Sri Lankan stocks closed 0.1 percent lower Tuesday as retailers took profits from mid and low cap stocks, despite banks making gains, brokers said. The All Share Price Index closed at 4,606.69, down 6.07 points, while the Milanka index of more liquid stocks rose 0.27 percent (13.95 points) to close at 5,271.03. Turnover was 1.67 billion rupees, according to stock exchange provisional figures.
At the end trading there were 74 gainers and 93 losers, while foreign investors bought 188.6 million rupees of share and sold 132.2 million resulting in a net foreign inflow of 54.4 million rupees, brokers said.
“The market is currently showing signs of a correction,” Rakshitha Perera, research manager at Bartleet Mallory Stockbrokers said.
“Over the last two weeks the market has moved almost 6.0 percent so a market correction in our view is quite possible.”
Commercial Bank closed at 283.00 rupees, up 5.25 with 100,000 shares changing hands in a privately negotiated off-the-floor deal at 280.00 rupees per share.
In another private deal 250,000 Nations Trust Bank shares changed hands at 50.50 rupees per share. It closed at 50.50 rupees, up 1.25, brokers said.
Hatton National Bank closed at 299.75 rupees, up 3.75; Sampath Bank closed at 340.00 rupees, down 4.75 and Seylan Bank 73.00 rupees, up 2.25.
DFCC Bank closed at 274.75 rupees, up 1.00, and National Development Bank closed at 252.75 rupees, up 25 cents.
Retail investors took profits from small and midcap stocks, while diversified stocks also took a breather, brokers said.
Arpico Finance Company closed at 70.00 rupees, down 3.75, Bairaha Farms closed at 71.00 rupees, down 1.25, Cargo Boat Development Company closed at 99.00 rupees, down 3.25, Ceylon Theatres closed at 100.25 rupees, down 2.50 and First Capital Holdings closed at 20.25 rupees, down 25 cents.
Conglomerates, Aitken Spence closed flat at 1,600.00 rupees, Hayleys closed at 314.00 rupees, down 1.00, Hemas Holdings closed at 174.75 rupees, down 3.75 and John Keells Holdings closed at 203.00 rupees, down 1.00.
Dialog Telekom, a celco closed flat at 9.00 rupees, and Sri Lanka Telecom, a fixed line operator closed at 38.25 rupees, up 25 cents.
Wednesday, June 16, 2010
Monday, June 14, 2010
Colombo Stock Market Weekly Review.
Heavy interest in Banking & Diversified Holding sector drove the indices to new highs. ASI gained 203.13 to close the week at 4561.33 while MPI gained 213.82 points to close at 5182.16. Total equity turnover for the week amounted to Rs 13.13 billion rupees with an average daily turnover of Rs 2.62 billion. Total market capitalization stood at 1.486 trillion rupees, up by Rs 67.59 billion.
During the week Hatton National Bank Plc was up by 21 rupees to close at Rs 292.75 while DFCC Bank gained 15.25 to end the week at Rs 265.25. Commercial Bank was up by 13.25 to close at Rs 280.00. National Development Bank was up by 14.75 to close at Rs 247.00.
On Friday Carson Cumberbatch Group has announced a restructuring plan on their plantation assets in other countries. Carson Cumberbatch Plc has incorporated a wholly owned subsidiary to hold plantation assets. The name of that newly registered company is Goodhope Asia Holdings Ltd (GAHL) & it was registered in Singapore. Carson Group has announced improved results for the last financial year. Most of Carson Group stocks gained sharply on Friday.
In Hotels & Travels sector Trans Asia Hotel was up by 39 rupees to close at Rs 262.50 while Asian Hotels & Properties Plc closed at Rs 167.00, up 21.50.
Retailers may shift their investment trend from high valued stocks to low valued stocks (Midcap stocks) in coming days.
Foreigners were net sellers during the week with Rs 2.46 billion purchases & Rs 3.49 billion sales.
During the week Hatton National Bank Plc was up by 21 rupees to close at Rs 292.75 while DFCC Bank gained 15.25 to end the week at Rs 265.25. Commercial Bank was up by 13.25 to close at Rs 280.00. National Development Bank was up by 14.75 to close at Rs 247.00.
On Friday Carson Cumberbatch Group has announced a restructuring plan on their plantation assets in other countries. Carson Cumberbatch Plc has incorporated a wholly owned subsidiary to hold plantation assets. The name of that newly registered company is Goodhope Asia Holdings Ltd (GAHL) & it was registered in Singapore. Carson Group has announced improved results for the last financial year. Most of Carson Group stocks gained sharply on Friday.
