ASPI 6, , % S&P SL20 3, , % Banking & Finance 17, , %
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- Marilyn Cross
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1 (Turnover LKR Bn) ASPI ACUITY STOCKBROKERS RESEARCH SRI LANKA EQUITIES Monthly Gain on ASPI ~4.1% LKR Depreciates Amid Oil Import Demand Indices vs. Turnover (09 th Oct 13 th Oct) ASPI 1.58% S&P SL % 6,650 6,610 ASPI S&P SL20 3,950 3,910 The Bourse continued Cont. P2 Foreign Investors Closed the Week in... Cont. P3 Markets sailed past the 6600-mark Cont. P5 Economic Snapshot P6 KEY STATISTICS 6,570 6,530 6,490 6, ,870 3,830 3,790 3, Oct 10-Oct 11-Oct 12-Oct 13-Oct 09-Oct 10-Oct 11-Oct 12-Oct 13-Oct S&P SL20 Week ending 13-Oct 06-Oct +/- ASPI 6, , % S&P SL20 3, , % Banking & Finance 17, , % Food & Beverage 22, , % Diversified 1, , % Hotel & Travel 2, , % Plantations 1, , % Manufacturing 4, , % Turnover (LKR Bn) % Foreign Buying (LKR Mn) 3, , % Foreign Selling (LKR Mn) 2, , % Daily Average Turnover (LKR Bn) % Daily Average Foreign Buying (LKR Mn) % Daily Average Foreign Selling (LKR Mn) % TOP 10 GAINERS TOP 10 LOSERS Code Opening Closing WoW % Change S M B LEASING[NV] SEMBX % ADAM INVESTMENTS AINVN % BLUE DIAMONDS[NV] BLUEX % THE FINANCE CO. TFC N % ASIA CAPITAL ACAPN % BLUE DIAMONDS BLUEN % NATION LANKA CSF N % HVA FOODS HVA N % LOTUS HYDRO HPFLN % CDB[NV] CDB X % Code Opening Closing WoW % Change PC PHARMA PCP N % KELSEY KDL N % LANKEM CEYLON LCEYN % HAPUGASTENNE HAPUN % LANKA ALUMINIUM LALUN % CIFL CIFLN % ADAM CAPITAL PCHHN % SERENDIB ENG.GRP IDL N % MADULSIMA MADUN % WATAWALA WATAN % 1
2 ACUITY STOCKBROKERS RESEARCH SRI LANKA EQUITIES Market Review Indices The Bourse continued its upward momentum as the ASPI increased by points (or 1.58%) to close at 6, points, while the S&P SL20 Index also increased by points (or 3.11%) to close at 3, points. Turnover & Market Capitalization Sampath Bank was the highest contributor to the week s turnover value, contributing LKR 2.34Bn or 32.44% of total turnover value. JKH followed suit, accounting for 20.07% of turnover (value of LKR 1.45Bn) while NDB contributed LKR 0.37Bn to account for 5.12% of the week s turnover. Total turnover value amounted to LKR 7.21Bn (cf. last week s value of LKR 5.26Bn), while daily average turnover value amounted to LKR 1.44Bn (+9.67% W-o-W) compared to last week s average of LKR 1.32Bn. Market capitalization meanwhile, increased by 1.58% W-o-W (or LKR 46.83Bn) to LKR 3,007.87Bn cf. LKR 2,961.04Bn last week. Liquidity (in Value Terms) The Banking, Finance & Insurance Sector was the highest contributor to the week s total turnover value, accounting for 56.26% (or LKR 4.06Bn) of market turnover. Sector turnover was driven primarily by Sampath Bank, NDB, HNB, Commercial Bank & Amana Takaful which accounted for 84.46% of the sector s total turnover. The Diversified Sector meanwhile accounted for 26.49% (or LKR 1.91Bn) of the total turnover value with turnover driven primarily by JKH & Hemas Holdings which accounted for 93.15% of the sector turnover. The Manufacturing Sector was also amongst the top sectorial contributors, contributing 5.23% (or LKR 0.38Bn) to the market driven by Tokyo Cement which accounted for 30.01% of the sector turnover. Liquidity (in Volume Terms) The Banking, Finance & Insurance Sector dominated the market in terms of share volume, accounting for 58.14% (or Mn shares) of total volume, with a value contribution of LKR 4.06Bn. The Diversified sector followed suit, adding 9.55% to total turnover volume as 24.93Mn shares were exchanged. The sector s volume accounted for LKR 1.91Bn of total market turnover value. The Manufacturing Sector meanwhile, contributed 16.21Mn shares (or 6.21%), amounting to LKR 0.38Bn. Top Gainers & Losers SMB Leasing[X] was the week s highest price gainer; increasing 33.3% W-o-W from LKR 0.30 to LKR Adam Investments gained 25.0% W-o-W to close at LKR 0.50 while Blue Diamonds[X] gained 25.0% W-o-W to close at LKR The Finance Co. (+24.5% W-o-W) and Asia Capital(+20.8% W-o-W) were also amongst the gainers. PC Pharma was the week s highest price losers, declining 50.0% W-o-W to close at LKR 0.20 while Kelsey Developments (-14.3% Y-o-Y), Lankem Ceylon (-11.4% W-o-W) & Hapugastenne Plantations(-10.7% W-o-W) were also amongst the top losers over the week. TOP 10 TURNOVERS Code Opening Closing Value (Rs. Mn) SAMPATH SAMPN , JKH JKH N , NAT. DEV. BANK NDB N HEMAS HOLDINGS HHL N HNB HNB N COMMERCIAL BANK COMBN COLD STORES CCS N LANKEM DEV. LDEVN TOKYO CEMENT TKYON AMANA TAKAFUL ATL N
