Lanka Securities Market Round up 16 September 2015

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Lanka Securities Market Round up 16 September 2015

Post  Melissa Pereira on Thu Sep 17, 2015 11:03 am

Colombo stocks lost further ground on Wednesday after trading in a narrow range as most of the investors remained hesitant to make big trades. The much anticipated Fed policy meeting, the domestic economic concerns along with the outcome of the UNHRC meeting are seemingly keeping the investors on the sidelines.

The benchmark ASI lost 15.03 index points or 0.2% to close at 7,137.40 while S&P SL 20 index closed at 3,899.63 with a drop of 15.50 points or 0.4%.

The Central Bank decision to limit the loan-to-value ratio of motor vehicle leases to 70% coupled with rise in vehicle prices dampened the interest in finance companies and most of the stocks closed with negative returns. Among these were index heavy Peoples Leasing LKR 22.50 (-4.7%), Commercial Leasing (LKR 4.20,+2.3%), Lanka Orix Leasing (LKR 100.00,- 5.5%), LB Finance (LKR 121.10,-1.5%) and Vallibel Finance (LKR 64.00,-4.5%).

The market breadth was almost equally divided between gainers and losers with 96 to 101 while 65 stocks remained unchanged. Cash map moved up slightly from 49% to 52%. 6ncounters touched 52 week high prices while 17 fell to 52 week low price level.

The market turnover improved to LKR 771mn with the support of four off-the floor deals in Kelani Tyre (1.4mn shares at LKR 82.00), Hatton National Bank (0.5mn shares at LKR 174.00), and Citizen Development Bank (0.5mn shares at LKR 102.50). The crossings represented 34% of the total turnover. Accordingly, Kelani Tyre (LKR 119mn), Hatton National Bank (LKR 88mn) and Citizen Development Bank (LKR 64mn) made the top contributions to the daily turnover.

Peoples Leasing led the trades to day while active trading was also seen in Ceylon Grain Elevators, Colombo City Holdings and Sanasa Development Bank.
Meanwhile, Dialog Axiata have increased its shareholding in Digital Commerce Lanka (Pvt) Ltd from 46% to 100%, through its subsidiary, Digital Holdings Lanka (Pvt) Ltd. Digital Commerce Lanka (Pvt) Ltd is the operating company of e-commerce website, “wow.lk”.

Foreign investors bought shares worth of LKR 47mn on net basis and accounted for 20% of the market activity. Top net inflows were reported in Central Finance (LKR40mn), Textured Jersey (LKR 10mn) and Sampath Bank (LKR 7mn) while top net outflow was seen in Three Acre Farms (LKR 6mn).
Please refer the link for more details- http://www.lsl.lk/pdf/research/marketroundup.pdf

Melissa Pereira

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