In Hotels & Travels sector Trans Asia Hotel was up by 39 rupees to close at Rs 262.50 while Asian Hotels & Properties Plc closed at Rs 167.00, up 21.50.
Retailers may shift their investment trend from high valued stocks to low valued stocks (Midcap stocks) in coming days.
Foreigners were net sellers during the week with Rs 2.46 billion purchases & Rs 3.49 billion sales.
Sri Lanka to sell US$275mn in bonds
June 14, 2010 (LBO) - Sri Lanka is rolling over 275 million US dollars in two and three-year government bonds which pay a 6-month month floating rate coupon, the government's debt office said.
The government is offering 175 million US dollars of 2-year bonds and 100 million US dollars of 3-year bonds for subscription starting Monday.
The issue is closing on June 18, with the date of settlement set for June 30.
A 275 million US dollar tranche of 2-year bonds are maturing this month and the government is extending the tenure of a part of it by selling 3-year bonds, an official said.
The bonds called 'Sri Lanka Development Bonds' have a ready market among domestic buyers including banks that have access to foreign exchange and come with attractive tax benefits.
The minimum subscription is 100,000 US dollars.
In March 2010, the government sold 45 million US dollars in 2-year bonds at 380 basis points above the 6-month London interbank offered rate.
At the same time it sold another 55 million US dollars in 3-year bonds at 395 basis points above 6-month Libor.
Only 92 million US dollars in bonds out of a total of 100 million was sold through an auction and the balance was sold through a 'placement' in the March sale.
The government is offering 175 million US dollars of 2-year bonds and 100 million US dollars of 3-year bonds for subscription starting Monday.
The issue is closing on June 18, with the date of settlement set for June 30.
A 275 million US dollar tranche of 2-year bonds are maturing this month and the government is extending the tenure of a part of it by selling 3-year bonds, an official said.
The bonds called 'Sri Lanka Development Bonds' have a ready market among domestic buyers including banks that have access to foreign exchange and come with attractive tax benefits.
The minimum subscription is 100,000 US dollars.
In March 2010, the government sold 45 million US dollars in 2-year bonds at 380 basis points above the 6-month London interbank offered rate.
At the same time it sold another 55 million US dollars in 3-year bonds at 395 basis points above 6-month Libor.
Only 92 million US dollars in bonds out of a total of 100 million was sold through an auction and the balance was sold through a 'placement' in the March sale.
Sri Lanka Indian Bank unit's March net up 32.4-pct
June 14, 2010 (LBO) –Indian Bank's March quarter profits rose 32.4 percent to 296.3 million rupees on lower operating costs and reversals on provisions, while net interest margins shrank from lower interest income and dud loans rose, its accounts showed.
In the March 2010 quarter, the Sri Lankan unit of Indian Bank said interest income was down almost 21 percent to 777.1 million rupees, while interest expenses fell 44 percent to 206.3 million, resulting in a net interest income of 570.8 million rupees, down 6.8 percent.
Foreign exchange income rose 40.5 percent to 15.2 million rupees, while other incomes which are usually made up of fee based services fell 21.1 percent to 27.5 million rupees.
Operational expenses such as wages, premises rent and depreciation costs fell 13 percent to 116.7 million rupees.
In the March quarter there was a reversal on a provision of 21.6 million rupees, while in the same quarter last year the Indian Bank had made a provision of 55.1 million rupees, its accounts showed.
Tax costs were down 6.0 percent to 140.4 million rupees.
Indian Bank's net loan book had shrunk 30.8 percent to 3.78 billion rupees.
Performing loans were down 30.7 percent to 3.78 billion rupees, while non-performing loans had also fallen 15 percent to 152 million rupees.
Deposits were up 3.9 percent to 712.4 million rupees, while gross assets were up 6.0 percent to 10.66 billion rupees, its accounts showed.
In the March 2010 quarter, the Sri Lankan unit of Indian Bank said interest income was down almost 21 percent to 777.1 million rupees, while interest expenses fell 44 percent to 206.3 million, resulting in a net interest income of 570.8 million rupees, down 6.8 percent.
Foreign exchange income rose 40.5 percent to 15.2 million rupees, while other incomes which are usually made up of fee based services fell 21.1 percent to 27.5 million rupees.
Operational expenses such as wages, premises rent and depreciation costs fell 13 percent to 116.7 million rupees.
In the March quarter there was a reversal on a provision of 21.6 million rupees, while in the same quarter last year the Indian Bank had made a provision of 55.1 million rupees, its accounts showed.
