Daily Trade Journal – CSE Diary for 20.09.2012
The bourse retrieved its stride reverting back to the green following the downturn in the initial hours that depicted some profit taking. The benchmark index which plunged as much as 43 points during early hours recovered to touch a high of 1.2% at 5,918.95 points before closing in the green at 5,901.97 points (up 53 points). The MPI took a similar path to recoup its losses on profit taking with 19 of the 25 counters recording gains. The gains made in Bukit Darah (+3.1%), Carsons Cumberbatch (+1.9%), Kandy Hotels Company (+28.9%), Distilleries (+3.2%) and Commercial Leasing and Finance (+4.4%) weighed positively on the index. The S&P SL20 index too backslid to the green gaining 28 points with majority of the counters recording gains out of which Distilleries (+3.2%), Bukit Darah (+3.1%), Asian Hotels and Properties (+2.9%) and Aitken Spence Hotel Holdings (+2.6%) were the major gainers.
Dialog Axiata regained focus to be the day’s front runner with an on-board transaction of c.2.5 mn shares dealt at LKR7.50 followed by a parcel of 7 mn shares which was crossed off at LKR7.50.
Following yesterday’s heavy foreign accumulation, John Keells Holdings extended its stay in the top turnover slot appreciating as much as LKR219.50 before closing with a gain of 0.6% at LKR219.40. Further, the counter recorded a crossing amounting to 100k shares at LKR219.00. Interest heaved up in Ceylon Tobacco Company during the final hour of trading while it reached LKR712.00 (+0.4%) at its intra-day high before closing with a dip at LKR700.20.
Nations Lanka Finance extended its presence in the top turnover slot for the 6th consecutive session with strong investor participation. Lanka Hospitals Corporation, with considerable foreign interest yesterday, saw its price touching a high of LKR48.80 (+6.1%) before closing with a gain of 4.3% at LKR48.00. Both Browns Beach Hotels and Kandy Hotels Company witnessed notable interest as the former renewed its 52-week high yet again at LKR30.50 while the latter saw a steep upward movement to touch its 52-week high of LKR12.10, gaining 28.9% for the day at its close of LKR11.60.
Renewed buying Interest surrounded Haycarb as it dominated the turnover during early hours with its announcement of acquiring a Thailand based manufacturing plant, Shizuka Company Ltd. The counter saw c.53k shares being picked on-board at LKR178.0 whilst it traded at a 52 week high of LKR183.0. Interest in Citrus Kalpitiya and in Central Investment and Finance remained uninterrupted.
Banking sector players; Sampath Bank, Hatton National Bank Non-Voting and Nations Trust Bank too witnessed participation with National Development Bank recording the largest gain of 1.6% at its close of LKR130.00.
Free Lanka Capital saw an on-board transaction of c. 1 mn shares being executed on-board at LKR3.00 while several large trades were also noted in Nations Lanka Finance, Amana Takaful, Panasian Power, Expo Lanka Holdings and Citrus Leisure[W:0019].
European Stocks Decline on China Manufacturing Slowdown: European stocks declined for the third time in four days after a report signaled that China’s manufacturing industry will contract for an 11th month. The Stoxx Europe 600 Index fell 0.6% to 273.28 at 8:06 a.m. in London while the MSCI Asia Pacific Index declined 1.3%.
Oil Drops a Fourth Day on China Manufacturing, Rising Stockpiles: Oil dropped for a fourth day in New York after a Chinese-manufacturing gauge contracted and US data showed stockpiles climbed the most since March, signaling an easing of fuel demand in the world’s biggest crude users. Oil for October delivery decreased as much as USD1.10 to USD90.88 a barrel in electronic trading on the New York Mercantile Exchange.