Sri Lankan shares gain for 3rd day to hit near 4-wk closing high

Reuters: Sri Lankan shares rose on Friday for the third straight session to hit a near four-week closing high as investors picked up blue chip stocks.

The Colombo stock index ended 0.36 percent higher at 6,718.83, its highest close since May 22, and recorded its first weekly gain in four.

Analysts said investor reaction to slower economic growth in the first quarter was mixed.

Sri Lanka's economy grew 3.8 percent in the first quarter, slowing from the previous quarter's 5.3 percent, the state-run Census and Statistics Department said on Thursday.

"The first-half growth will be affected by the drought and the floods, but we expect a pick up in the second half," said Atchuthan Srirangan, a senior research analyst at First Capital Holdings PLC.

"But slower growth this year will cause a higher loan-to-GDP ratio, which is a concern."

Turnover on Friday was 966.4 million rupees ($6.3 million), above this year's daily average of 899.4 million rupees.

Foreign investors were net buyers of 63.3 million rupees worth of shares, extending the year-to-date net foreign inflow to 20.71 billion rupees.

Inflation could rise in the short term, especially due to crop damage and difficulties in distributing fresh-food produce and staple food items, analysts said, after the recent floods and landslides, caused by the worst torrential rains in 14 years.

Shares in Hemas Holdings Plc ended up 4.2 percent, while Ceylon Tobacco Company Plc rose 1.2 percent. 

($1 = 152.9500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Amrutha Gayathri)

Sri Lankan shares hit 3-wk high as blue chips gain

Reuters: Sri Lankan shares rose on Thursday to hit a near three-week closing high as heavyweights John Keells Holdings Plc and Commercial Bank of Ceylon Plc gained.

The Colombo stock index ended 0.4 percent higher at 6,694.64, its highest close since May 26.

"We see encouraging signs with increased foreign participation," said Hussain Gani, deputy CEO of Softlogic Stockbrokers. "The local investors are also returning to the market resulting in healthy turnover level."

Foreign investors accounted for about 50 percent of the day's turnover of 1.88 billion rupees ($12.3 million), more than double this year's daily average of 899.4 million rupees.

Foreign investors, however, were net sellers of 55.6 million rupees worth of shares, snapping nine straight sessions of net buying. But they have been net buyers of 20.68 billion rupees worth of equities so far this year.

Sri Lanka's economy grew 3.8 percent in the first quarter, slowing down from the previous quarter's 5.3 percent, the state-run Census and Statistics Department said on Thursday after the markets closed.

Analysts said investors are still waiting to see the impact of the recent floods and landslides, caused by the worst torrential rains in 14 years, killing over 200 people and devastating crops.

Inflation could rise in the short term, especially due to crop damage and difficulties in distributing fresh food produce and staple food items, analysts said.

Conglomerate John Keells rose 1.8 percent, while the country's biggest listed lender, Commercial Bank of Ceylon Plc , and Sri Lanka Telecom Plc gained 2.7 percent and 2.9 percent, respectively. 

($1 = 152.6500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Amrutha Gayathri)

Sri Lankan shares retreat from 5-1/2-week closing low; John Keells leads

Reuters: Sri Lankan shares on Wednesday bounced from their five-week closing low hit in the previous session, led by gains in conglomerate John Keells Holdings Plc and with foreign investors buying into the island nation's risky assets.

The Colombo stock index ended 0.32 percent firmer at 6,669.73, edging up from its lowest close since May 5 hit on Tuesday.

Last week, the bourse dropped 0.3 percent, posting its third consecutive weekly decline.

"Investors bought John Keells Holdings heavily and retail sentiment also improved," said Prashan Fernando, CEO, Acuity Stockbrokers in Colombo.

Turnover was 1.06 billion rupees ($6.95 million), above this year's daily average of 899.4 million rupees.

Foreign investors were net buyers of 18.9 million rupees worth of shares, extending the year-to-date net foreign inflow to 20.7 billion rupees.

Analysts said investors are still waiting to see the impact of the recent floods and landslides, caused by the worst torrential rains in 14 years, killing over 200 people and devastating crops.

Inflation could rise in the short term, especially due to crop damage and difficulties in distributing fresh food produce and staple food items, analysts said.

Conglomerate John Keells Holdings Plc rose 3.36 percent, while the country's biggest listed lender Commercial Bank of Ceylon Plc ended 0.89 percent higher.

($1 = 152.5000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sherry Jacob-Phillips)

Sri Lankan shares hit 5-1/2-week closing low despite foreign inflows

Reuters: Sri Lankan shares on Tuesday hit their lowest close in more than five weeks due to profit-booking in blue chips, although foreign investors actively bought into the island nation's risky assets.

Foreign investors were net buyers of 389.9 million rupees worth of shares, extending the year-to-date net foreign inflow to 20.7 billion rupees.

The Colombo stock index ended 0.22 percent weaker at 6,648.40, its lowest close since May 5.

Last week, the bourse dropped 0.3 percent, posting its third consecutive weekly decline.

"There was healthy foreign buying and the turnover was also good. The index fell because retail investors are staying away until they see some direction," said Hussain Gani, deputy CEO, Softlogic Stockbrokers.

