stock market sri lanka

Sri Lankan shares hit near 3-month closing high; banks lead

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

OCTOBER 26, 2017

COLOMBO, Oct 26 (Reuters) – Sri Lankan shares touched a near three-month closing high on Thursday as investors picked up bank and diversified shares, brokers said.

The Colombo stock index finished 0.28 percent firmer at 6,633.20, its highest close since July 31.

Shares of the biggest listed lender, Commercial Bank of Ceylon Plc, rose 1.8 percent while Hemas Holdings Plc ended 2.4 percent higher. Sampath Bank Plc climbed 2.3 percent while conglomerate John Keells Holdings Plc gained 0.7 percent.

“Market is up on foreign blue chip buying. Foreigners are active again and block deals pushed the turnover levels,” said Atchuthan Srirangan, senior research analyst, First Capital Holdings PLC.

“Retail investors are still awaiting corporate results and budget, but foreign investors are active.”

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

Turnover stood at 1.2 billion rupees ($7.8 million), more than this year’s daily average of 938.3 million rupees.

Foreign investors net bought shares worth 36.1 million rupees on Thursday, extending the year-to-date net foreign inflow to 19.7 billion rupees worth equities. ($1 = 153.4500 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan)

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.<