stock market sri lanka

Sri Lankan stocks end steady near 8-month low in lean trade

ATCHUTHAN SRIRANGAN, SENIOR RESEARCH ANALYST AT FIRST CAPITAL HOLDINGS PLC, SPEAKS TO REUTERS

DECEMBER 21, 2017

COLOMBO, Dec 21 (Reuters) – Sri Lankan shares ended steady on Thursday, near an eight-month low hit in the previous session, as losses in oil palm and telecommunications offset gains in banking and diversified stocks.

The Colombo Stock Index ended 0.03 percent firmer at 6,323.52, edging up from its lowest close since April 11 touched on Wednesday. Trading was muted ahead of the holiday season, with turnover hitting a 10-month low.

“The dull sentiment is continuing with the year-end holidays coming in,” said Atchuthan Srirangan, senior research analyst at First Capital Holdings PLC.

“Most of the investors and brokers are already on holiday and trading is taking place on very low volumes. We expect low turnover to continue for the next few days.”

Shares in Ceylinco Insurance Plc ended 2.9 percent up while those in Melstacorp Plc rose 1.9 percent.

Sri Lanka Telecom Plc fell 1.4 percent while Hatton NationAl Bank Plc ended 0.7 percent weaker.

Turnover stood at 134.7 million rupees ($880,967.95), the lowest since Feb. 1 and well below this year’s daily average of 933.3 million rupees.

Foreign investors net sold 79.6 million rupees worth of shares on Wednesday. They have net bought 18.3 billion rupees worth of equities so far this year. ($1 = 152.9000 Sri Lankan rupees) (Reporting by Ranga Sirilal; 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.