stock market sri lanka

Sri Lankan shares end steady ahead of corporate results, budget

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

OCTOBER 23, 2017

COLOMBO, Oct 23 (Reuters) – Sri Lankan shares ended little changed on Monday, hovering near a two-week low hit last week, as investors waited for direction from upcoming corporate results and the national budget next month, brokers said.

Finance Minister Mangala Samaraweera will present the 2018 budget on Nov. 9.

The Colombo stock index finished 0.03 percent weaker at 6,570.56, hovering near its lowest close since Oct. 10 hit on Thursday. The index fell 0.9 percent last week, its first weekly fall in six.

“Block deals pushed the turnover, while the index is stagnant with low retail participation,” said Atchuthan Srirangan, senior research analyst at First Capital Holdings PLC.

Gains led by beverages and telecom shares were offset by losses in banking stocks, the data showed.

Shares of biggest listed lender Commercial Bank of Ceylon Plc ended 0.9 percent lower, while Sampath Bank Plc , which accounted for 51 percent of the day’s turnover on a block deal, closed down 0.9 percent.

Ceylon Cold Store Plc climbed 1 percent higher, while Sri Lanka Telecom rose 0.3 percent.

Turnover stood at 1 billion rupees ($6.51 million), less than this year’s daily average of 938.4 million rupees.

Foreign investors were net buyers of shares worth 17 million rupees on Monday, extending the year-to-date net foreign inflow to 19.2 billion rupees worth of shares. ($1 = 153.6000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)

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.<