Wednesday, December 12, 2012ASPI MPI S&P SL 20 Index Level 23, East Tower, World Trade Centre, Colombo 01 Tel: +94 11 727 7000, Fax: +94 11 727 7099 Email:
[email protected] Today 5,516.64 5,011.19 2,994.55 Point Change + 98.86 + 97.77 + 31.34 % Change 1.82 % p 1.99 % p 1.06 % p YTD Performance ASPI MPI S&P SL 20 Index -9.2% -4.2% -3.4% Today's Turnover (LKR mn) Annual Average Daily Turnover (LKR mn) 479.5 876.8 Volume (mn) Annual Average Daily Volume (mn) 39.1 40.6 Market Capitalization (LKR bn) Policy rate cut triggers rebound… Net Foreign Inflow / (Outflow) [LKR mn] - Foreign Buying (LKR mn) - Foreign Selling (LKR mn) YTD Net Foreign Inflow / (Outflow) [LKR bn] CSE Diary for 12.12.2012 Bourse rebounded with a sharp upturn of 99 points triggered by the policy rate cut by the Central Bank and its announcement on the expiry of the credit ceiling by end December. The benchmark index witnessed a steep upward trend, touching a peak of 5,524.70 points (+106 points) before edging down marginally to settle at 5,516.64 points (+99 points), the highest intra-day gain since 14.09.2012. Major positive contributions stemmed from Dialog Axiata (+3.7%), John Keells Holdings (+1.23%), Sri Lanka Telecom (+2.36%), NDB Capital Holdings (+8.5%) and Commercial Leasing and Finance (+5.5%). The S&P SL20 index took a similar trend, however closed with a lower 38 point advance at 2,994.55 points. Banking cluster players gathered focus with today’s announcement of the Central Bank’s intention to remove the credit growth cap for 2013. Interest in Hatton National Bank persisted as the counter encountered a further two blocks constituting c.467k shares which changed hands at LKR140.0(-0.7%) after which its price touched an intra-day high of LKR143.0 (+1.4%) before closing with a marginal dip at LKR140.7. Commercial Bank and National Development Bank witnessed some onboard interest as each counter advanced 2% and 0.8% at their respective peak levels before closing with gains of 1.6% and 0.08% at LKR101.6 and LKR132.0. Nestle Lanka, which witnessed an intra-day high of LKR1506.0 today, highlighted the crossings board with a block of 15k shares at a 52-week high price of LKR1500.0 during mid-trading hours. 2,118.5 -30.9 117.7 148.6 37.2 Interest stayed in People’s Leasing and Finance Company with its attractive dividend yield of 8.1%. The counter saw several on-board blocks between price levels of LKR12.5-LKR13.0 before it closed with a dip of 2.2% at LKR13.0. John Keells Holdings was noted in the top turnover slot with majority of interest weighing on the buying side. The counter witnessed a transaction of c.78k shares at its intra-day low level of LKR211.8 followed by which its price shot up to LKR215.0 (+1.5%). S&P caliber players; Ceylon Tobacco (+0.04%), Distilleries (+1.72%) and Chevron Lubricants (+1.75%) too saw some interest while the latter two counters gained 1.7% and 1.8% at their peaks of LKR154.1 and LKR198.0. European Stocks Are Little Changed before Fed Decisions; Asian stocks rise: The Stoxx Europe 600 Index rose less than 0.1% to 280.61 at 8:05 a.m. in London. The MSCI Asia Pacific Index advanced 0.5% to 127 as of 7:28 p.m. in Tokyo, heading for its 10th day of gain, the longest winning streak since July 2009. Oil Fluctuates as US Stockpiles Climb before OPEC Meets: Oil fluctuated after an industry report showed stockpiles rising in the US and as OPEC delegates gathered in Vienna to decide production quota. Crude for January delivery was at USD85.90 a barrel, up 11 cents, in electronic trading on the New York Mercantile Exchange. Statistical Look Up 14.12.2012 3 months 10.44 6 months 11.78 12 months 12.45 AWPLR 14.30 Excess Liquidity (LKR 'bn) Inflation (%) Index Week ending Treasury Bill (%) as at 12.12.2012 1.21 YoY Change 9.5 Annual Avg 7.2 Nov-12 5800 5600 5400 5200 5000 4800 4600 4400 ASPI Index 3050 3000 2950 2900 2850 5,000 500.0 4,000 400.0 300.0 3,000 200.0 2,000 100.0 1,000 0.0 0 Volume ('mn) Turnover LKR ('mn) 3100 MPI -100.0 S&P SL20 Turnover Volume 5,323.2 4,856.8 2,923.1 % WoW Change 3.63% 3.18% 2.44% -1.93% -1.93% 296.34% 7.69% 1.82% 871.0 6.8 16.3 213 2,044.2 -44.95% -44.95% 139.93% 11.74% 3.64% 282.1 246.0 36.1 -58.27% -39.60% -185.41% 727.8 25.9 701.9 -83.82% 473.41% -104.40% 14.6 2.0 2.4 14.4 1.9 2.4 1.82% 1.82% 0.00% 14.1 1.9 2.4 3.64% 3.64% 0.00% SECTOR INDICES Today Pre Day % Change Last Week Banks & Finance Food & Beverage Construction Diversified Hotels Land Property Manufacturing Telecom 12,053.0 14,977.8 2,559.1 1,796.6 3,543.9 497.1 2,556.3 163.9 11,804.3 14,926.6 2,470.6 1,767.8 3,456.2 480.9 2,507.0 159.1 2.11% 0.34% 3.58% 1.63% 2.54% 3.37% 1.96% 2.98% Today Pre Day All Share Price Index Milanka Price Index S&P SL20 Index 5,516.6 5,011.2 2,994.6 5,417.8 4,913.4 2,963.2 Turnover (LKR mn) Turnover (USD mn) Volume (mn shares) Traded Entities Market Capitalization (LKR bn) 479.5 3.7 39.1 238 2,118.5 489.0 3.8 9.9 221 2,080.5 117.7 148.6 -30.9 Foreign Purchases (LKR mn) Foreign Sales (LKR mn) Net Foreign Inflow (LKR mn) Market PER (X) Market PBV (X) Market Dividend Yield Softlogic Equity Research Change % 1.82% p 1.99% p 1.06% p p p p p p p p p Last Week 11,654.8 14,020.4 2,499.4 1,761.4 3,479.4 479.1 2,451.3 157.8 % WoW Change 3.42% 6.83% 2.39% 2.00% 1.85% 3.74% 4.28% 3.84% Page | 2. High Index Calibre ≥ USD350 Mn Company JOHN KEELLS HOLDINGS CARSON CUMBERBATCH BUKIT DARAH SRI LANKA TELECOM COMMERCIAL BANK [V] DIALOG AXIATA CEYLON TOBACCO HNB [V] AITKEN SPENCE DISTILLERIES LOLC CARGILLS DFCC BANK SAMPATH BANK ASIAN HOTELS & PROPERTIES NESTLE LANKA % of Mkt Cap Volume 8.6% 4.1% 3.2% 3.7% 3.7% 3.2% 6.7% 2.1% 2.3% 2.2% 1.2% 1.5% 1.4% 1.5% 1.6% 3.8% 209,319 105 100 71,069 218,799 57,711 13,392 629,057 5,494 52,609 13,900 0 4,467 14,517 8,100 33,038 Turnover LKR ('000) 44,584.52 46.73 66.99 3,054.81 21,996.35 476.93 10,107.03 88,092.11 644.37 8,032.59 739.77 0.00 490.21 2,764.66 631.90 49,563.82 Price Gainers Company S M B LEASING [X] CFT FIRST CAPITAL SINGALANKA RAMBODA FALLS Turnover USD ('000) Intraday Intraday High (LKR) Low (LKR) 346.08 0.36 0.52 23.71 170.74 3.70 78.45 683.80 5.00 62.35 5.74 0.00 3.81 21.46 4.91 384.73 215.00 445.00 670.00 44.90 102.00 8.50 760.00 143.00 118.00 154.10 54.40 0.00 110.00 192.00 79.00 1,506.00 Close 211.80 445.00 669.00 41.70 100.00 8.10 750.00 140.00 116.90 152.00 51.80 0.00 109.00 189.00 78.00 1,500.00 214.40 445.00 669.90 43.30 101.60 8.40 760.00 140.70 118.00 154.10 53.70 144.00 110.00 191.00 78.00 1,500.60 Today Change % Change 171.80 27.80 6.10 43.00 36.00 - 17.70 - 2.20 - 0.40 - 2.30 - 1.00 -9.34% -7.33% -6.15% -5.08% -2.70% Price Losers