stock market sri lanka

Sri Lankan stocks little changed near 8-month closing low

DIMANTHA MATHEW, HEAD OF RESEARCH AT FIRST CAPITAL HOLDINGS PLC, SPEAKS TO REUTERS

DECEMBER 14, 2017

COLOMBO, Dec 14 (Reuters) – Sri Lankan shares closed little changed on Thursday, hovering near their lowest close in eight months hit in the previous session, as gains in plantation and beverage stocks offset falls in palm oil and diversified shares.

The Colombo Stock Index ended 0.07 percent higher at 6,357.04. It had posted its lowest close since April 17 on Wednesday.

“Foreign selling continued,” said Dimantha Mathew, head of research at First Capital Holdings, adding that was a bit of a worrying sign for the market.

Turnover was 1.2 billion rupees ($7.84 million), its highest since Nov.23, and more than this year’s daily average of 941.5 million rupees.

Foreign investors, who have been net buyers of 18.1 billion rupees worth of shares so far this year, sold equities worth net 332.9 million rupees on Thursday.

Shares of Commercial Bank of Ceylon Plc, the country’s biggest listed lender, ended 1.4 percent firmer, while Carson Cumberbatch Plc rose 1.6 percent.

Conglomerate John Keells Holdings Plc fell 0.6 percent, while Hemas Holdings Plc ended 1.7 percent weaker. ($1 = 153.1000 Sri Lankan rupees) (Reporting by Ranga Sirilal; Editing by Subhranshu Sahu)

 

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.