stock market sri lanka

Sri Lankan stocks fall for 4th straight session

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

DECEMBER 20, 2017

COLOMBO, Dec 20 (Reuters) – Sri Lankan shares fell for a fourth straight session on Wednesday, as investors offloaded stocks of beverages and oil palm companies, while a block deal pushed up turnover.

The Colombo Stock Index ended 0.06 percent weaker at 6,321.36, its lowest close since April 11. The index was down 0.4 percent last week, its sixth consecutive weekly decline.

“Today is also a very dull day. But a block deal pushed the turnover,” said Atchuthan Srirangan, senior research analyst at First Capital Holdings PLC.

“The dull sentiment will continue with the holidays ahead.”

Sampath Bank Plc, which announced a rights issue to increase its tier 1 capital to comply with Basel III requirements, dropped 1.4 percent. Nestle Lanka Plc fell 2 percent.

Turnover stood at 897.3 million rupees ($5.86 million), less than this year’s daily average of 933.3 million rupees.

Foreign investors net sold 79.6 million rupees worth of shares on Wednesday, but they have net bought 18.3 billion rupees worth of equities so far this year. ($1 = 153.0000 Sri Lankan rupees) (Reporting by Ranga Sirilal; Editing by Biju Dwarakanath)

 

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 providing a full range of financial advisory and services. The Company’s research deliver heightened perspective in fundamental research aiding Share Market Investment in Sri Lanka. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis. With fundamental research coverage of 62 listed securities (reflecting approximately 65% market capitalization) across 15 sectors in Share Market Investment in Sri Lanka.