FIRST CAPITAL’S HEAD OF RESEARCH, DIMANTHA MATHEW, SPEAKS TO REUTERS.
Sri Lankan stocks ended firmer on Friday, moving further away from a near 10-month low, as investors picked up beaten down shares, including beverages and diversified counters.
Political instability and a rise in interest rates however capped gains, brokers said.
The Colombo stock index ended 0.12 percent higher at 6,137.70, further moving away from its lowest close since April 4 hit on Wednesday. The index however fell 0.52 percent on week, its second straight weekly fall.
Market heavyweight John Keells Holdings Plc rose 1.52 percent, a day after it posted a 32 percent rise in December-quarter profit.
Shares in Sri Lanka Telecom Plc rose 2.04 percent.
“There was a bit of bounceback because the market has fallen sharply and there is no specific reason as the situation has not changed for the market to move up,” said Dimantha Mathew, head of research, First Capital Equities (Pvt) Ltd.
Foreign investors net bought 7.28 million rupees (about $48,533) worth of equities on Friday, but they have net sold 1.64 billion rupees worth shares so far this year.
Turnover stood at 554.2 million rupees.
($1 = 150.0000 Sri Lankan rupees)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)
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.