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Sri Lankan shares snap winning streak, end lower on profit-taking


OCTOBER 16, 2017

COLOMBO, Oct 16 (Reuters) – Sri Lankan shares snapped a winning streak to end lower on Monday, slipping from their highest close in more than 10 weeks hit in the previous session, with investors booking profits in financials, brokers said.

The Colombo stock index ended 0.55 percent weaker at 6,595.94, slipping from its highest close since July 31 hit on Friday. Last week, the bourse rose 1.6 percent, posting its fifth straight weekly gain.

“Today, we saw some profit-taking in the market,” said Atchuthan Srirangan, senior research analyst, First Capital Holdings PLC.

“But the good thing is that profit-taking happened in low volumes. Foreigners are calm and waiting to see a direction.”

Shares of Hatton National Bank ended 3.7 percent weaker, Commercial Bank of Ceylon Plc closed 2.7 percent down and Sampath Bank Plc finished 2.7 percent down.

John Keells Holdings Plc ended down 0.2 percent.

Turnover was 394.9 million rupees ($2.57 million), less than half of this year’s daily average of 937 million rupees.

Foreign investors were net buyers of shares worth 3.3 million rupees on Monday, extending the year-to-date net foreign inflow to 20.2 billion rupees worth of shares so far this year.

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.