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DNH Financial (Pvt) Ltd. www.dnhfinancial.com +94115700777 Market Indices   ASI S&P SL20 6,000

DNH Financial (Pvt) Ltd.

www.dnhfinancial.com

+94115700777

Market Indices

 

ASI

S&P SL20

6,000

 

3,140

5,800

 

5,600

5,600 3,120

3,120

5,400

5,200

 

ASI

S&P SL20

5,000

04/01/2013

07/01/2013

08/01/2013

09/01/2013

10/01/2013

3,100

Market Outlook

The market traded largely sideways with the ASPI closing a notch down at 5732. Turnover recorded LKR1013 mn with trading in Hatton National Bank and Distilleries accounting for 44% of the day’s total. Losers modestly offset gainers with Taprobane Holdings, Orient Finance and George Steuart declining by 9.8%, 9.5% and 8.3% and offsetting gains in Infrastructure Developers, Ramboda Falls and Keells Food Products which advancing by 12.0%, 10.3% and 9.5% respectively. In global markets, a positive start to US corporate earnings season and a sharp improvement in China’s monthly trade helped boost international markets today.

Market Trajectory

The majority of domestic investors appear to be waiting for either a short term rally to participate in or a strong correction before entering the market. We believe that neither will happen but a gradual re-rating in the market may be the most likely scenario against a solid fundamental backdrop led by a rise in quality stocks. Notwithstanding the current sideways movement, we believe that the market now offers an attractive investment opportunity for those who are willing to look beyond the short term. The bourse’s appeal at current levels is even more pronounced when considering its relative underperformance against major emerging and developed markets.

While net foreign buying in the bourse appears to be increasing, it is likely to rise further as global macro-economic uncertainties could force foreign asset managers to square off global positions and identify new and fundamentally solid emerging markets such as Sri Lanka resulting in a flow of funds into domestic equities. Consequently, we advise investors to pro-actively seek counters that are likely to record healthy and sustainable top line growth (as a result of their strong domestic focus), firm margins and are cash generative, attributes which we believe will lead to strong positive gains and outperformance in the market.

Global Markets

Daily

10th January 2013

Market Performance

Market Performance
 

10.01.2013

09.01.2013

%Chg.

ASPI

5,732

5,745

-0.2

S&P SL 20

3,122

3,121

0.0

Turnover (mn)

1,013.1

497.2

103.8

Foreign Purchases (mn)

678.9

139.3

387.5

Foreign Sales (mn)

539.4

170.7

216.0

Traded Companies

214

238

-10.1

Market PER (X)

16.2

16.3

-0.6

Market Cap (LKR bn)

2,202

2,207

-0.2

Market Cap (US$ bn)

17.1

17.2

-0.2

Dividend Yield (%)

2.3

2.3

0.0

Price to Book (X)

2.1

2.1

0.0

Net Foreign Inflow(YTD) 600 500 400 YTD Net FPI 300 200 100 0 -100 -200
Net Foreign Inflow(YTD)
600
500
400 YTD Net FPI
300
200
100
0
-100
-200
Source- CSE/ DNH Research
Gainers /Losers (%)
Millions
Source- CSE/ DNH Research Gainers /Losers (%) Millions Ceylon Leather(W0013) -7.7 George Steuart -8.3 Orient
Ceylon Leather(W0013) -7.7 George Steuart -8.3 Orient Finance -9.5 Taprobane Holdings -9.8 Horana Plantations 7.6
Ceylon Leather(W0013)
-7.7
George Steuart
-8.3
Orient Finance
-9.5
Taprobane Holdings
-9.8
Horana Plantations
7.6
Keells Food Products
9.5
Ramboda Falls
10.3
Infrastructure Developers
12.0
Significant Trades (Turnover in LKR Mn)
300 250 200 150 100 50 0 HNB DIST JKH COMB
300
250
200
150
100
50
0
HNB
DIST
JKH
COMB

Interest Rates & Currencies

Interest Rates & Currencies
 

Index

%Chg.

10.01.2013

Sri Lanka - ASPI

5,732

-0.22

Prime Lending Rate (Avg. Weighted)

14.3%

India - Sensex

19,652

-0.07

Deposit Rate (Avg. Weighted)

10.1%

Pakistan - KSE 100

16,523

-1.31

Treasury Bill Rate (360 Days)

11.4%

Taiwan Weighted

7,812

0.94

Dollar Denominated Bond Rate

5.9%

Singapore - Straits Times

3,226

0.18

LKR/US$ (Selling Rate)

128.7

Hong Kong - Hang Seng

23,354

0.59

LKR/EURO (Selling Rate)

168.9

Disclaimer

This Review is prepared and issued by DNH Financial (Pvt.) Ltd. (DNH) based on information in the public domain, internally developed and other sources, believed to be correct. Although all reasonable care has been taken to ensure the contents of the Review are accurate, DNH and/or its Directors, employees, are not responsible for the correctness, usefulness, reliability of same. DNH may act as a Broker in the investments which are the subject of this document or related investments and may have acted on or used the information contained in this document, or the research or analysis on which it is based, before its publication. DNH and/or its principal , their respective Directors, or Employees may also have a position or be otherwise interested in the investments referred to in this document. This is not an offer to sell or buy the investments referred to in this document. This Review may contain data which are inaccurate and unreliable. You hereby waive irrevocably any rights or remedies in law or equity you have or may have against DNH with respect to the Review and agree to indemnify and hold DNH and/or its principal, their respective directors and employees harmless to the fullest extent allowed by law regarding all matters related to your use of this Review. DNH Financial is a fully owned subsidiary of Environmental Resources Investment PLC (ERI).