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Sri Lankan shares end steady near 5-week closing high


SEPTEMBER 21, 2017

COLOMBO, Sept 21 (Reuters) – Sri Lankan shares ended flat on Thursday, near a more than five-week closing high hit in the previous session, as gains in beverage and construction shares were offset by losses in bank stocks.

The Colombo stock index ended 0.02 percent lower at 6,451.55, edging down from its highest close since Aug. 14 hit on Wednesday.

“The interest in blue chips is continuing with buying momentum and positive sentiment, even though the market ended flat,” said Dimantha Mathew, head of research at First Capital Holdings.

“Unlike dull periods, we now see block trades and there are continuous enquiries specially from foreigners.”

Shares of biggest listed lender Commercial Bank of Ceylon Plc ended 0.6 percent weaker, while Hemas Holdings Plc fell 0.8 percent.

Shares in Ceylon Tobacco Company Plc rose 0.5 percent and Access Engineering Plc rose 3.2 percent.

Foreign investors bought a net 54.1 million rupees ($354,289) worth of shares, extending the year-to-date net foreign inflow to 17.7 billion rupees.

Turnover stood at 541.4 million rupees, less than this year’s daily average of around 924 million rupees. ($1 = 152.7000 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.<

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.