Turnover was 984.5 million rupees ($6.44 million), more than this year's daily average of 897.9 million rupees.

Analysts said investors are still waiting to see the impact of the recent floods and landslides, caused by the worst torrential rains in 14 years, killing over 200 people and devastating crops.

Inflation could rise in the short term, especially due to crop damage and difficulties in distributing fresh food produce and staple food items, analysts said.

Shares of Sri Lanka Telecom Plc ended 2.5 percent down, Lion Brewery Plc closed 3.2 percent weaker, while the country's biggest listed lender Commercial Bank of Ceylon Plc ended 0.7 percent down.

($1 = 152.8000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sherry Jacob-Phillips)

Sri Lankan shares hit near 2-week closing low

Reuters: Sri Lankan shares on Monday ended at their lowest in near two weeks due to profit-booking in banking shares, but foreign inflows helped curb losses.

The Colombo stock index ended 0.09 percent weaker at 6,663.15, its lowest close since May 30.

Last week, the bourse dropped 0.3 percent, posting its third consecutive weekly decline.

"Foreign trade dominated the day. The net foreign trade is low, there is very less local participation as there is no new money coming into the market," said Dimantha Mathew, head of research, First Capital Holdings PLC.

Turnover was 841.6 million rupees ($5.51 million), little less than this year's daily average of 897.1 million rupees.

Analysts said investors are still waiting to see the impact of the recent floods and landslides, caused by the worst torrential rains in 14 years, killing over 200 people and devastating crops.

Inflation could rise in the short term, especially due to crop damage and difficulties in distributing fresh food produce and staple food items, analysts said.

Foreign investors were net buyers of 65.7 million rupees worth of shares, extending the year-to-date net foreign inflow to 20.3 billion rupees.

Shares of Bukit Darah Plc ended 4.27 percent weaker, Ceylinco Insurance Plc closed down 2.24 percent, Commercial Leasing & Finance Plc dropped 6.45 percent, while the country's biggest listed lender Commercial Bank of Ceylon Plc ended 0.07 percent down.

($1 = 152.7000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sherry Jacob-Phillips)

Sri Lankan shares snap four sessions of falls

Reuters: Sri Lankan shares closed slightly firmer on Friday, snapping four straight sessions of falls, on foreign investor buying in select stocks.

Analysts said investors are waiting to see the real impact of the recent floods and landslides caused by the worst torrential rains in 14 years, killing over 200 people and devastating crops.

The Colombo stock index ended up 0.07 percent at 6,668.96, edging up from its lowest close since May 30 hit on Wednesday.

However, it fell 0.3 percent this week in its third straight weekly decline.

"Foreign trade boosted the market. They only bought in some select counters and they did not have enough quantities. Local investors are waiting for some directions amid uncertainty over how the Qatar issue will impact the Sri Lankan economy and oil prices," said Jaliya Wijeratne, CEO at First Capital Holdings PLC.

Turnover was 534.9 million rupees ($3.50 million), little higher than half of this year's daily average of 897.6 million rupees.

Inflation could rise in the short term, especially due to crop damage and difficulties in distributing fresh food produce and staple food items, analysts said.

Foreign investors were net buyers of 131.3 million rupees worth of shares, extending the year-to-date net foreign inflow to 20.2 billion rupees.

Shares of BRAC Lanka Finance Plc rose 18 percent, Bukit Darah Plc ended 6.3 percent firmer and the country's biggest listed lender, Commercial Bank of Ceylon Plc , gained 1.57 percent. 

($1 = 152.7500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

Sri Lankan shares at 1-week closing low; foreign inflows cap losses

Reuters: Sri Lankan shares ended down for a fourth consecutive session on Wednesday, and hit their lowest close in more than a week, due to profit-booking in large-cap shares such as Ceylon Tobacco Company Plc, but foreign inflows helped curb losses.

Analysts said investors are waiting to see the real impact of the floods and landslides caused by the worst torrential rains in 14 years, killing over 200 people and devastating crops.

The Colombo stock index ended down 0.08 percent at 6,664.00, its lowest close since May 30.

Turnover was 2.09 billion rupees ($13.70 million), its highest since May 24 and well above this year's daily average of 901.1 million rupees.

Inflation could rise in the short term, especially due to crop damage and difficulties in distributing fresh food produce and staple food items, analysts said.

"Today, the turnover was very healthy with some crossings. But despite that, the market ended weaker as investors are worried over the real impact of the flooding," said Yohan Samarakkody, head of research, SC Securities.

"The gloomy investor sentiment that we have seen during this week is mainly due to the floods, which will have an impact on the economy."

Foreign investors, however, were net buyers of 316.3 million rupees worth of shares, extending the year-to-date net foreign inflow to 20.1 billion rupees.

Ceylon Cold Stores Plc, which accounted for 55 percent of the day's turnover, ended down 5.6 percent.

Shares of Ceylon Tobacco Company slipped 1.11 percent, while the biggest listed lender Commercial Bank of Ceylon Plc declined 0.37 percent, Bukit Darah Plc shed 2.69 percent, Carson Cumberbatch Plc dropped 2.23 percent.

The markets will be closed on Thursday for a Buddhist religious holiday. Trading will resume on Friday.

($1 = 152.6000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sherry Jacob-Phillips)