Today Change 0.50 6.20 12.90 102.90 16.70 + 0.10 + 1.00 + 1.70 + 13.10 + 2.10 % Change Company 25.00% 19.23% 15.18% 14.59% 14.38% ASCOT HOLDINGS UDAPUSSELLAWA CEYLON LEATHER [W 0013] ROYAL PALMS KOTMALE HOLDINGS Top 05 Performers for the Day Company HNB NESTLE JKH COMMERCIAL BANK PEOPLES LEASING Today Pre Day % Change Volume (mn) 140.70 1500.60 214.40 101.60 13.00 141.00 1504.70 211.80 100.00 13.30 -0.21% -0.27% 1.23% 1.60% -2.26% 0.63 0.03 0.21 0.22 1.31 Today Pre Day % Change Volume (mn) 0.50 1.00 1.70 2.50 1.70 0.40 0.90 1.50 2.40 1.60 25.00% 11.11% 13.33% 4.17% 6.25% 12.78 1.94 1.79 1.47 1.40 Contribution to Total T/O 4.2% 2.3% 2.1% 1.0% 0.8% Turnover (LKR) 88,092,110 49,563,823 44,584,522 21,996,347 16,730,837 Contribution to Total T/O 0.3% 0.1% 0.1% 0.2% 0.1% Turnover (LKR) 5,730,626 1,938,618 2,881,652 3,606,821 2,376,125 Most Active Company S M B LEASING[NON VOTING] S M B LEASING AMANA TAKAFUL FREE LANKA BLUE DIAMONDS[NON VOTING] Softlogic Equity Research Page | 3. Currency Board Announcements Local - Indicative Rate against LKR Dividends Indicative Rate 12.12.2012 Currency Australia China EU India Japan Malaysia Russia Saudi Arabia Singapore Switzerland Thailand UK USA Dollar Yuan Euro Rupee Yen Ringgit Rouble Riyal Dollar Franc Baht Pound Dollar 135.66 20.66 167.62 2.38 1.56 42.16 4.20 34.35 105.54 138.25 4.21 207.63 128.83 Company DPS (LKR) XD Date 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 No Announcements 0 0 0 0 0 0 0 0 0 0 00-Jan-00 00-Jan-00 00-Jan-00 00-Jan-00 00-Jan-00 Payment Date 00-Jan-00 1/0/1900 1/0/1900 00-Jan-00 00-Jan-00 00-Jan-00 00-Jan-00 00-Jan-00 Rights Issues / Scrip Dividend / Sub division / Capitalization Description Company No Announcements 0 0 0 0 0 Proportion XR Date Renunciation 0 1/0/1900 1/0/1900 1/0/1900 1/0/1900 1/0/1900 1/0/1900 0 0 Source: www.cbsl.gov.lk Global Markets Index Value AMERICA Dow Jones Industrial Average S&P 500 Index EUROPE EURO STOXX 50 Price EUR FTSE 100 Index ASIA Nikkei 225 Hong Kong Hang Seng Index Change Change % Time* 13,248.4 1,427.8 78.6 9.3 0.60% p 0.65% p 11-Dec 11-Dec 2,625.4 5,938.3 1.2 14.5 0.05% p 0.23% p 05:29 05:29 9,581.5 22,503.4 56.1 179.4 0.59% p 0.80% p 01:28 03:01 * Time is as at ET Source: www.bloomberg.com Commodity Markets Commodity ENERGY Crude Oil (Brent) Crude Oil (WTI) AGRICULTURE ICE Cotton #2 CBOT Wheat METALS COMEX Gold COMEX Silver COMEX Copper Units Price Change Change % Time* USD/bbl. USD/bbl. 108.67 86.23 0.66 0.44 0.61% p 0.51% p 05:41 05:41 USd/lb. USd/bu. 74.82 819.00 -0.08 -2.50 -0.11% q -0.30% q 05:40 05:41 USD/t oz. USD/t oz. USd/lb. 1,715.30 33.21 370.55 5.70 0.19 1.90 0.33% p 0.57% p 0.52% p 05:41 05:40 05:41 * Time is as at ET Source: www.bloomberg.com Softlogic Equity Research Page | 4. CSE Announcements Asian Alliance Insurance [AAIC : LKR85.0]: The company informs that it has rolled over an aggregate sum of LKR177mn in Softlogic Finance, a related company on the 21st of August 2012. The investment has been made in the ordinary course of business in investment grade rated commercial paper. Disclosures on Related Party Dealings: Company Name Relationship Transaction Quantity Price (LKR) Date People's Leasing & Finance [PLC : LKR13.0] People's Bank Parent Company Purchase 320,170 13.2-13.3 11.12.2012 Local News Sri Lanka Treasuries yields down after rate cut: Sri Lanka's Treasuries yields tumbled across maturities at Wednesday's auction with the 12-month yield falling as much as 41 basis points, data from the state debt office showed. Sri Lanka's Central Bank cut its main policy rate by 25 basis points to 9.50%, as inflation spiked to the highest in four years, but Treasuries fell faster. The 3-month yield fell 35 basis points from two week ago with last week's bids rejected. The 6-month yield fell 32 basis points to 11.78%. The debt office said it sold a billion rupees of 3-month bills, LKR3.9 bn of 6-month bills and LKR8.5 bn of 12 month bills. [Source: www.lbo.lk] Sri Lanka cuts interest rates to boost credit: Sri Lanka has cut its main policy rate at which money injected to banks by 25 basis points to 9.50% to boost loans and a credit ceiling expire by the end of this month, the Central Bank said. Authorities imposed a credit ceiling of 18% for banks for 2012 after Sri Lanka's monetary system ran into a balance of payments crisis largely due to excessive bank credit taken by state entities to manipulate energy prices. "The growth of credit obtained by the private sector from commercial banks continued to decelerate, reaching 23.5% (y-o-y), by October, from a high of over 35% to March 2012," the Central Bank said. “This growth is expected to decelerate further to around 19% by end 2012."Bank credit shot up from the second half of 2011 as the Central Bank injected tens of billions of rupees into banking system to sterilize foreign exchange sales driving imports to unsustainable levels. But after interest rates and energy prices were raised and the exchange rate was allowed to fall in response to rupee injections from February 2012 credit started to fall off. Official data shows that total bank credit to the private sector including dollar denominated loans fell from LKR155 bn in the March 2012 quarter to LKR73 bn in the June quarter and LKR69 bn in the September quarter. “The Central Bank has been carefully monitoring the developments in the various sectors of the economy vis-à-vis the projections for each of these sectors," the monetary authority said in its December policy statement. "As per current information, a reasonable leeway has emerged between actual credit growth and the ceiling imposed by the Central Bank, indicating a further slowdown in credit utilisation. Economic activity has also experienced some moderation with adverse weather conditions and the uncertainty in the global economy exerting some pressure on growth in 2012." Credit to the credit however still remained strong as taxes from imports fell amid excessive spending. Data showed state entities such as the road development agencies has become a big bank borrower outside the main budget deficit over the past year. The Central Bank said inflation rose to 9.5% in November 2012 from 8.9% in October. “However, as per current projections, inflation is expected to moderate towards the second quarter of 2013 and stabilise thereafter benefiting from the strong demand management policies introduced at the beginning of this year," the Central Bank said. [Source: www.lbo.lk] Sri Lanka will not sell sovereign bond this year-CB Governor: Sri Lanka has decided not to sell a sovereign bond in 2013, Central Bank