting by Shihar Aneez; Editing by Anand Basu)

Sri Lanka stocks close down 0.1-pct

June 19, 2014 (LBO) - Sri Lanka's stocks closed 0.07 percent lower with index heavy John Keells Holdings losing ground despite net foreign buying, brokers said.

The Colombo benchmark All Share Price Index closed 4.41 points lower at 6,313.20, down 0.07 percent. The S&P SL20 closed 8.82 points lower at 3,490.67, down 0.25 percent.

Turnover was 683.59 million rupees, down from 713.88 million rupees a day earlier with 67 stocks closed positive against 106 negative.

Foreign investors bought 248.45 million rupees worth shares while selling 142.52 million rupees worth shares.

Index heavy John Keells Holdings closed 5.00 rupees lower at 222.10 rupees, contributing most to the index drop for the second consecutive day while attracting most number of trades during the day.

The diversified conglomerate also had three off-market transactions of 102.39 million rupees changing hands at 233.20 rupees per share contributing 15 percent of the daily turnover.

JKH’s W0022 warrants closed 90 cents lower at 59.10 rupees and its W0023 warrants closed 40 cents lower at 69.10 rupees.

Commercial Bank closed 30 cents higher at 135.00 rupees with market transactions of 103.58 million rupees changing hands at the same price per share contributing 15 percent of the turnover.

Ceylon Tobacco Company closed 5.00 rupees lower at 990.00 rupees and Nestle Lanka closed 52.00 rupees higher at 1,975.00 rupees.

Hayleys closed 6.80 rupees lower at 292.20 rupees and Dialog Axiata closed 20 cents higher at 10.40 rupees.

State to take over Sri Lanka listed company land

June 19, 2014 (LBO) - Dunamis Capital Plc said property valued at over 500 million rupees in a popular hill resort is to be taken over by the state.

The firm said in a stock exchange filing that the property in Upper Lake Road is 76 percent owned by the company and had a carrying value of 536 million rupees. Another 120 million rupees in interest had also been spent.

It had received an acquisition order dated June 10.

Two listed firms have been expropriated by the state in its entirety in the recent past and no compensation has yet been paid even to minority shareholders.

Related News:

http://www.cse.lk/cmt/upload_cse_announcements/3391403058477_.pdf