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Sri Lankan shares rise for 4th session; beverage, diversified stocks up

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

OCTOBER 13, 2017

COLOMBO, Oct 13 (Reuters) – Sri Lankan shares rose for a fourth straight session on Friday and posted their highest close in more than 10 weeks, as investors bought beverage and diversified stocks, brokers said.

The Colombo stock index ended 0.16 percent firmer at 6,632.30, its highest close since July 31. It rose 1.6 percent this week in its fifth straight weekly gain.

“This week we have seen a big rally and today we saw some profit-taking, but the market ended firmer on the continued bullish trend,” said Atchuthan Srirangan, a senior research analyst with First Capital Holdings PLC.

Shares of Ceylon Cold Stores Plc ended 3.2 percent firmer, Lion Brewery (Ceylon) Plc rose 6.0 percent and John Keells Holdings Plc ended up 0.2 percent.

Turnover was 688.4 million rupees ($4.48 million), less than this year’s daily average of 937 million rupees.

Foreign investors were net sellers of shares worth 8.8 million rupees on Friday, after having bought 3.7 billion rupees of equities in the 16 sessions through Tuesday. They have net bought 20.2 billion rupees worth of shares so far this year. ($1 = 153.7000 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.<

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.