Governor Nivard Cabraal said, urging commercial banks to tap capital market more. "Government will not be taking direct loans from abroad," Cabraal told bank directors at a forum in Softlogic Equity Research Page | 5 5 Colombo. "Commercial borrowing from the market will not happen this year.” A unit within the Central Bank manages and raise debt for the government. Cabraal said it will be a useful window to the market for commercial banks to tap international capital. Sri Lanka's state-run Bank of Ceylon has raised loans in the international market and re-lent to the government in the past. Authorities have also allowed bank to borrow up to USD50 mn a year without approval from the Central Bank from next year. Other companies could borrow up to USD10 mn. Cabraal said foreign borrowing for fixed terms were more stable than even portfolio flows. With foreign loans banks could finance larger projects such as infrastructure, he said. [Source: www.lbo.lk] 2013 Monetary Policy is towards easing-CB Chief: Sri Lanka’s 2013 monetary policies will be weighted more towards loosening after the success of tightening in turning around a trade deficit this year, Central Bank Governor Ajith Nivard Cabraal said on Tuesday. Since February, Sri Lanka has raised key policy rates twice, allowed rupee exchange rate flexibility, and imposed a credit ceiling after a record trade deficit that resulted in a negative balance of payments gap last year. “Certainly it (monetary policy) would be more weighted towards loosening than tightening,” Cabraal told Reuters in an interview. The Central Bank Head said the policy measures have already helped to turn around the trade deficit, which has narrowed 1% in the first 10 months of this year, and slowed the year-on-year current account gap. The policy measures, however, have hit the economic growth which has been revised down to 6.8% from the original 8% and fueled inflationary pressure due to a more than 14% depreciation in the rupee after it was floated in February. Key monetary policy rates are already at three year highs, while the Government’s 364-day T-bill yield has risen 355 basis points so far this year.“It’s not necessarily we should do that,” Cabraal said when asked if the Central Bank is considering cutting policy rates any time soon. Certainly, next year may not be as tight as this year. We will keep a close tab on inflation. “Annual inflation hit a 42-month high in July due to the sharp rupee depreciation and supply shortages after an extended drought hit the farm sector. In November, it reversed an easing trend to hit a three-month high of 9.5% year-on-year from 8.9% a month earlier. Inflation in 2013 should be reasonably benign, because the base also has risen this year,” Cabraal said. “So inflation should be at a reasonable level next year. We are looking at mid-single digits. “The rupee has appreciated 3.7% since it hit a record low of 133.60 on 28 June this year. Both the Central Bank and the Finance Ministry have said it should rise to 125 against the US dollar based on economic fundamentals. “Exchange rate seems to be tightening to a reasonable degree,” Cabraal said. “I think it is heading the way we had predicted.” [Source: www.ft.lk] New Chapter in SL-Belgium trade ties: Belgium’s Wallooniya Investment and Trade Agency has agreed to export Sri Lankan products to European countries by the beginning of next year and expand air travel between Sri Lanka and Belgium towards the end of 2013. This decision followed a meeting between Economic Development Minister Basil Rajapaksa and top level representatives of the Wallooniya Investment and Trade Agency at the Sri Jayawardenapura Parliament complex. Finding markets for Sri Lanka’s ornamental fish, natural flowers and fish products through the expansion of air links between the two countries was discussed at length at this meeting. Minister Rajapaksa’s attention was also drawn to the drinking water projects already underway with Belgium’s assistance. They are now in progress at Balangoda, Embilipitiya and Padaviya. The Minister stressed the need for extending these projects to the North Central Province to prevent kidney diseases which have become a serious health hazard due to the lack of clean water. Wallooniya Investment and Trade Agency’s Executive Director Philip Suineu and Managing Director Isabela Pollet were among those who participated in the event. [Source: www.ft.lk] Sri Lanka firms to benefit from widening diversity: Sri Lankan firms can benefit from being more inclusive, and while comprehensive diversity policies were still rare, many were making a start by promoting equal opportunity and combating sexual harassment, top executives said. Kasturi Chellaraja Wilson, Managing Director, Transportation Sector, Hemas Holdings [HHL: LKR27.0] said recalled an instance where a new person who joined a team always came up with a contrary position to the annoyance of other members. She was addressing senior corporate leaders at the LBR LBO CEO forum on the topic of "Business Case for Workplace Diversity & Inclusion." Later she said, they wondered whether the apparent contrariness of the person was due to unwillingness of other members of the group to listen to different ideas. Now the person is considered valuable contributor of a different ideas, she said. Sunil Dissanayake, head of human resources Hayleys a group said non-discriminatory HR practices helped keep employees happy. Dissanayake, who had Softlogic Equity Research Page | 6 6 also worked abroad at international firms like Citibank said when he worked in Dubai, the firm he worked for had no cage of age, marital status, gender, and there was no difference in pay whether expatriates were Asian or Western. "But there were higher remuneration for UAE nationals because they were difficult to recruit and retain," he said. Dilani Alagaratnam President, group head of HR and Legal at John Keells Holdings [JKH : LKR214.4] said especially in Sri Lanka it was difficult to recruit women to the leisure sector due to belief such as that that females who work in hotels would be less marriageable. The group had taken special measure to make sure female workers felt safe, she said. Surani Amarasinghe Director, human resources, Ceylon Tobacco Company [CTC: LKR760.0] said it was good to measure how diversity policies were working. Measuring employee turnover, promotions or pay by gender or minority group could give useful insights, she said. She said it was important to post employment advertisements in places which reached different demographic groups and people