FIRST CAPITAL’S SENIOR RESEARCH ANALYST ATCHUTHAN SRIRANGAN SPEAKS TO REUTERS
AUGUST 30, 2017
COLOMBO, Aug 30 (Reuters) – Sri Lankan shares fell for a second session on Wednesday, ending near a more than four-month closing low hit last week, as investors sold shares of banks and beverages companies.
The Colombo stock index fell 0.13 percent to 6,390.26.
Shares of Nestle Lanka Plc fell 0.6 percent, while biggest listed lender Commercial Bank of Ceylon Plc slipped 0.7 percent and Sri Lanka Telecom Plc lost 1 percent.
The index closed at its lowest since April 18 on Thursday. It fell 0.4 percent last week, its sixth straight weekly fall, and has shed more than 4 percent since July 27 up to Wednesday’s close.
“It was totally a volatile market. Lack of retail participation is the main reason for the market to come down,” said Atchuthan Srirangan, a senior research analyst at First Capital Holdings PLC.
“Still, investors are waiting to see the outcome of the Inland Revenue Bill.”
The bill, Sri Lanka’s major tax reform since independence from Britain in 1948, seeks to expand the tax net and stamp out evasion. It is expected to be presented in parliament on Sept. 6.
Foreign investors net bought 89.5 million rupees (about $585,925) worth of shares, extending the year-to-date net foreign inflow into equities to 27.6 billion rupees.
Turnover stood at 592 million rupees, compared with this year’s daily average of around 858.1 million rupees.
$1 = 152.8000 Sri Lankan rupees Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath
Shares of conglomerate John Keells Holdings Plc ended 0.3 percent higher, while Commercial Leasing & Fiance Plc closed 3.6 percent higher and Union Bank Plc ended 4.2 percent firmer.
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.<
First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka.