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Sri Lankan shares recover from 10-day low in dull trade


OCTOBER 20, 2017

COLOMBO, Oct 20 (Reuters) – Sri Lankan shares snapped a three-session decline to end slightly firmer on Friday, as investors picked up beverage shares in thin volume, brokers said.

The Colombo stock index finished 0.26 percent higher at 6,572.70, edging up from its lowest close since Oct. 10 hit in the previous session. But the bourse fell 0.9 percent for the week, recording its first weekly fall in six.

“Some retail activities in mid-cap shares helped the market to end higher. The retail activities gave some boost to investor sentiment,” said Atchuthan Srirangan, senior research analyst, First Capital Holdings PLC.

“Foreign investors were net buyers for the day and that also helped the market to end up.”

Shares of Ceylon Tobacco Company Plc ended 3 percent higher while Chevron Lubricants Lanka Plc closed 4.6 percent up and Nestle Lanka Plc finished 2.6 percent firmer.

Turnover was 568.1 million rupees ($3.70 million), less than this year’s daily average of 938 million rupees.

Foreign investors were net buyers of shares worth 51.9 million rupees on Friday extending the year-to-date net foreign inflow to 19.1 billion rupees worth of shares.

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.