with different backgrounds. Amarasinghe questioned how many firms that advertised in an English newspaper also advertised in a Sinhala newspaper at the same time. She said employers would be surprised at how many strong candidates would respond when employment ads were placed more widely. The firm also had to have a process to include them after recruitment she said. She said firms should be careful not to let targets to achieve diversity to exclude qualified candidates from a majority group. Merit should drive recruitment, she said. Dissanayake said many Sri Lankan firms did not have full blown documented diversity policies and the process was still in its infancy. [Source: www.lbo.lk] CB net buyer of dollars for second time: The Central Bank became a net buyer of dollars for the second month this year when it purchased USD36.70 mn from the foreign exchange market in October, data released last week showed. The bank had sold USD6.40 mn during the month, resulting in a net purchase of USD30.30 mn. Last June, the Central Bank became a net purchaser of dollars for the first time in a year after absorbing USD286.62 from the market, but was soon back as a net seller in July (USD29.78 mn). The Central Bank sold down reserves to the tune of USD300 mn in September 2012 while absorbing USD23 mn from the foreign exchange market to be a net seller amounting to USD273 mn. During the period January to August, the Central Bank had sold down USD982 mn from reserves, much lower than the near USD3 bn it sold down from June 2011 to February 2012 to maintain the US dollar currency peg. Last February the Central Bank said it would limit its intervention in the foreign exchange market and that oil bills would be settled off market. Gross official reserves fell by 7.7% month-on-month to USD6,547 mn as at end October 2012, down USD506 mn from USD7,053 mn as at end September 2012, Central Bank data showed. Last year, the Central Bank sold down reserves to keep the exchange rate stable while interest rates were kept low which fuelled credit driven import growth and a balance of payments problem which resulted in monetary and fiscal policy uturn last February. [Source: www.island.lk] Global News Toyota to recall 2.8 mn vehicles worldwide: Toyota Motor Corp said it will recall around 2.77 mn vehicles worldwide, including certain models of the Prius, due to problems with the steering mechanism and the hybrid system water pump, its second multi-million car recall in two months. Toyota is recalling 1.5 mn vehicles in Japan, 670,000 vehicles in the United States and 496,000 vehicles in Europe over a problem in the steering intermediate extension shafts, which could be damaged at slow speed, spokesman Joichi Tachikawa said. This problem, seen in cars such as the second-generation Prius and certain Corolla models can be fixed in about 50 minutes, he said. Separately, the Japanese carmaker is also recalling 630,000 vehicles worldwide, including 350,000 in the United States and 175,000 in Japan, to fix water pumps in hybrid vehicles, Tachikawa said. Some vehicles are target of both recalls, making the total number of vehicles to be recalled at 2.77 million, he said. In October, Toyota said it was pulling back more than 7.4 mn vehicles worldwide to fix faulty power window switches, the industry’s biggest single recall since Ford Motor Co took 8 mn vehicles off the road in 1996. A series of Toyota recalls involving more than 10 mn vehicles between 2009 and 2011 damaged the firm’s image, but it recovered and earlier this month raised its full-year net profit forecast to USD9.7 bn, citing solid sales. Toyota has sold about 3.3 mn Prius hybrid vehicles globally since the car went on sale in December 1997. The total number of hybrid vehicles it sold worldwide, including other models such as the Camry, was 4.6 mn as of end-October. This year’s profit forecast comes despite a big drop in car sales in China since September, when anti-Japanese protests erupted over a diplomatic row. [Source: www.reuters.com] Softlogic Equity Research Page | 7 7 Hong Kong at Risk of Property Price Correction, IMF says: Hong Kong is at risk of an abrupt decline in property prices after gains fueled by low interest rates and a limited supply of new housing, the International Monetary Fund said. “The property sector is the main source of domestic economic risk,” the IMF said in a report on the city released today. The odds of a slump that has major economic and financial consequences is fairly low in the near term, the fund said. The city should mantain its currency peg, it said. Home prices in Hong Kong, the world’s most expensive place to buy an apartment and to lease commercial space, have doubled in the past four years, leading the government to tighten mortgage lending and increase land supply. The property sector represents half of outstanding loans for use in Hong Kong, with additional risks from the use of real estate as collateral, the report said. The city’s economic growth may rebound to about 3% in 2013, up from an estimated 1.25% this year, the IMF said. Inflation may average 3.75% this year and 3.5% next year. Housing prices have increased 20% this year, “defying the general slowdown in economic activity,” the report said. Concerns about the affordability and supply of housing will take time to address, Steven Barnett, the fund’s Hong Kong mission chief, said in a Bloomberg Television interview from Washington. While measures such as stamp duties may have a short-term effect, in the long run, it’s really about increasing supply, he said. [Source: www.bloomberg.com] Japanese Stocks Rise on US Fed Monitory Easing Optimism: Japanese stocks rose, with the Nikkei 225 Stock Average heading for its highest close in almost eight months, on optimism the US Federal Reserve will add stimulus. Shares held gains after North Korea launched a long- range rocket in defiance of international sanctions. Honda Motor Co. led an advance among carmakers. Kawasaki Heavy Industries Ltd., which gets 20% of its sales from aerospace and defense, advanced 4.2%. Mitsubishi Motors Corp. jumped 8.9% after the Nikkei newspaper reported a withdrawal from European production will boost the carmaker’s profits. Canon Inc. rose 2.3% after the Nikkei said the camera maker aims to cut costs by as much as 80bn yen (USD970mn) next year. The Nikkei 225 (NKY) gained 0.6% to 9,582.20 as of 12:37 p.m. in Tokyo, poised to close at its highest level since April 19. The broader Topix Index climbed 0.6% to 790.96, with about three stocks rising for every two that fell. Shares rose as