Tag Archives: capital market Sri Lanka

Sri Lankan Shares Close at 1-month Low in Thin trade

First Capital’s Senior Research Analyst, Atchuthan Srirangan, speaks to Reuters Thu Oct 20, 2016

Sri Lankan shares ended slightly weaker on Thursday, posting their lowest close in a month, as investors awaited next month’s national budget and a flurry of corporate results. The benchmark index of the Colombo Stock Exchange ended 0.03 percent or 2.03 points lower at 6,442.36, its lowest close since Sept. 20, in thin trading.

“Investors are waiting to see the outcome of the budget and quarterly results,” said Atchuthan Srirangan, a senior research analyst with First Capital Equities (Pvt) Ltd. “Market will move sideways until the budget,” he said.

Stockbrokers said the market was digesting political concerns over the resignation of the head of Sri Lanka’s anti-corruption body on Monday, a few days after President Maithripala Sirisena implied that the agency was favouring the rival party of his prime minister. This is likely to delay one of the promises of Sirisena’s coalition government to eliminate corruption and could hurt business confidence, analysts said.

Turnover stood at 365.03 million rupees ($2.50 million), well below this year’s daily average of around 739.4 million rupees. Foreign investors, who have sold a net 2.06 billion rupees worth of shares so far this year, bought a net 39.1 million rupees worth equities on Thursday.

Top conglomerate John Keells Holdings Plc ended 0.66 percent weaker while Cargills (Ceylon) Plc fell 4.61 percent. Sri Lanka’s quarterly earnings season started last week but the bulk of locally listed firms will not report until late October or early November.

($1 = 145.9000 Sri Lankan rupees)

(Reporting by Ranga Sirilal; Editing by Amrutha Gayathri)

First Capital power 37th National Conference of Chartered Accountants with Gold

First Capital Holdings PLC has committed to power the 37th National Conference of Chartered Accountants with Gold sponsorships.

The annual flagship event, organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is to be held from 19 to 21 October, under the theme ‘Unleashed Thinking: Entrepreneurship and Intrapreneurship.’ The conference which has built a reputation as a leading business summit in the country, is expected to attract over 1,500 business leaders including chartered accountants and leaders from other professions.

First Capital Holdings Group Chief Executive Officer Dilshan Wirasekara said that First Capital is delighted to sponsor a benchmark event such as the National Conference of Chartered Accountants for the third successive year. “We see the impact that national level events such as this conference have on the maintenance of high professional standards and practices across the industry as Sri Lanka’s capital market enters the next phase of growth,” he said.

“This year’s conference is expected to focus on the potential of entrepreneurship and intrapreneurship, specifically on how it can benefit Sri Lanka to drive the country to the next level, boosting its standing as a global player in the international business arena.
Reputed as a business summit, the conference aims to stimulate vibrant innovative entrepreneurs and intrapreneurs whilst establishing high profile market leading companies to be ready for the new challenges that they will have to face as a result of disruptive technology, consumer demand and the aspirations of millennial workforce,” he said.

Welcoming the companies onboard, CA Sri Lanka President Lasantha Wickremasinghe said as a highly respected professional organization, the institute takes it upon their responsibility to give the necessary boost not only to enhance the standing of the accounting and finance professions, but also to be a catalyst in helping Sri Lanka’s achieve its growth goals.

“As a country, we have great potential to be a global player, and we believe this summit which attracts a significant representation of corporate leadership, will be the perfect platform to promote and stimulate upon the importance where both entrepreneurs and intrapreneurs  can take the lead to help Sri Lanka achieve it’s true potential,” Wickremasinghe said.

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First Capital Chief Executive Officer Dilshan Wirasekara, Senior Manager – Business Development and Corporate Planning Kosala Liyanagedara and Manager Branding and Marketing Services Nisansala Munasinghe exchanging the sponsorship cheque with CA Sri Lanka President Lasantha Wickremasinghe, Vice President Jagath Perera, Conference Committee Chairman Tishan Subasinghe and CEO Aruna Alwis
First Capital Chief Executive Officer Dilshan Wirasekara, Senior Manager – Business Development and Corporate Planning Kosala Liyanagedara and Manager Branding and Marketing Services Nisansala Munasinghe exchanging the sponsorship cheque with CA Sri Lanka President Lasantha Wickremasinghe, Vice President Jagath Perera, Conference Committee Chairman Tishan Subasinghe and CEO Aruna Alwis