Tax costs were down 6.0 percent to 140.4 million rupees.
Indian Bank's net loan book had shrunk 30.8 percent to 3.78 billion rupees.
Performing loans were down 30.7 percent to 3.78 billion rupees, while non-performing loans had also fallen 15 percent to 152 million rupees.
Deposits were up 3.9 percent to 712.4 million rupees, while gross assets were up 6.0 percent to 10.66 billion rupees, its accounts showed.
Sri Lanka 'green' apparel plant seen as global model
June 14, 2010 (LBO) - The United Nations Industrial Development Organization (UNIDO) has recommended as a global model an environmentally friendly apparel plant owned by Sri Lanka's Brandix Group, a statement said.
Visiting UNIDO Director General Dr. Kandeh Yumkella toured the facility in Seeduwa, north of Colombo, last week.
"I am pleased to recommend this factory as an example of sustainable production to manufacturers across industries and geographical boundaries,” the Brandix statement quoted him as saying.
The 130,000 square-foot Brandix Eco Centre is the group’s lead manufacturing plant for Marks & Spencer.
It has been rated 'Platinum' under the Leadership in Energy and Environmental Design (LEED) Green Building Rating System of the US Green Building Council for its low energy consumption, water conservation, solid waste management and low carbon emissions.
The factory has achieved a reduction of carbon emissions by 60 percent, an energy saving of 46 percent, a reduction of water consumption of 63 percent and zero solid waste to landfill.
The Brandix Group’s initiatives to reduce greenhouse gas emissions at manufacturing locations is on course to reduce the entire group’s carbon footprint by 17 percent by December 2010, the statement said.
The group’s target is to reduce its carbon footprint by 30 percent over the next two years.
It has 27 business units in Sri Lanka, India and Bangladesh and supplies some of the world’s leading apparel brands, including Gap, Victoria’s Secret, Abercrombie & Fitch, NEXT, Lands’ End, Old Navy and Tommy Hilfiger.
Visiting UNIDO Director General Dr. Kandeh Yumkella toured the facility in Seeduwa, north of Colombo, last week.
"I am pleased to recommend this factory as an example of sustainable production to manufacturers across industries and geographical boundaries,” the Brandix statement quoted him as saying.
The 130,000 square-foot Brandix Eco Centre is the group’s lead manufacturing plant for Marks & Spencer.
It has been rated 'Platinum' under the Leadership in Energy and Environmental Design (LEED) Green Building Rating System of the US Green Building Council for its low energy consumption, water conservation, solid waste management and low carbon emissions.
The factory has achieved a reduction of carbon emissions by 60 percent, an energy saving of 46 percent, a reduction of water consumption of 63 percent and zero solid waste to landfill.
The Brandix Group’s initiatives to reduce greenhouse gas emissions at manufacturing locations is on course to reduce the entire group’s carbon footprint by 17 percent by December 2010, the statement said.
The group’s target is to reduce its carbon footprint by 30 percent over the next two years.
It has 27 business units in Sri Lanka, India and Bangladesh and supplies some of the world’s leading apparel brands, including Gap, Victoria’s Secret, Abercrombie & Fitch, NEXT, Lands’ End, Old Navy and Tommy Hilfiger.
Saturday, June 5, 2010
Colombo Stocks continues to rise as Banking Stocks getting heavy demand.
Colombo Stocks continues to rise as Banking Stocks getting heavy demand.
The bench mark Colombo All Share Index was up by 31.90 points to close at 4332.39 while Milanka Index gained 68.70 to close the day at 4918.64. Turnover was 3.67 billion rupees.
Investors are speculating on possible tax cut on heavily taxed Banking Industry after recent import tax cut. Commercial Bank of Ceylon Plc (COMB) was leading the Banking rally with Rs 12.50 gain to close at Rs 267.00 while Hatton National Bank gained twelve rupees to close at Rs 272.00. DFCC Bank closed at Rs 247.75, up 9.50. National Development Bank was up by 8.75 to close at Rs 228.50 while Sampath Bank managed to close at Rs 310.25, up 11.50.
AVIVA NDB Insurance Plc has added Rs 15.25 to its value to close at Rs 225.25. Singer Sri Lanka Plc was up by 13.75 to end the day at Rs 128.75.
Total of 86 companies made gains today while 62 companies lost their market prices. Over 2.5 million shares of Confifi Hotel Holdings Plc traded today but closed 14.75 lower at Rs 210.00. The US Based lubricant Company Chevron Lubricants Lanka Plc lost 5.25 to close at Rs 159.50.
Foreigners were continued to be net buyers with purchases of Rs 513.2 million & sales of Rs 288.1 million.
