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Liquidity extends for 5th day on BCEL volumes
Liquidity returned this week extending last week's gains, volumes were up 30 percent on Tuesday with 259,572 stocks for the day. Turnover reached 1.84 million kip (US$229,815) - a big 34 percent gain to the previous day or a daily gain of US$58,717.
In the first hour yesterday, the tally sheet saw only 1K EDL-Gen shares, but that was double Monday's figure.
Sellers held onto stocks and demonstrated they had all the aces yesterday in the early sessions.
By the 10.30am close there was a surge of 63K stocks. BCEL has been the star performer for 5 straight days – its best 5 day winning streak since Valentine's Day in February. In 5 days BCEL has traded 938,652 stock for US$883,288. By comparison EDL-Gen price gridlocked at 4,300 kip for the past seven days, trading only 121,527 shares for US$65,651.
EDL-Gen's turnover YTD reached US$21,935,656 yesterday, equal to 59 percent of the market YTD. Whereas BCEL's figure was US$15,210,122, or 41 percent of the market YTD.
In the 11am close yesterday BCEL lost 200 kip to 7,500 kip, causing the index to retreat 4.42 points to 922.59 points, when a big surge of 200K shares hit the floor. EDL remained unchanged all day on 4,300 kip but on below average volumes.
The EDL-Gen movement of stocks at 4,300 kip has for the past three months remained very unprofitable, even after the declared dividend, less the cost of buy/sell brokerage. The only assumption left is a select band of investors continue to float a steady stream of volumes for a “cash position” and the foreigners (buyers) would not be complaining.
By the close all was restored for BCEL and the Index to the previous day's close. The index recovered to close at 927.01 points only by a few BCEL stocks resuming trading in the close at 7700 kip on huge volumes.
The exchange rate for the kip improved yesterday to 7994 kip/US$.
Dr Darrel Walker
vientianetimes
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