Tag Archives: Cargills (Ceylon) Plc

Sri Lankan shares rise after eight sessions of falls in thin trade

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

Sri Lankan shares edged up on Friday, snapping eight straight sessions of falls and moving away from a more than eight-month closing low hit in the previous session, while turnover was low in holiday-thinned trade as investors stayed away from markets ahead of the Christmas weekend.

The Colombo stock index ended 0.11 percent firmer at 6,216.56 after posting its lowest close since April 6 in the previous session. It shed 2 percent in the eight sessions through Thursday, and declined 0.8 percent this week.

Turnover was near a four-week low at 124.9 million rupees ($835,451.51), around a sixth of this year’s daily average of 738 million rupees.

“We may see some window dressings next week, which might help the index move up,” said Atchuthan Srirangan, a senior research analyst with First Capital Equities (Pvt) Ltd.

Sri Lankan markets will be closed on Monday for a bank holiday in lieu of Christmas on Sunday.   Foreign investors, who have been net buyers of 621.5 million rupees of equities, sold a net 4.2 million rupees of shares on Friday.

Cargills (Ceylon) Plc and top conglomerate John Keells Holdings Plc accounted for 59 percent of the day’s turnover.  Cargills shares gained 2.9 percent, while Hatton National Bank Plc rose 1.1 percent to boost the overall index. John Keells, however, fell 0.14 percent.

($1 = 149.5000 Sri Lankan rupees)

(Reporting by Shihar Aneez; Editing by Subhranshu Sahu)

 

Sri Lankan Shares Close at 1-month Low in Thin trade

First Capital’s Senior Research Analyst, Atchuthan Srirangan, speaks to Reuters Thu Oct 20, 2016

Sri Lankan shares ended slightly weaker on Thursday, posting their lowest close in a month, as investors awaited next month’s national budget and a flurry of corporate results. The benchmark index of the Colombo Stock Exchange ended 0.03 percent or 2.03 points lower at 6,442.36, its lowest close since Sept. 20, in thin trading.

“Investors are waiting to see the outcome of the budget and quarterly results,” said Atchuthan Srirangan, a senior research analyst with First Capital Equities (Pvt) Ltd. “Market will move sideways until the budget,” he said.

Stockbrokers said the market was digesting political concerns over the resignation of the head of Sri Lanka’s anti-corruption body on Monday, a few days after President Maithripala Sirisena implied that the agency was favouring the rival party of his prime minister. This is likely to delay one of the promises of Sirisena’s coalition government to eliminate corruption and could hurt business confidence, analysts said.

Turnover stood at 365.03 million rupees ($2.50 million), well below this year’s daily average of around 739.4 million rupees. Foreign investors, who have sold a net 2.06 billion rupees worth of shares so far this year, bought a net 39.1 million rupees worth equities on Thursday.

Top conglomerate John Keells Holdings Plc ended 0.66 percent weaker while Cargills (Ceylon) Plc fell 4.61 percent. Sri Lanka’s quarterly earnings season started last week but the bulk of locally listed firms will not report until late October or early November.

($1 = 145.9000 Sri Lankan rupees)

(Reporting by Ranga Sirilal; Editing by Amrutha Gayathri)