Brokers feel that demand for banking stocks will continues as investors speculates on the sector.
The bench mark Colombo All Share Index was up by 31.90 points to close at 4332.39 while Milanka Index gained 68.70 to close the day at 4918.64. Turnover was 3.67 billion rupees.
Investors are speculating on possible tax cut on heavily taxed Banking Industry after recent import tax cut. Commercial Bank of Ceylon Plc (COMB) was leading the Banking rally with Rs 12.50 gain to close at Rs 267.00 while Hatton National Bank gained twelve rupees to close at Rs 272.00. DFCC Bank closed at Rs 247.75, up 9.50. National Development Bank was up by 8.75 to close at Rs 228.50 while Sampath Bank managed to close at Rs 310.25, up 11.50.
AVIVA NDB Insurance Plc has added Rs 15.25 to its value to close at Rs 225.25. Singer Sri Lanka Plc was up by 13.75 to end the day at Rs 128.75.
Total of 86 companies made gains today while 62 companies lost their market prices. Over 2.5 million shares of Confifi Hotel Holdings Plc traded today but closed 14.75 lower at Rs 210.00. The US Based lubricant Company Chevron Lubricants Lanka Plc lost 5.25 to close at Rs 159.50.
Foreigners were continued to be net buyers with purchases of Rs 513.2 million & sales of Rs 288.1 million.
Brokers feel that demand for banking stocks will continues as investors speculates on the sector.
Thursday, June 3, 2010
Banking stocks dominated the today’s trading.
Banking stocks dominated the today’s trading.
With the large transaction in Commercial Bank of Ceylon Plc (COMB) other banking stocks too got the investor attention. CSE turnover was boosted to massive 9.55 billion rupees mainly due to COMB deal. ASI was up by 41.59 points to close at 4300.39 while MPI managed to close 71.56 points higher at 4849.94.
COMB closed at Rs 254.50, up 5.25 while DFCC Bank closed at Rs 238.25, up 29.75. Hatton National Bank (HNB) was up by 9.75 to end the day at Rs 260.00. Nation Trust Bank gained four rupees to close at Rs 42.00 while National Development Bank closed at Rs 219.75, up 3.75.
Investor interest in Motor sector still going on due to yesterday’s import tax cut on vehicles. Lanka Ashok Leyland was up by hundred rupees to close at Rs 1325.00 while Diesel & Motor Engineering (DIMO) closed at Rs 605.75, up fifty five rupees. United Motors Lanka Plc the Mitsubishi vehicle importer also added eight rupees to close at Rs 143.75.
Listed consumer electronic item importers also benefited from the tax cut. ABANS Electricals Plc was up by 5.25 to close at Rs 199.75. Singer Sri Lanka Plc closed at Rs 115.00, 19.75.
Total of 86 stocks recorded gains today while 55 stocks lost their value. Foreigners were net buyers with huge margin as they purchased stocks valued Rs 6.21 billion rupees & sold stocks valued Rs 1.74 billion. According to the brokers the COMB stake was acquired by a foreign investor.
With the large transaction in Commercial Bank of Ceylon Plc (COMB) other banking stocks too got the investor attention. CSE turnover was boosted to massive 9.55 billion rupees mainly due to COMB deal. ASI was up by 41.59 points to close at 4300.39 while MPI managed to close 71.56 points higher at 4849.94.
COMB closed at Rs 254.50, up 5.25 while DFCC Bank closed at Rs 238.25, up 29.75. Hatton National Bank (HNB) was up by 9.75 to end the day at Rs 260.00. Nation Trust Bank gained four rupees to close at Rs 42.00 while National Development Bank closed at Rs 219.75, up 3.75.
Investor interest in Motor sector still going on due to yesterday’s import tax cut on vehicles. Lanka Ashok Leyland was up by hundred rupees to close at Rs 1325.00 while Diesel & Motor Engineering (DIMO) closed at Rs 605.75, up fifty five rupees. United Motors Lanka Plc the Mitsubishi vehicle importer also added eight rupees to close at Rs 143.75.
Listed consumer electronic item importers also benefited from the tax cut. ABANS Electricals Plc was up by 5.25 to close at Rs 199.75. Singer Sri Lanka Plc closed at Rs 115.00, 19.75.
Total of 86 stocks recorded gains today while 55 stocks lost their value. Foreigners were net buyers with huge margin as they purchased stocks valued Rs 6.21 billion rupees & sold stocks valued Rs 1.74 billion. According to the brokers the COMB stake was acquired by a foreign investor.
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