data showed Japan’s machinery orders rose for the first time in three months. The Fed ends a meeting today at which it may announce more bond purchases, known as quantitative easing. “The US economy is recovering, and the consensus is that the Fed will make a move to add more strength to it,” said Koji Toda, chief fund manager at Resona Bank Ltd. in Tokyo, which oversees about 15tn yen. “The rocket launch surprised me a bit because news reports said they were putting it off for now. It’s not a good thing at all, but it hasn’t appeared to scare the market much.” The Topix has risen more than 9% since Nov. 14 when the government called for elections on Dec. 16. Stocks gained as the yen weakened on bets the opposition Liberal Democratic Party will win and call for more monetary easing. [Source: www.bloomberg.com] China’s Economy to surpass US by 2030: The National Intelligence Council the same thinkers who produce National Intelligence Estimates has released an 140-page report that offers a series of prognostications about how the world might change in coming decades. But one of the biggest economics themes of the report is the rise of a much stronger Asia. China alone is mentioned some 300 times. One of the attention-grabbing assertions: China's economy will surpass that of the US by 2030. "In a tectonic shift, by 2030, Asia will have surpassed North America and Europe combined in terms of global power, based upon GDP, population size, military spending, and technological investment. China alone will probably have the largest economy, surpassing that of the United States a few years before 2030. Meanwhile, the economies of Europe, Japan, and Russia are likely to continue their slow relative declines." The report also argues that by 2030, another highly populated country will be on the rise imbued with all the potential China carries today. "As the world's largest economic power, China is expected to remain ahead of India, but the gap could begin to close by 2030. India's rate of economic growth is likely to rise while China's slows. In 2030 India could be the rising economic powerhouse that China is seen to be today. China's current economic growth rate—8 to 10% will probably be a distant memory by 2030. The total size of the Chinese working-age population will peak in 2016 and decline from 994 mn to about 961 mn in 2030. In contrast, India's working-age population is unlikely to peak until about 2050. Also of significance, India will most likely continue to consolidate its power advantage relative to Pakistan. India's economy is already nearly eight times as large as Pakistan's; by 2030 that ratio could easily be more than 16-to-1." [Source: www.cnnmoney.com] Softlogic Equity Research Page | 8 8 Daily Stock Movements Ticker Counter AAF -N-0000 AAIC-N-0000 ABAN-N-0000 ACAP-N-0000 ACL -N-0000 ACME-N-0000 AEL -N-0000 AFSL-N-0000 AGAL-N-0000 AGST-N-0000 AGST-X-0000 AHPL-N-0000 AHUN-N-0000 ALLI-N-0000 ALUF-N-0000 AMCL-N-0000 AMF -N-0000 AMSL-N-0000 APLA-N-0000 ARPI-N-0000 ASCO-N-0000 ASHA-N-0000 ASHO-N-0000 ASIR-N-0000 ASIY-N-0000 ASPH-N-0000 ATL -N-0000 AUTO-N-0000 BALA-N-0000 BBH -N-0000 BERU-N-0000 BFL -N-0000 BHR -N-0000 BIL -N-0000 BINN-N-0000 BLI -N-0000 BLUE-N-0000 BLUE-X-0000 BOGA-N-0000 BOPL-N-0000 BREW-N-0000 BRWN-N-0000 BUKI-N-0000 CABO-N-0000 CALF-N-0000 CARE-N-0000 CARG-N-0000 CARS-N-0000 CCS -N-0000 CDB -N-0000 CDB -X-0000 CDIC-N-0000 CERA-N-0000 CFI -N-0000 CFIN-N-0000 CFL -N-0000 CFLB-N-0000 CFT -N-0000 CFVF-N-0000 CHL -N-0000 CHL -X-0000 CHMX-N-0000 CHOT-N-0000 CHOU-N-0000 CIC -N-0000 CIC -X-0000 CIFL-N-0000 CIND-N-0000 CINS-N-0000 CINS-X-0000 ASIA ASSET ASIAN ALLIANCE ABANS ASIA CAPITAL ACL ACME ACCESS ENG SL ABANS FINANCIAL AGALAWATTE AGSTARFERTILIZER AGSTARFERTILIZER[NON VOTING] AHOT PROPERTIES A.SPEN.HOT.HOLD. ALLIANCE ALUFAB CAPITAL LEASING AMF CO LTD ASIRI SURG ACL PLASTICS ARPICO ASCOT HOLDINGS ASIRI CENTRAL LANKA ASHOK ASIRI ASIA SIYAKA INDUSTRIAL ASPH. AMANA TAKAFUL AUTODROME BALANGODA BROWNS BEACH BERUWALA RESORTS BAIRAHA FARMS RIVERINA HOTELS BROWNS INVSTMNTS BERUWELA WALKINN BIMPUTH FINANCE BLUE DIAMONDS BLUE DIAMONDS[NON VOTING] BOGALA GRAPHITE BOGAWANTALAWA CEYLON BEVERAGE BROWNS BUKIT DARAH CARGO BOAT CAL FINANCE PRINTCARE PLC CARGILLS CARSONS COLD STORES CDB CDB[NON VOTING] N D B CAPITAL LANKA CERAMIC CFI CENTRAL FINANCE CHILAW FINANCE FORT LAND CFT FIRST CAPITAL DURDANS DURDANS[NON VOTING] CHEMANEX HOTELS CORP. CITY HOUSING CIC CIC[NON VOTING] CIFL CENTRAL IND. CEYLINCO INS. CEYLINCO INS.[NON VOTING] Open High Low Close Trades Volume Turnover 2.40 84.00 92.30 30.00 66.00 13.40 17.50 0.00 33.30 5.70 0.00 78.00 73.20 0.00 22.30 0.00 341.00 9.00 0.00 74.60 167.00 0.00 0.00 11.10 5.00 216.10 1.50 773.00 36.20 18.00 2.40 146.00 0.00 3.60 65.00 22.60 3.80 1.70 21.20 11.80 0.00 120.00 669.00 0.00 17.80 0.00 0.00 445.00 115.50 40.00 31.80 498.00 0.00 0.00 160.10 13.70 32.00 5.20 11.30 0.00 0.00 80.90 19.90 16.40 65.00 57.00 3.80 68.80 781.00 320.00 2.60 87.00 92.30 30.00 68.00 14.90 17.70 0.00 33.30 5.90 0.00 79.00 73.40 0.00 22.90 0.00 341.00 9.20 0.00 88.00 186.90 0.00 0.00 11.30 5.10 238.80 1.70 773.00 38.00 19.50 2.60 160.00 0.00 3.80 79.00 23.00 4.10 1.80 21.20 11.80 0.00 123.50 670.00 0.00 21.00 0.00 0.00 445.00 119.00 40.50 31.80 500.00 0.00 0.00 160.50 14.10 34.20 6.30 12.90 0.00 0.00 80.90 21.00 16.50 67.00 57.00 4.30 69.60 781.00 320.00 2.40 84.00 92.00 30.00 66.00 13.30 17.00 0.00 31.10 5.70 0.00 78.00 73.00 0.00 21.10 0.00 341.00 9.00 0.00 74.60 167.00 0.00 0.00 11.10 5.00 212.00 1.50 773.00 35.50 18.00 2.40 146.00 0.00 3.60 65.00 22.60 3.80 1.60 21.10 11.00 0.00 120.00 669.00 0.00 17.80 0.00 0.00 445.00 115.00 39.00 31.70 498.00 0.00 0.00 160.10 13.70 31.10 5.20 11.30 0.00 0.00 80.90 19.90 15.90 65.00 55.50 3.80 68.80 781.00 320.00 2.50 85.00 92.10 30.00 67.00 14.10 17.50 38.40 31.10 5.70 15.00 78.00 73.10 711.00 22.60 22.40 341.00 9.20 90.00 85.80 171.80 254.00 1712.10 11.30 5.00 222.50 1.70 773.00 36.40 18.80 2.50 156.00 96.70 3.80 74.60 22.70 4.00 1.70 21.20 11.50 420.00 122.90 669.90 81.60 19.30 29.10 144.00 445.00 118.20 40.10 31.80 499.20 63.40 117.60 160.20 14.10 33.80 6.20 12.90 91.00 70.00 80.90 20.90 16.00 66.00 56.90 4.20 69.50 781.00 320.00 86 19 5 4 6 91 92 0 4 2 0 11 10 0 23 0 1 28 0 8 28 0 0 13 35 68 142 2 36 52 67 45 0 62 9 10 61 113 6 12 0 72 2 0 55 0 0 2 20 8 8 14 0 0 7 9 97 49 39 0 0 1 20 33 15 28 290 5 3 3 463,796 13,650 141 1,060 5,057 51,799 456,301 0 77 11 0 8,100 12,305 0 6,291 0 4 63,301 0 1,011 165 0 0 58,102 126,989 9,225 1,793,112 55 10,211 50,659 179,157 9,050 0 546,557 726 4,384 360,097 1,397,203 1,988 1,840 0 44,728 100 0 