3 LKR. Mn LKR. Mn ACUITY STOCKBROKERS RESEARCH SRI LANKA EQUITIES Market Review (Cont d) Net Foreign Purchases (06 Oct-13 Oct) Net Foreign Sales (06 Oct-13 Oct) LANKEM DEV. TALAWAKELLE NAWALOKA S M B LEASING[X] ACCESS ENG SL Volume Change ('000s) Volume Change ('000s) CFT MALWATTE AITKEN SPENCE CHEVRON RICHARD PIERIS TOKYO CEMENT[X] PAN ASIA HNB TOKYO CEMENT LOLC FINANCE SAMPATH DIALOG MARAWILA RESORTS PEOPLES LEASING NAT. DEV. BANK ,200 1,600 2,000 (2,200) (1,760) (1,320) (880) (440) - Foreign investors closed the week in a net buying position with total net inflows amounting to LKR 0.31Bn relative to last week s total net inflow of LKR 1.85Bn (-83.32% W-o-W). Total foreign purchases increased by 2.00% W-o-W to LKR 3.16Bn from last week s value of LKR 3.10Bn, while total foreign sales amounted to LKR 2.85Bn relative to LKR 1.25Bn recorded last week (+128.6% W-o-W). In terms of volume, Dialog Axiata & Sampath Bank led foreign purchases while NDB Bank and Peoples Leasing led foreign sales. In terms of value, Sampath Bank and HNB led foreign purchases while NDB Bank and Tokyo Cement led foreign sales. Net Foreign Purchases (By Transaction Value) Foreign Holding (%) Net Change Value* 13/10/17 06/10/17 (LKR. Mn) SAMPATH 20.14% 19.52% 1,159, HNB 31.71% 31.51% 772, COLD STORES 10.25% 10.14% 106, TOKYO CEMENT[X.0000] 43.34% 43.04% 400, DIALOG 94.53% 94.51% 1,894, LOLC 34.87% 34.85% 107, TALAWAKELLE 1.48% 0.52% 227, JKH 57.18% 57.18% 59, ACCESS ENG SL 9.08% 9.04% 341, MELSTACORP 25.56% 25.55% 141, Net Foreign Sales (By Transaction Value) Foreign Holding (%) Value* Net Change 13/10/17 06/10/17 (LKR. Mn) NAT. DEV. BANK 14.53% 15.81% (2,200,962) (305.71) TOKYO CEMENT 25.17% 25.39% (600,000) (44.64) PEOPLES LEASING 6.72% 6.85% (2,021,030) (36.58) CHEVRON 22.91% 23.03% (298,876) (34.85) AITKEN SPENCE 28.01% 28.08% (278,123) (16.99) PAN ASIA 20.29% 20.41% (517,148) (8.89) NESTLE 95.67% 95.68% (4,744) (7.73) HEMAS HOLDINGS 31.65% 31.66% (59,960) (7.50) SINGER SRI LANKA 25.29% 25.33% (150,000) (6.93) LB FINANCE 3.09% 3.12% (42,233) (5.49) Note: *Value based on closing price and not on actual traded price Please note that the foreign shares data displayed above include private transfers done outside of the market. 2,000 Foreign Purchases Foreign Purchases Vs. Sales Foreign Sales 1,900 Week Ending Net Position of Foreign Holdings 1,600 1,600 1,300 1,200 1, Oct 10-Oct 11-Oct 12-Oct 13-Oct Sep 29-Sep 06-Oct 13-Oct 3
4 ACUITY STOCKBROKERS RESEARCH SRI LANKA EQUITIES Announcements for the Week Dividend Announcements DPS (Rs.) Type XD Date SENKADAGALA FINANCE PLC 0.50 Interim Dividend 23/10/2017 UNION CHEMICALS LANKA PLC 7.00 First Interim Dividend 20/10/2017 Point of View Markets sailed past the 6600-mark this week, gaining ~103 points W-o-W as strong gains on the benchmark Index wiped off Monday s 13-point loss. Active participation by both retailers and Institutional/HNI investors helped drive the Index and turnover levels, resulting in PER levels on the ASPI climbing to 11.03x cf x last week. Although a decline from last week, crossings over the week amounted to ~39% of total market turnover (cf. 51% last week), led by continued interest in the Banking sector which helped prop market activity for the 2 nd consecutive week. Counters in the Banks & Finance sector contributed to ~43% of the ASPI s 103-point gain this week compared to an ~54% contribution to the Index last week. Relative to last week when the country