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Sri Lankan stx hit 9-wk high as blue chips gain

FIRST CAPITAL’S HEAD OF RESEARCH DIMANTHA MATHEW SPEAKS TO REUTERS

OCTOBER 6, 2017

COLOMBO, Oct 6 (Reuters) – Sri Lankan shares rose for a sixth straight session on Friday and closed at their highest in nine weeks as blue chips gained.

The Colombo stock index ended 0.34 percent higher at 6,529.05, its highest close since Aug. 4. The bourse rose 1.4 percent for the week, recording its fourth straight weekly gain.

Turnover stood at 922 million Sri Lankan rupees ($6.02 million), in line with this year’s daily average of 923.4 million rupees.

“The market is moving up steadily after breaching the psychological barrier of 6,500,” said Dimantha Mathew, head of research at First Capital Holdings.

“There was some profit-taking but the market is moving up on continued buying.”

Shares of Asiri Hospitals Plc gained 5.2 percent while Hatton National Bank Plc ended 1.1 percent higher and conglomerate John Keells Holdings Plc rose 0.2 percent.

Foreign investors, who bought a net 19.9 billion rupees worth of equities so far this year, were net sellers of 82.3 million rupees worth of shares on Friday.

Sri Lanka’s markets were closed on Thursday for a Buddhist holiday. ($1 = 153.2000 Sri Lankan rupees) (Reporting by Ranga Sirilal; Editing by Amrutha Gayathri)

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.