64,214 0 0 105 1,484 3,600 52 602 0 0 4,149 15,700 160,778 283,310 32,511 0 0 100 1,568 44,756 3,826 201 862,611 10,100 702 54 1,152,734 1,160,350 12,984 31,800 336,942 733,695 7,922,847 0 2,399 63 0 631,900 902,063 0 140,765 0 1,364 580,458 0 84,480 28,352 0 0 656,247 639,595 2,011,230 2,881,652 42,515 372,059 951,037 443,936 1,402,184 0 2,036,624 51,824 99,199 1,419,517 2,376,125 42,136 21,211 0 5,391,169 66,990 0 1,249,656 0 0 46,725 173,835 143,510 1,651 300,546 0 0 664,305 217,370 5,251,435 1,730,263 396,558 0 0 8,090 32,601 722,006 251,160 11,432 3,509,438 701,952 548,262 17,280 Softlogic Equity Research Page | 9 9 Ticker Counter CINV-N-0000 CIT -N-0000 CITK-N-0000 CITW-N-0000 CLC -N-0000 CLND-N-0000 CLPL-N-0000 CLPL-W-0012 CLPL-W-0013 CLPL-W-0014 COCO-N-0000 COCO-X-0000 COCR-N-0000 COLO-N-0000 COMB-N-0000 COMB-P-0005 COMB-X-0000 COMD-N-0000 CONN-N-0000 CPRT-N-0000 CRL -N-0000 CSD -N-0000 CSEC-N-0000 CSF -N-0000 CSF -W-0021 CTBL-N-0000 CTC -N-0000 CTCE-N-0000 CTEA-N-0000 CTHR-N-0000 CTLD-N-0000 CWM -N-0000 DFCC-N-0000 DIAL-N-0000 DIMO-N-0000 DIPD-N-0000 DIST-N-0000 DOCK-N-0000 DPL -N-0000 EAST-N-0000 EBCR-N-0000 ECL -N-0000 EDEN-N-0000 ELPL-N-0000 EMER-N-0000 EQIT-N-0000 ESL -N-0000 ETWO-N-0000 EXPO-N-0000 FLCH-N-0000 GEST-N-0000 GHLL-N-0000 GLAS-N-0000 GOOD-N-0000 GRAN-N-0000 GREG-N-0000 GREG-P-0002 GREG-W-0002 GREG-W-0003 GREG-W-0006 GSF -N-0000 GUAR-N-0000 HAPU-N-0000 HARI-N-0000 HASU-N-0000 HAYC-N-0000 HAYL-N-0000 HDEV-N-0000 HDFC-N-0000 HEXP-N-0000 HHL -N-0000 HNB -N-0000 HNB -X-0000 HOPL-N-0000 CEYLON INV. CIT CITRUS KALPITIYA CITRUS WASKADUWA COMM LEASE & FIN COLOMBO LAND CEYLON LEATHER CEYLON LEATHER[WARRANTS] CEYLON LEATHER[WARRANTS] CEYLON LEATHER[WARRANTS] RENUKA SHAW RENUKA SHAW[NON VOTING] COM.CREDIT COLONIAL MTR COMMERCIAL BANK COMMERCIAL BANK COMMERCIAL BANK[NON VOTING] COMMERCIAL DEV. AMAYA LEISURE CEYLON PRINTERS SOFTLOGIC FIN SEYLAN DEVTS DUNAMIS CAPITAL NATION LANKA NATION LANKA[WARRANTS] CEYLON TEA BRKRS CEYLON TOBACCO AVIVA N D B TEA SERVICES C T HOLDINGS C T LAND C.W.MACKIE DFCC BANK DIALOG DIMO DIPPED PRODUCTS DISTILLERIES DOCKYARD DANKOTUWA PORCEL EAST WEST E B CREASY E - CHANNELLING EDEN HOTEL LANKA ELPITIYA EASTERN MERCHANT EQUITY ENTRUST SEC EQUITY TWO PLC EXPOLANKA FREE LANKA GESTETNER GALADARI PIRAMAL GLASS GOOD HOPE GRAIN ELEVATORS ENVI. RESOURCES ENVI. RESOURCES ENVI. RESOURCES[WARRANTS] ENVI. RESOURCES[WARRANTS] ENVI. RESOURCES[WARRANTS] G S FINANCE CEYLON GUARDIAN HAPUGASTENNE HARISCHANDRA HNB ASSURANCE HAYCARB HAYLEYS HOTEL DEVELOPERS HDFC HAYLEYS FIBRE HEMAS HOLDINGS HNB HNB[NON VOTING] HORANA Open High Low Close Trades Volume Turnover 75.00 0.00 6.10 6.10 3.60 33.00 79.00 0.00 6.10 5.90 34.90 28.00 15.20 160.00 102.00 0.00 89.90 65.00 79.00 0.00 25.00 8.10 12.50 8.70 1.90 5.60 750.10 320.00 650.00 122.90 24.70 72.00 109.00 8.20 585.00 0.00 152.00 210.00 14.20 13.60 0.00 5.40 34.50 17.00 10.00 34.00 17.00 27.00 7.00 2.40 0.00 13.50 5.90 1291.00 54.50 14.60 0.00 0.00 3.50 4.00 600.00 178.00 41.10 0.00 49.00 170.00 0.00 0.00 48.00 26.00 26.30 141.00 109.50 22.20 84.10 0.00 6.50 6.30 3.80 35.30 82.40 0.00 6.10 5.90 36.20 28.50 15.40 173.00 102.00 0.00 91.30 65.00 79.00 0.00 25.80 8.70 12.80 9.40 2.10 5.80 760.00 347.40 650.00 125.00 26.00 78.00 110.00 8.50 610.00 0.00 154.10 215.00 15.50 14.80 0.00 5.70 34.60 17.70 11.50 34.00 18.50 27.00 7.30 2.60 0.00 14.00 6.00 1294.00 56.80 15.20 0.00 0.00 3.90 4.30 600.00 178.00 41.40 0.00 49.00 172.00 0.00 0.00 48.80 26.00 27.20 143.00 110.40 24.80 75.00 0.00 6.10 6.00 3.60 33.00 79.00 0.00 6.10 5.80 34.20 28.00 15.10 158.00 100.00 0.00 89.90 65.00 79.00 0.00 24.80 8.10 12.50 8.60 1.90 5.60 750.00 315.00 650.00 122.90 24.10 72.00 109.00 8.10 585.00 0.00 152.00 210.00 14.10 13.10 0.00 5.40 34.20 16.60 10.00 34.00 17.00 26.90 6.90 2.40 0.00 13.30 5.90 1291.00 54.00 14.60 0.00 0.00 3.50 4.00 600.00 178.00 41.10 0.00 49.00 170.00 0.00 0.00 47.90 26.00 26.30 140.00 109.00 22.00 80.40 129.00 6.30 6.20 3.80 34.70 80.40 1.80 6.10 5.80 35.10 28.50 15.20 161.10 101.60 9.00 90.50 65.00 79.00 1950.00 25.40 8.60 12.50 9.20 2.00 5.70 760.00 320.00 650.00 125.00 25.80 75.20 110.00 8.40 601.60 103.00 154.10 213.70 15.30 14.20 1100.00 5.60 34.50 16.70 11.00 34.00 18.30 27.00 7.10 2.50 160.00 13.90 5.90 1292.90 55.60 15.00 0.00 2.90 3.80 4.20 600.00 178.00 41.10 2010.10 49.00 170.00 285.00 94.80 48.80 26.00 27.00 140.70 110.10 24.30 22 0 142 34 17 79 19 0 10 7 30 9 22 12 70 0 25 1 1 0 27 66 5 253 42 21 54 23 5 7 28 33 16 31 21 0 13 13 45 67 0 45 15 14 38 2 14 3 82 163 0 55 14 3 99 45 0 0 57 78 2 4 6 0 2 8 0 0 20 3 21 60 45 20 17,040 0 590,949 77,950 52,910 64,353 8,619 0 8,300 16,395 27,661 7,000 13,010 406 218,799 0 22,537 20 100 0 49,335 223,592 1,800 1,146,523 297,330 42,220 13,392 2,693 193 20,389 8,382 35,472 4,467 57,711 1,174 0 52,609 2,412 22,605 66,821 0 142,221 10,002 6,313 19,681 2 11,449 701 350,265 1,470,137 0 51,845 24,904 4 65,635 31,723 0 0 142,296 97,255 2 14,001 260 0 600 3,199 0 0 4,805 400 22,112 629,057 41,744 49,009 1,365,214 0 3,733,710 482,199 196,107 2,222,091 693,142 0 50,630 96,231 968,413 198,500 198,332 65,413 21,996,347 0 2,028,166 1,300 7,900 0 1,245,130 1,878,120 22,840 10,276,698 591,228 240,574 10,107,034 858,291 125,450 2,547,199 210,434 2,579,822 490,206 476,934 701,889 0 8,032,586 514,607 336,791 936,197 0 793,913 344,846 105,353 209,230 68 202,532 18,917 2,461,583 3,606,821 0 704,280 146,934 5,172 3,627,715 472,896 0 0 520,464 399,517 1,200 2,492,178 10,696 0 29,400 544,030 0 0 231,429 10,400 593,415 88,092,110 4,592,807 1,173,347 Softlogic Equity Research Page | 10 10 Ticker Counter HPFL-N-0000 HPWR-N-0000 HSIG-N-0000 HUEJ-N-0000 HUNA-N-0000 HUNT-N-0000 HVA -N-0000 IDL -N-0000 INDO-N-0000 JFIN-N-0000 JINS-N-0000 JKH -N-0000 JKL -N-0000 KAHA-N-0000 KAPI-N-0000 KCAB-N-0000 KDL -N-0000 KFP -N-0000 KGAL-N-0000 KHC -N-0000 KHC -P-0002 KHL -N-0000 KOTA-N-0000 KURU-N-0000 KVAL-N-0000 KZOO-N-0000 LALU-N-0000 LAMB-N-0000 LCEM-N-0000 LCEY-N-0000 LDEV-N-0000 LFIN-N-0000 LGL -N-0000 LGL -X-0000 LHCL-N-0000 LHL -N-0000 LIOC-N-0000 LION-N-0000 LITE-N-0000 LLUB-N-0000 LMF -N-0000 LOFC-N-0000 LOLC-N-0000 LPRT-N-0000 LVEN-N-0000 LWL -N-0000 MADU-N-0000 MAL -N-0000 MAL -X-0000 MARA-N-0000 MASK-N-0000 MBSL-N-0000 MEL -N-0000 MERC-N-0000 MFL -N-0000 MGT -N-0000 MIRA-N-0000 MORI-N-0000 MORI-X-0000 MPRH-N-0000 MRH -N-0000 MSL -N-0000 MULL-N-0000 NAMU-N-0000 NAVF-U-0000 NDB -N-0000 NEH -N-0000 NEST-N-0000 NHL -N-0000 NIFL-N-0000 NTB -N-0000 ODEL-N-0000 OFEQ-N-0000 OGL -N-0000 HYDRO POWER HEMAS POWER HOTEL SIGIRIYA HUEJAY HUNAS FALLS HUNTERS HVA FOODS INFRASTRUCTURE INDO MALAY FINLAYS COLOMBO JANASHAKTHI INS. JKH