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Sri Lankan shares slip from 4-wk closing high on profit-taking

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

Sri Lankan shares ended slightly weaker on Thursday, down from a four-week closing high hit in the previous session, as investors sold diversified and telecom shares after a three-day rising streak.

The Colombo stock index fell 0.03 percent to end at 6,173.72, sliding from its highest close since Jan. 18 hit on Wednesday as investors picked up the battered blue-chip shares.

“We saw a bit of profit-taking in the latter part of the day. But some crossings pushed turnover,” said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd.

Shares in Carson Cumberbatch Plc fell 8.14 percent, while conglomerate John Keells Holdings Plc lost 0.54 percent, dragging down the overall index.

Turnover stood at 633.1 million rupees ($4.20 million), in line with this year’s daily average of 631.5 million rupees.

Foreign investors net bought 67.5 million rupees worth of equities on Thursday. They have net sold 223.2 million rupees worth of shares so far this year.

“With interest rates on the rise, the market will remain slow in the next few days and many investors will wait to see the direction from the sovereign bond issue,” Mathew said.

The Sri Lankan cabinet approved a $1.5 billion sovereign bond issue to repay loans and manage interest payments, a cabinet spokesman said on Wednesday.

Yields on treasury bills rose 5-8 basis points at a weekly auction on Wednesday and are hovering at a more than four-year high.

($1 = 150.7500 Sri Lankan rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; 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 CEO panelist at 5th Annual Capital Market Conference

Mr. Dilshan Wirasekara, CEO First Capital Holdings PLC will be sharing his insights and expertise at the 5th Annual Capital Market Conference.

This year’s conference marks the 3rd consecutive year in which our CEO has been invited as a guest panelist representing the capital market industry in Sri Lanka.

The 5th Annual Capital Market (CAPM) Conference, organised by UTO EduConsult in conjunction with KPMG and Adl Capital as the Key Knowledge Partners, will be held for the fifth consecutive year on 21 February.

The event will witness senior personnel of the industry, including CEOs, Partners of Accounting and Legal firms, Investment Bankers, Realtors, Regulators et al participating in various panel discussions on the significant changes and developments taking place in the capital markets industry.    Read Full Article >

 

More Details on the Conference >

 

 

 

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.

 

 

Sri Lankan shares hit 2-wk closing high as blue chips rally

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

Sri Lankan shares hit a two-week closing high on Tuesday as investors picked up blue chip shares such as John Keells Holdings Plc and Ceylon Tobacco Company Plc, brokers said.

The Colombo stock index ended 0.17 percent firmer at 6,148.94, its highest close since Jan. 23.

“Bargain hunting in blue chips is continuing. There was some block trades too,” said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd.

Shares of John Keells Holdings Plc rose 1.01 percent, while Ceylon Tobacco Company Plc rose 0.59 percent.

Turnover stood at 548.9 million rupees ($3.65 million), more than this year’s daily average of 623.3 million rupees.

Foreign investors net bought 58.2 million rupees worth of equities on Tuesday. They have net sold 313.1 million rupees worth of shares so far this year.

On Thursday, Fitch Ratings affirmed Sri Lanka’s Long-Term Foreign- and Local Currency Issuer Default Ratings (IDR) at ‘B+’ and revised the outlook to ‘stable’ from ‘negative’.

Sri Lankan stocks have been hit by political uncertainty after ruling coalition parties decided to contest local polls separately, and on worries over a rise in interest rates.

Last week, the country’s central bank kept key rates steady for a sixth straight month, but flagged possible “corrective measures” in the months ahead in a sign further tightening might be on the cards to temper inflation pressures and safeguard a fragile rupee.

Yields on treasury bills are hovering at a more than four-year high.

Sri Lanka’s stock and foreign exchange markets were closed on Friday for a Buddhist religious holiday.

($1 = 150.3000 Sri Lankan rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan)

 

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.