s largest listed private bank COMB accounted for the majority of market movement, this week s crossings were dominated by strong buying interest in SAMP which accounted for ~48% of the week s total crossings turnover. The interest in SAMP led to the counter being the 3 rd highest contributor to the Index (9.64 points) this week. The highest contributors to the Index meanwhile, remained CCS and HNB which contributed a cumulative points, resulting in the top three contributors to the Index accounting for ~51% of the Index s 103 point gain over the week. Foreign investors meanwhile were net buyers yet again this week, although the net buying position fell to LKR 0.31Bn cf. LKR 1.85Bn last week as foreign sales rose over the week while foreign buying (cf. last week) remained largely flat. Markets in the week ahead are likely to retain the current positive momentum although some profit taking is likely given that markets have risen ~4.1% in the last month. LKR Depreciates Amid Oil Import Demand The LKR continued to wipe off some of the gains it made in August & September as importer dollar demand pushed its value against the USD lower. The LKR depreciated against the USD for the 3 rd consecutive week, declining 0.3% W-o-W (cf. 0.1% last week and 0.2% the week prior) with dealers citing state banks buying on behalf of the CPC as it builds up its crude oil inventory ahead of an expected fuel price hike 1. Private fuel retailer LIOC is expected to increase its prices amid the Group s financial losses and CPC is expected to follow to compensate for the losses it will experience from selling fuel at subsidized costs 2 and as the IMF pushes for fuel price reform to help address the country s fiscal imbalances. Global crude oil prices meanwhile have been on an uptrend since 2016, hitting a 2-year high ($59.02/bbl) in September as markets remained optimistic that the OPEC would extend its output cut until 2018 and the demand outlook for the commodity would improve. The OPEC, Russia and certain other non-member producers have agreed to cut their collective output by ~1.8Mn barrels per day (bpd) until Mar 18 in an effort to reduce the existing supply glut, and OPEC and its allies are now considering extending the deal beyond March 1. The International Energy Agency (IEA) meanwhile expects global oil demand in 2017 to rise to its most since 2015, while OPEC has boosted its projections for consumption in Europe and China 3. Lower supply and higher demand is expected to push oil prices higher with the EIA raising its 2017 forecast on Brent crude by 2.7% to $52.43 and its 2018 outlook by 4.8% to $ Brent Crude oil prices have recovered ~28% since its YTD low of $44.82/bbl in June to close at $57.38/bbl on Friday. Sources: 1. Reuters; 2. Sunday Times; 3. Bloomberg 4
5 Exports /Imports (USD Mn) Total Arrivals T- Bill (6M ) Rate (%) Rs. Per kilo(unweighted) Rs /USD CCPI ACUITY STOCKBROKERS RESEARCH SRI LANKA EQUITIES Economic Snapshot Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Interest Rates Prime Lending Rate Ave. Wtd. Deposit Rates Ave. Wtd. Fixed Dep. Rates CCPI Inflation Y-o-Y % (Base 2013) GDP Growth (Base 2010) 9.1% 3.4% 4.9% 4.8% 4.4% Source Central Bank Exchange Rate, Rs. vs. US$ Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Inflation (CCPI-N) YoY% Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 6 Month T-Bill Yield Tea s Sep-13 Sep-14 Sep-15 Sep-16 Sep Oct-14 Jul-15 Apr-16 Jan-17 Oct-17 Source: Sri Lanka Tea Board Export & Trade Balance Trends in Tourist Arrivals Jul-13 Mar-14Nov-14 Jul-15 Mar-16Nov-16 Jul Exports (LHS) Imports (LHS) Trade Balance (RHS) Trade Balance (USD Mn) 210, , ,000 84,000 42, % 64.0% 48.0% 32.0% 16.0% 0.0% % Aug-14 May-15 Feb-16 Nov-16 Aug-17 Source: Sri Lanka Tourism Development Authority Y-o-Y Growth 5
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ACUITY STOCKBROKERS RESEARCH SRI LANKA EQUITIES. Shares Recover From 4-Month Closing Low June Quarter Earnings Mixed. ASPI v 0.87% S&P SL20 v 0.