JOHN KEELLS KAHAWATTE MTD WALKERS KELANI CABLES KELSEY KEELLS FOOD KEGALLE KANDY HOTELS KANDY HOTELS KEELLS HOTELS KOTAGALA KURUWITA TEXTILE KELANI VALLEY KALAMAZOO LANKA ALUMINIUM KOTMALE HOLDINGS LANKA CEMENT LANKEM CEYLON LANKEM DEV. LB FINANCE LAUGFS GAS LAUGFS GAS[NON VOTING] LANKA HOSPITALS LIGHTHOUSE HOTEL LANKA IOC LION BREWERY LAXAPANA CHEVRON LMF LANKAORIXFINANCE LOLC LAKE HOUSE PRIN. LANKA VENTURES LANKA WALLTILE MADULSIMA MALWATTE MALWATTE[NON VOTING] MARAWILA RESORTS MASKELIYA MERCHANT BANK MACKWOODS ENERGY MERCANTILE INV MULTI FINANCE HAYLEYS - MGT MIRAMAR MORISONS MORISONS[NON VOTING] MET. RES. HOL. MAHAWELI REACH MERC. SHIPPING MULLERS NAMUNUKULA NAMAL ACUITY VF NAT. DEV. BANK NUWARA ELIYA NESTLE NAWALOKA NANDA FINANCE NATIONS TRUST ODEL PLC OFFICE EQUIPMENT ORIENT GARMENTS Open High Low Close Trades Volume Turnover 6.90 21.00 79.80 78.70 63.80 315.00 11.30 0.00 1500.00 0.00 10.50 212.00 61.00 33.50 24.50 0.00 14.90 0.00 100.00 9.10 0.00 13.50 69.00 21.90 78.10 2300.00 31.10 37.20 8.90 144.90 6.80 147.80 23.60 16.00 37.00 42.00 20.80 0.00 6.60 198.00 0.00 3.50 51.80 99.00 30.80 59.00 16.20 4.70 4.30 7.00 11.70 20.00 12.20 0.00 28.00 10.00 98.00 185.00 107.00 20.90 20.00 166.00 1.70 73.90 0.00 132.00 0.00 1500.00 3.00 7.10 53.50 19.60 0.00 13.50 7.10 21.00 79.80 88.00 63.80 338.00 12.50 0.00 1500.00 0.00 10.70 215.00 64.90 33.50 26.90 0.00 16.90 0.00 100.00 9.80 0.00 13.70 71.50 21.90 83.20 2300.00 34.00 37.20 9.40 164.00 7.40 150.00 25.50 17.70 39.40 44.00 21.40 0.00 7.00 198.00 0.00 3.70 54.40 99.00 30.80 61.50 18.60 4.80 4.30 7.40 12.00 20.70 13.40 0.00 29.90 11.00 98.00 185.00 107.00 21.00 20.00 170.00 1.80 74.00 0.00 133.00 0.00 1506.00 3.10 7.20 55.00 20.80 0.00 14.00 6.80 20.20 79.80 78.70 63.80 315.00 11.30 0.00 1500.00 0.00 10.30 211.80 61.00 30.00 24.50 0.00 14.90 0.00 100.00 9.10 0.00 13.40 67.00 21.90 78.10 2300.00 31.10 36.00 8.80 144.00 6.70 142.10 23.60 16.00 37.00 42.00 20.30 0.00 6.60 195.00 0.00 3.50 51.80 99.00 30.80 58.20 15.00 4.60 4.30 7.00 11.60 20.00 12.00 0.00 28.00 10.00 98.00 185.00 107.00 20.90 20.00 166.00 1.60 73.90 0.00 131.60 0.00 1500.00 3.00 7.10 53.50 19.50 0.00 13.50 7.10 21.00 79.80 83.40 63.80 318.10 12.30 135.00 1500.00 225.00 10.60 214.40 61.40 32.70 26.20 69.00 16.00 71.00 100.00 9.50 0.00 13.40 71.10 21.90 83.20 2300.00 33.50 36.00 9.30 159.40 7.20 149.80 24.80 17.40 38.90 44.00 21.00 273.00 6.90 197.90 88.00 3.70 53.70 99.00 30.80 61.00 17.30 4.70 4.30 7.30 11.90 20.40 12.10 2200.00 29.70 10.90 98.00 185.00 107.00 21.00 20.00 166.20 1.80 74.00 67.90 132.00 1335.00 1500.60 3.10 7.20 54.90 20.50 3400.00 14.00 9 15 1 2 1 20 254 0 1 0 16 71 8 6 35 0 22 0 2 26 0 13 76 3 2 1 10 10 24 10 101 20 38 208 79 6 78 0 27 14 0 52 46 1 1 8 22 28 6 45 28 28 29 0 7 34 1 1 2 4 2 7 42 7 0 62 0 37 40 9 44 16 0 43 5,969 20,510 1 2 100 550 418,783 0 1 0 21,249 209,319 2,201 251 14,256 0 28,810 0 692 30,178 0 5,651 10,823 80 200 1 7,958 2,221 4,171 986 722,578 23,149 25,683 195,513 107,011 3,300 184,179 0 69,806 45,082 0 156,620 13,900 98 100 4,937 16,643 74,296 5,200 117,100 31,041 21,973 200,746 0 1,758 76,673 1 1 100 2,701 10,000 237 346,503 585 0 102,512 0 33,038 94,832 9,680 49,071 4,680 0 30,296 41,796 430,290 80 167 6,380 177,440 5,040,735 0 1,500 0 221,840 44,584,522 134,765 8,209 372,779 0 459,659 0 69,200 286,858 0 76,229 742,447 1,752 16,130 2,300 266,182 81,041 37,911 145,473 5,075,981 3,374,689 630,076 3,316,106 4,083,593 138,800 3,853,900 0 481,351 8,839,140 0 563,589 739,766 9,702 3,080 302,250 280,570 348,508 22,360 845,804 365,082 441,740 2,413,520 0 52,021 779,732 98 185 10,700 56,720 200,000 39,724 592,716 43,286 0 13,551,631 0 49,563,823 287,259 69,008 2,687,523 95,130 0 421,817 Softlogic Equity Research Page | 11 11 Ticker Counter ONAL-N-0000 ORIN-N-0000 OSEA-N-0000 PABC-N-0000 PALM-N-0000 PAP -N-0000 PARA-N-0000 PARQ-N-0000 PCH -N-0000 PCHH-N-0000 PCP -N-0000 PDL -N-0000 PEG -N-0000 PHAR-N-0000 PLC -N-0000 PMB -N-0000 RAL -N-0000 RCL -N-0000 REEF-N-0000 REEF-W-0017 REEF-W-0018 REEF-W-0019 REG -N-0000 RENU-N-0000 REXP-N-0000 RFL -N-0000 RGEM-N-0000 RHL -N-0000 RHL -X-0000 RHTL-N-0000 RICH-N-0000 RPBH-N-0000 RWSL-N-0000 SAMP-N-0000 SCAP-N-0000 SDB -N-0000 SELI-N-0000 SEMB-N-0000 SEMB-W-0015 SEMB-W-0016 SEMB-X-0000 SERV-N-0000 SEYB-N-0000 SEYB-X-0000 SFCL-N-0000 SFIN-N-0000 SFL -N-0000 SFS -N-0000 SHAL-N-0000 SHAW-N-0000 SHL -N-0000 SHOT-N-0000 SHOT-X-0000 SIGV-N-0000 SIL -N-0000 SING-N-0000 SINI-N-0000 SINS-N-0000 SIRA-N-0000 SLND-N-0000 SLTL-N-0000 SMLL-N-0000 SMLL-W-0020 SMOT-N-0000 SOY -N-0000 SPEN-N-0000 STAF-N-0000 SUGA-N-0000 SUN -N-0000 SWAD-N-0000 TAFL-N-0000 TAJ -N-0000 TANG-N-0000 TAP -N-0000 ON'ALLY ORIENT FINANCE OVERSEAS REALTY PAN ASIA PALM GARDEN HOTL PANASIAN POWER PARAGON SWISSTEK PC HOUSE PCH HOLDINGS PC PHARMA PDL PEGASUS HOTELS COL PHARMACY PEOPLES LEASING PEOPLE'S MERCH RENUKA AGRI ROYAL CERAMIC CITRUS LEISURE CITRUS LEISURE[WARRANTS] CITRUS LEISURE[WARRANTS] CITRUS LEISURE[WARRANTS] REGNIS RENUKA CITY HOT. RICH PIERIS EXP RAMBODA FALLS RADIANT GEMS RENUKA HOLDINGS RENUKA HOLDINGS[NON VOTING] FORTRESS RESORTS RICHARD PIERIS ROYAL PALMS RAIGAM SALTERNS SAMPATH SOFTLOGIC CAP SANASA DEV. BANK SELINSING S M B LEASING S M B LEASING[WARRANTS] S M B LEASING[WARRANTS] S M B LEASING[NON VOTING] HOTEL SERVICES SEYLAN BANK SEYLAN BANK[NON VOTING] SENKADAGALA SINGER FINANCE SINHAPUTHRA FIN SWARNAMAHAL FIN SHALIMAR SHAW WALLACE SOFTLOGIC SERENDIB HOTELS SERENDIB HOTELS[NON VOTING] SIGIRIYA VILLAGE SAMSON INTERNAT. SINGALANKA SINGER IND. SINGER SRI LANKA SIERRA CABL SERENDIB LAND SLT PEOPLE'S FIN PEOPLE'S FIN[WARRANTS] SATHOSA MOTORS CONVENIENCE FOOD AITKEN SPENCE DOLPHIN HOTELS PELWATTE SUNSHINE HOLDING SWADESHI THREE ACRE FARMS TAJ LANKA TANGERINE TAPROBANE Open High Low Close Trades Volume Turnover 56.80 0.00 14.00 18.30 140.00 2.50 0.00 12.80 5.10 7.10 9.30 42.00 36.50 460.00 12.90 14.90 4.50 92.50 24.50 0.00 0.00 3.90 58.40 0.00 33.30 15.50 57.00 37.50 25.00 15.00 7.50 42.10 2.50 189.00 6.30 76.00 1198.00 1.00 0.00 0.00 0.40 16.50 56.70 34.50 0.00 13.40 0.00 2.90 999.00 258.00 10.20 24.90 17.80 0.00 0.00 82.00 138.50 99.80 2.30 0.00 42.30 34.50 0.00 0.00 135.00 117.00 32.70 0.00 28.30 0.00 47.00 29.10 69.90 0.00 56.80 0.00 14.20 18.50 140.00 2.60 0.00 14.30 5.50 7.80 10.30 45.00 39.00 480.00 13.10 15.00 4.60 94.40 25.40 0.00 0.00 4.10 62.00 0.00 33.30 17.80 59.40 37.50 26.00 16.20 7.80 43.00 2.60 192.00 7.10 76.10 1200.00 1.10 0.00 0.00 0.50 17.50 58.00 35.40 0.00 13.90 0.00 3.20 1000.00 270.00 10.30 24.90 17.80 0.00 0.00 103.10 138.50 99.90 2.40 0.00 44.90 34.80 0.00 0.00 137.00 118.00 37.00 0.00 29.00 0.00 50.00 33.50 