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Sri Lankan shares extend declines, foreign buying curbs fall


JANUARY 18, 2018

COLOMBO, Jan 17 (Reuters) – Sri Lankan shares ended down for a sixth consecutive session on Wednesday, hitting their lowest close in more than two weeks, as retail investors sold blue chips, but foreign buying in the island nation’s risky assets capped further decline.

The Colombo Stock Index ended 0.13 percent weaker at 6,439.34, its lowest close since Jan. 2. It has shed 1.6 percent in the past six sessions.

“Things were a bit slower and the trend is continuing,” said Dimantha Mathew, head of research, First Capital Holdings.

“Market is coming towards a correction rather than profit-taking as the latter lasted far more than expected. However, foreigners are still on the buying side.”

Foreign investors bought shares worth net 146.2 million rupees ($949,968) on Wednesday, extending the net foreign inflow so far this year to 3 billion rupees.

They had net bought 18.5 billion rupees worth equities in 2017 and 633.5 million rupees in 2016.

Turnover stood at 491.1 million rupees on Wednesday, less than last year’s daily average of 915.3 million rupees.

Shares in Hemas Holdings Plc ended 1.8 percent lower, Sri Lanka Telecom Plc closed 1.4 percent down, and Overseas Realty Plc closed 2.9 percent lower.

$1 = 153.9000 Sri Lankan rupees Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sherry Jacob-Phillips

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.