(Turnover LKR Bn) ASPI ACUITY STOCKBROKERS RESEARCH SRI LANKA EQUITIES Shares Recover From 4-Month Closing Low June Quarter Earnings Mixed ASPI v.87% S&P SL2 v.49% The Bourse ended in Cont. P2 Foreign
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(Turnover LKR Bn) ASPI ASPI Hits Two-Week Low Fears of Weak Demand & Oversupply Impact Oil.. ASPI 0.30% S&P SL20 0.47% The Bourse ended the week Cont. P2 Foreign investors closed the week... Cont. P3 Sri
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(Turnover LKR Bn) ASPI ACUITY STOCKBROKERS RESEARCH SRI LANKA EQUITIES Weekly Market Review 16 Mar 2018 ASPI Records Largest Weekly Loss Since Jan 18 Manufacturing & Service Activity Expands in Feb ASPI
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(Turnover LKR Bn) ASPI ACUITY STOCKBROKERS RESEARCH SRI LANKA EQUITIES Equities Reverse 7 Weeks of W-o-W Losses May Indices vs. Turnover (9 th Jul - 13 th Jul) Industrial Production Edges Higher ASPI ^
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More informationWeek ending 30-Mar 23-Mar +/- ASPI 6, , % S&P SL20 3, , % Banking & Finance 17, ,
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(Turnover LKR Bn) ASPI Equities Hit a 5-Year low. Inflation Eases in Aug 18 Despite Rising Core s.. ASPI 0.72% S&P SL20 0.49% The Bourse ended the week Cont. P2 Foreign investors closed the week... Cont.
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(Turnover LKR Bn) ASPI ASPI Rebounds from 15-Month Low Policy Rates Indices vs. Turnover (2 nd Jul - 6 th Jul) Held Steady for 2 nd Time Since April 6,150 6,126 ASPI S&P SL20 3,400 3,370 ASPI 1.39% S&P
More informationWeek ending 12-Oct 05-Oct +/- ASPI 5, , % S&P SL20 2, , % Banking & Finance 15, ,
(Turnover LKR Bn) ASPI ACUITY STOCKBROKERS RESEARCH SRI LANKA EQUITIES ASPI Tracks Global Financial Market Slump Global Market Rout Pulls Oil s Lower ASPI 1.17% S&P SL20 2.12% The Bourse ended the week
More informationWeek ending 09-Nov 02-Nov +/- ASPI 5, , % S&P SL20 3, , % Banking & Finance 15, ,
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More informationWeek ending 14-Sep 07-Sep +/- ASPI 6, , % S&P SL20 3, , % Banking & Finance 16, ,
(Turnover LKR Bn) ASPI ACUITY STOCKBROKERS RESEARCH SRI LANKA EQUITIES Weekly Return on ASPI turns Negative Brent Crude Oil Falls 2% from 3M High ASPI 1.42% S&P SL2 2.4% The Bourse ended the week Cont.
More informationACUITY STOCKBROKERS RESEARCH SRI LANKA EQUITIES. ASPI Remains Flat Over the Week National Inflation Hits 17-Month High ASPI ^ 0.09% S&P SL20 ^ 0.
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