stock market sri lanka

Sri Lankan shares end lower for third session; block deals boost turnover

FIRST CAPITAL’S SENIOR RESEARCH ANALYST ATCHUTHAN SRIRANGAN SPEAKS TO REUTERS

OCTOBER 19, 2017

COLOMBO, Oct 19 (Reuters) – Sri Lankan shares ended down for a third straight session on Thursday to hit near a one-week low, led by banking stocks while block deals boosted the turnover, brokers said.

The Colombo stock index ended 0.25 percent weaker at 6,555.46, its lowest close since Oct. 10. The stock, bond, and foreign exchange markets were closed on Wednesday for Diwali, the Hindu festival of lights.

“The market continue to be in the red zone with investors selling shares which gained in the past few days,” said Atchuthan Srirangan, senior research analyst, First Capital Holdings PLC.

“The retail investors are on the sideline as the market continued to be on the red zone. But turnover is boosted by some big deals.”

Shares of Hatton National Bank ended down 2.5 percent while the biggest-listed lender Commercial Bank of Ceylon Plc closed 0.5 percent weaker and Asiri Hospitals Plc finished 1.9 percent down.

Turnover was 1.1 billion rupees ($7.16 million), more than this year’s daily average of 939.9 million rupees.

Foreign investors were net buyers of shares worth 17.2 million rupees on Thursday extending the year to date net foreign inflow to 19.1 billion rupees worth of shares.

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

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.<