69.90 0.00 55.00 0.00 13.90 18.00 140.00 2.40 0.00 12.20 5.00 7.00 9.30 42.00 36.50 460.00 12.30 14.90 4.40 91.00 24.10 0.00 0.00 3.90 58.40 0.00 32.20 15.50 57.00 37.30 25.00 15.00 7.50 42.10 2.50 189.00 6.30 76.00 1198.00 0.90 0.00 0.00 0.30 16.50 56.00 34.20 0.00 13.40 0.00 2.90 999.00 258.00 10.10 24.80 16.00 0.00 0.00 82.00 138.50 97.50 2.20 0.00 41.70 34.50 0.00 0.00 132.00 116.90 32.00 0.00 28.30 0.00 46.00 29.10 69.90 0.00 55.10 15.40 14.20 18.50 140.00 2.50 1195.50 13.70 5.40 7.30 10.20 45.00 37.90 474.60 13.00 14.90 4.60 93.90 25.10 32.90 0.10 4.00 61.00 226.00 32.20 16.70 59.40 37.40 26.00 16.20 7.60 43.00 2.50 191.00 6.90 76.00 1199.00 1.00 0.70 0.10 0.50 17.20 56.00 35.00 50.00 13.70 88.00 3.10 999.60 268.90 10.20 24.90 17.70 66.00 80.00 102.90 138.50 98.40 2.30 1391.70 43.30 34.60 3.70 184.00 134.80 118.00 36.30 23.50 28.90 8200.00 48.90 31.50 69.90 4.70 4 0 16 48 6 88 0 58 156 13 9 5 11 18 271 5 58 22 77 0 0 103 22 0 9 5 3 7 4 20 32 5 30 30 15 35 3 74 0 0 181 26 9 50 0 48 0 137 2 5 16 4 4 0 0 46 1 7 24 0 54 12 0 0 11 15 52 0 11 0 119 23 1 0 727 0 27,495 45,765 240 552,489 0 62,015 1,004,188 33,748 5,100 886 7,151 525 1,309,387 3,743 378,415 23,986 71,543 0 0 511,224 9,891 0 2,678 200 129 1,400 10,101 7,751 48,751 325 79,818 14,517 12,382 3,352 3 1,937,769 0 0 12,784,389 24,406 2,431 108,785 0 23,091 0 714,650 16 100 9,177 516 320 0 0 4,837 1 810 67,452 0 71,069 3,696 0 0 588 5,494 41,334 0 5,805 0 83,475 12,970 1 0 41,247 0 385,095 844,768 33,600 1,386,223 0 827,057 5,178,558 246,510 52,040 37,371 269,516 245,375 16,730,837 55,825 1,686,638 2,220,456 1,786,491 0 0 2,049,310 597,380 0 86,311 3,330 7,423 52,360 255,076 121,604 369,270 13,863 199,548 2,764,661 85,369 254,752 3,597 1,938,618 0 0 5,730,626 418,332 139,923 3,803,074 0 313,051 0 2,175,943 15,994 26,888 93,435 12,837 5,660 0 0 460,319 139 79,717 157,740 0 3,054,812 127,762 0 0 78,173 644,367 1,472,951 0 167,513 0 3,904,242 427,540 70 0 Softlogic Equity Research Page | 12 12 Ticker Counter TESS-N-0000 TFC -N-0000 TFC -X-0000 TFIL-N-0000 TILE-N-0000 TJL -N-0000 TKYO-N-0000 TKYO-X-0000 TPL -N-0000 TRAN-N-0000 TSML-N-0000 TWOD-N-0000 TYRE-N-0000 UAL -N-0000 UBC -N-0000 UCAR-N-0000 UDPL-N-0000 UML -N-0000 VANI-N-0000 VANI-X-0000 VFIN-N-0000 VLL -N-0000 VONE-N-0000 VPEL-N-0000 WAPO-N-0000 WATA-N-0000 YORK-N-0000 TESS AGRO THE FINANCE CO. THE FINANCE CO.[NON VOTING] TRADE FINANCE LANKA FLOORTILES TEXTURED JERSEY TOKYO CEMENT TOKYO CEMENT[NON VOTING] TALAWAKELLE TRANS ASIA TEA SMALLHOLDER TOUCHWOOD KELANI TYRES UNION ASSURANCE UNION BANK UNION CHEMICALS UDAPUSSELLAWA UNITED MOTORS VANIK INCORP LTD VANIK INCORP LTD[NON VOTING] VALLIBEL FINANCE VIDULLANKA VALLIBEL ONE VALLIBEL GUARDIAN CAPITAL WATAWALA YORK ARCADE Open High Low Close Trades Volume Turnover 2.20 17.00 5.40 11.50 60.10 8.70 27.00 19.20 23.00 69.10 0.00 8.80 33.90 87.50 13.10 446.20 27.70 90.00 0.00 0.00 30.60 3.70 17.80 6.50 44.90 12.00 15.60 2.40 18.50 5.90 12.00 62.50 9.00 27.50 19.50 24.90 74.50 0.00 9.20 36.00 87.50 13.80 460.00 29.90 90.00 0.00 0.00 31.60 3.80 18.30 6.50 48.00 12.00 18.50 2.10 17.00 5.10 11.00 60.10 8.70 27.00 19.10 23.00 69.00 0.00 8.80 33.90 87.50 13.10 446.00 27.70 88.90 0.00 0.00 30.60 3.60 17.80 6.40 44.50 11.80 15.50 2.30 18.10 5.60 11.10 62.40 8.90 27.20 19.30 24.80 73.60 49.50 9.20 34.80 87.50 13.50 460.00 27.80 90.00 0.80 0.80 31.60 3.70 18.20 6.40 47.40 11.90 17.20 84 30 55 81 4 103 8 17 9 14 0 90 65 1 23 9 5 17 0 0 73 13 103 5 81 15 22 664,003 10,760 136,576 555,471 600 123,251 12,424 12,003 4,234 11,526 0 95,173 9,691 500 6,551 117 146 5,773 0 0 90,171 6,555 99,092 3,101 22,591 8,002 11,552 1,526,622 190,425 750,301 6,187,551 37,210 1,090,727 335,908 230,958 99,600 799,240 0 861,171 334,471 43,750 86,708 53,208 4,050 518,740 0 0 2,808,351 23,742 1,793,625 19,947 1,056,966 94,834 198,046 Softlogic Equity Research Page | 13 13 Softlogic Equity Research Dimantha Mathew
[email protected] +94 11 7277030 Akeela Imthinam Rasheed
[email protected] +94 11 7277032 Crishani Perera
[email protected] +94 11 7277031 Imalka Hettiarachchi
[email protected] +94 11 7277004 Branches Softlogic Equity Sales Horana Madushanka Rathnayaka No. 101, 1/1, Aguruwathota Road, Horana
[email protected] +94 34 7451000, +94 77 3566465 Dihan Dedigama
[email protected] +94 11 7277010, +94 77 7689933 Chandima Kariyawasam
[email protected] +94 11 7277058, +94 77 7885778 Shafraz Basheer
[email protected] +94 11 7277054, +94 77 2333233 Sonali Abayasekera
[email protected] +94 11 7277059, +94 77 7736059 Thanuja De Silva
[email protected] +94 11 7277053, +94 77 3120018 Negambo Krishan Williams No. 121, St. Joseph Street Negambo
[email protected] +94 31 2224714-5, +94 77 3569827 Kurunegala Bandula Lansakara No.13, Rajapihilla Mawatha, Kurunegala
[email protected] +94 37 2232875, +94 77 3615790 Matara Lalith Rajapaksha nd No.8A, 2 Floor, FN Building, Station Road, Matara
[email protected] +94 41 7451000, +94 77 3031159 The report has been prepared by Softlogic Stockbrokers (Pvt) Ltd. The information and opinions contained herein has been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified and no guaranty, representation or warranty, express or implied is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for information purposes only, descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be construed as, an offer, or solicitation of an offer, to buy or sell any securities or other financial instruments. Softlogic Stockbrokers (Pvt) Ltd may, to the extent permissible by applicable law or regulation, use the above material, conclusions, research or analysis in which they are based before the materialized disseminated to their customers. Not all customers will receive the material at the same time. Softlogic Stockbrokers, their respective directors, officers, representatives, employees, related persons and/or Softlogic Stockbrokers, may have a long or short position in any of the securities or other financial instruments mentioned or issuers described herein at any time and may make a purchase and/or sale, or offer to make a purchase and/or sale of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as pr incipal or agent. Softlogic Stockbrokers may make markets in securities or other financial instruments described in this publication, in securities of issuers described here in or in securities underlying or related to such securities. Softlogic Stockbrokers (Pvt) Ltd may have recently underwritten the securities of an issuer mentioned herein. This document may not be reproduced, distributed, or published for any purposes. Softlogic Equity Research Page | 14 14