CSE betters 2013 figures in first 5 months of 2014

Tuesday, 10 June 2014 00:59 -     - {{hitsCtrl.values.hits}}

In the first five months of 2014, the Colombo stock market has outperformed its major indicators from 2013. The Colombo Stock Exchange (CSE) said the All Share Price Index (ASPI) closed at 6,263.46 on 30 May presenting a 5.9% increase and the S&P SL 20 closed at 3,454.61 on the same day with a 5.8% increase. The Bourse has also proved to be an attractive avenue of investment, considering the prevailing fixed deposit interest rates of 5 to 6%. CSE said nearly 46% of stocks have performed outstandingly, where 137 of the 293 listed companies have given returns above 5%; including 49 companies providing an increase in returns over 20%, 51 companies appreciating by price between 10 and 20%, and 37 companies increasing in value by five and 10%. The listing of new companies on the Exchange is also gathering momentum within the business community, with seven companies listing and increasing the total number of listed companies to 293. In the first five months of the year, the CSE saw three equity IPOs raising Rs. 2.58 billion, four debt IPOs raising Rs. 5.5 billion and one equity introduction. The Rs. 2.58 billion raised through equity IPOs is the highest since 2011. The CSE under the Securities and Exchange Commission (SEC) 10 point market development plan is targeting more new companies in varied industry sectors to list and looks forward to adding more new listings in the second half of the year.

 Foreign buying in JKH, Expo boosts Bourse

Foreign buying especially on John Keells Holdings (JKH) and Expolanka Holdings Plc boosted the Colombo stock market yesterday increasing the year to date net inflow to over Rs. 5 billion. On a day with a net inflow of Rs. 924 million, JKH saw Rs. 715 million in net foreign buying with 3.04 million shares done whilst EXPO which is subject to mandatory offer saw 4.6 million shares of net buying for Rs. 50 million. The latter overall saw 8.5 million shares traded for Rs. 91 million. Large blocks of EXPO were done at Rs. 10.70 each, same price as the mandatory offer by Japan’s Sagawa. JKH saw a crossing of 3 million shares at Rs. 235 each. CT holdings and Royal Ceramics also saw over Rs. 60 million each in foreign buying.