Register Online
Online Portal
Investment in Sri Lanka

Sri Lankan shares end flat; foreign investors turn sellers


Tue May 2, 2017

Sri Lankan shares were largely unchanged in thin trading, near an 11-month high on Tuesday, as foreign investors turned net sellers for the first time in 26 sessions while blue chips saw profit-booking after a prolonged rise.

Foreign investors net sold shares worth 29.8 million rupees on Tuesday, but remained net buyers of equities to the tune of 16.4 billion rupees so far this year.

Meanwhile, blue chip shares such as John Keells Holdings Plc , down 0.37 percent, and Commercial Bank of Ceylon justify, down 0.62 percent, witnessed profit-booking.

The Colombo stock index ended 0.03 percent weaker at 6,608.16, slipping from its highest close since May 20 hit on Friday.

“Short-term profit-taking was there today,” said Dimantha Mathew, head of research, First Capital Holdings PLC.

“The market will continue to be bullish, but will see some profit-taking. The good thing is that we are seeing local investors coming back into the market.”

Turnover stood at 471.5 million rupees ($3.10 million), nearly half of this year’s daily average of 902 million rupees. ($1 = 151.9000 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.