FIRST CAPITAL’S HEAD OF RESEARCH DIMANTHA MATHEW SPEAKS TO REUTERS
SEPTEMBER 26, 2017
COLOMBO, Sept 26 (Reuters) – Sri Lankan shares rose on Tuesday for the first time in four sessions, rebounding from a one-week closing low, as investors picked up banking and beverage stocks after the central bank held the policy rates steady.
The Sri Lankan central bank on Tuesday held its key rates steady, saying past steps were keeping inflation and credit growth under control, as policymakers focus on supporting an economy hit by extreme weather.
The Colombo stock index ended 0.12 percent higher at 6,419.61, edging up from its lowest close since Sept. 18 hit on Monday.
Shares of People Leasing Plc rose 2.9 percent, while conglomerate John Keells Holdings Plc ended 0.4 percent firmer, and biggest listed lender Commercial Bank of Ceylon Plc ended 0.7 percent up.
“It was a bit of a slow day with some foreign outflow,” said Dimantha Mathew, head of research at First Capital Holdings.
“High local interest in plantation sector and some block deals in blue chips were seen as a positive sign. Foreigners are inactive and global funds are shifting towards U.S. expecting a possible fed rate hike in December.”
Turnover stood at 532.3 million rupees ($3.48 million), compared with this year’s daily average of about 917 million rupees.
Foreign investors who bought a net 17.6 billion rupees worth of equities so far this year were net sellers for the second straight session. They sold 54.2 million rupees worth of shares on Tuesday. ($1 = 152.9500 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Amrutha Gayathri)
The company operates in the capital markets of Sri Lanka in government securities – treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management, retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory.
The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.<
First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka.