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Jan 18, 2011

Singer Finance rally alone among Colombo Stocks

Colombo Stock Indices glided slightly on Monday the 17 January 2011 as investors focused on the IPO gains of Singer Finance PLC (SFIN) which rocketed the trading floor ahead of other listed stocks. However, buying interest was seen in other financing companies such as Central Finance (CFIN) and Asia Capital (ACAP) while mixed sentiments seem to prevail in the absence of aggressive institutional investor participation.

At the commencement of trading Singer Finance (SFIN) rose over 333% beyond its initial public offer at Rs.15 closing at Rs.50.50 at closure of market hours. The All Share Price Index (ASPI) closed at 7,008.06 points, dropped 0.35% by 24.54 points and the Milanka Price Index (MPI) closed at 7,240.04, tumbled 0.84% by 61.05 points as at end of trading day.

Turnover was at Rs.3.17 billion rose 86.11% with 156.69 million shares changing hands, up 22.28% added with 80 gainers and 137 listed losers. Foreign purchases rose by Rs.236.88% to Rs.203.39 million and foreign sales were also seen increased 80.99% to Rs.142.95 million whilst the Price to Forward Earnings Ratio (PER) was stable at 26.6 times.

Biggest contributor to turnover was Singer Finance with the stock closing at 49.20, up 34.20 from the IPO offer price of 15.00 rupees. The stock contributed 949 million rupees to turnover with 26.7 million shares offered to the public and over 21.2 million shares done.

First Capital Holdings (CFVF) closed at Rs.28.30, up Rs.3.70 with Asia Capital (ACAP) rising by 18.14% to Rs.86 (up Rs.12.70) and Ceylon Cold Stores closed at Rs.700 rose Rs.168.60 by 31.73%. Meanwhile, Lanka Ashok Leyland dropped 32.05% by Rs.1,278.60 closing at Rs.3,980.

Bank, Finance & Insurance and Diversified were the highest contributors to the market turnover. Bank, Finance and Insurance sector index increased by 0.15% while Diversified sector index decreased by 0.26%. Three crossings were recorded for 354,700 shares of Hayleys PLC at (HAYL) Rs.350, 5,000,000 shares of Dialog Axiata (DIAL) at Rs.11.80 and 75,000 shares of John Keells Holdings (JKH) at Rs.294.50. Cargills (Ceylon) (CARG) announced an interim dividend of Rs 0.50 per share.

Globally, European stocks were trading largely flat early Monday, as weakness in the basic resources sector offset a strong performance by oil and gas shares. FTSE 100 was 0.1% higher. Asian stock markets were mostly lower today, with shares in China trading down as investors showed caution after Beijing raised banks' reserve requirements Friday. Nikkei was down 0.1%.

Sri Lankan Secondary Debt Market Treasury bond yields slightly increased, while the market activity was relatively high.

Sri Lankan Rupee depreciated slightly as the exchange rate was recorded at Rs.110.81 to 110.82 per US Dollar.


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