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Sri Lankan shares post near 6-week closing low


JULY 24, 2017

COLOMBO, July 24 (Reuters) – Sri Lankan shares fell for the sixth straight session on Monday to post a near six-week closing low, but brokers said the slide is slowing down.

The Colombo stock index fell just 0.08 percent to 6,664.12, but it marked the lowest close since June 13, and its ninth fall in 10 sessions.

“The market came down over the last few days due to profit taking, but it looks like the profit taking has come to an end and the market is consolidating at these levels,” said Dimantha Mathew, head of research, First Capital Holdings.

Foreign investors bought shares worth a net 195.5 million rupees ($1.27 million) on Monday, extending the year-to-date net foreign inflow to 25 billion rupees.

Turnover was 502.6 million rupees, less than this year’s daily average of around 907 million rupees.

Shares of Hemas Holdings Plc fell 1.8 percent while Ceylon Cold Stores Plc closed 1.14 percent weaker. ($1=153.45 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; editing by Neil Fullick)

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.<