Sri Lankan stocks edge up as foreign investors return

Reuters: Sri Lankan shares rose slightly on Tuesday and posted their highest close in nearly two weeks as investors picked up beverage and telecom stocks, and foreign investors returned to the market following a communal violence last week, dealers said.

Foreign investors bought a net 1.2 billion rupees ($7.71 million) worth of shares, extending the year-to-date net foreign inflow to 7.3 billion rupees worth of equities.

Analysts said local and foreign investors returned to the market a week after a wave of anti-Muslim attacks by Sinhalese Buddhist hardliners in the central highlands district of Kandy.

The Colombo stock index ended 0.11 percent firmer at 6,554.83.

“It is a positive sign that both locals and foreigners are buying after a long wait,” said Dimantha Mathew, head of research, First Capital Holdings.

Turnover was 2.5 billion rupees on Tuesday, the highest since Feb. 26 and more than double of this year’s daily average of around 960.4 million rupees.

Shares in Asian Hotels and Properties Plc ended up 3.8 percent, Dialog Axiata Plc gained 1.5 percent and Singer Sri Lanka Plc rose 2.7 percent. 

($1 = 155.6500 Sri Lankan rupees) 

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

Sri Lankan stocks muted as investors await fresh cues

Reuters: Sri Lankan shares ended little changed on Monday, a week after attacks aimed at Muslim-owned properties by Sinhala Buddhist hardliners hurt sentiment, as investors awaited for fresh cues, dealers said.

The situation has improved in the communal violence-hit district of Kandy, but foreign investors were seen largely keeping to the sidelines for want of a clear direction.

Sri Lankan police on Friday said they were investigating whether 10 suspected ringleaders of a wave of attacks on Muslims by Sinhalese Buddhists had outside funding or foreign help.

The Colombo stock index ended 0.05 percent weaker at 6,547.73. It fell 0.1 last week.

Turnover was 540.1 million rupees ($3.47 million) on Monday, well below this year’s daily average of around 950 million rupees.

“The market is holding on,” said Hussain Gani, deputy CEO at Softlogic Stockbrokers.

“The dampened sentiment we saw last week is not there. Foreigners were also trading in selective counters while locally, retailers traded in second tier counters.”


Foreign investors sold a net 37.8 million rupees worth of shares on Monday, but they have been net buyers of 6.1 billion rupees worth of equities so far this year.

Shares in Carson Cumberbatch Plc fell 4.2 percent while, Commercial Leasing Plc ended 6.5 percent down, conglomerate John Keells Holdings Plc fell 1.04 percent and Dialog Axiata Plc lost 0.7 percent.

($1 = 155.6000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan)

Sri Lankan stocks rise for 2nd day on foreign investor buying

Reuters: Sri Lankan shares rose for a second straight session on Friday as foreign investors bought into risky assets with some improvements in the communal violence-hit district of Kandy.

Police said on Thursday it had arrested the suspected leader and nine others suspects behind a wave of anti-Muslim attacks by Sinhalese Buddhist hardliners in the central highlands region this week.

“With the situation returning to normalcy we saw increased activities. We saw foreigners getting activated. Things are slightly improving and investors are waiting to see the real situation,” said Dimantha Mathew, head of research, First Capital Holdings, referring to inactive local investors.

The Colombo stock index ended 0.46 percent firmer at 6,551.19. Turnover was 868.9 million rupees ($5.59 million), less than this year’s daily average of around 950 million rupees.

Foreign investors bought a net 61.3 million rupees worth of shares on Friday, extending the year-to-date net foreign inflow to 6.1 billion rupees worth of equities so far this year.

Shares in Ceylinco Insurance Plc climbed 11.25 percent, Melstacorp Ltd rose 2.9 percent and Janashakthi Insurance Co Plc ended 7.7 percent firmer. 

($1 = 155.4000 Sri Lankan rupees) 

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

Sri Lankan stocks recover from over 1-month closing low; John Keells up

Reuters: Sri Lankan shares on Thursday recovered from a more than one-month closing low hit in the previous session, helped by gains in market heavyweight John Keells Holdings Plc, although investors remained concerned about communal violence.

After days of violence, a curfew in the town of Kandy was temporarily lifted on Thursday.

“But investors worry about the violence because it is not settled. It could resurface,” said Prashan Fernando, CEO at Acuity Stockbrokers.

The Colombo stock index ended 0.27 percent firmer at 6,521.24, following three straight sessions of declines.

Turnover was 733.5 million rupees ($4.72 million), less than this year’s daily average of around 950 million rupees.

Foreign investors bought a net 24.2 million rupees worth of shares on Thursday, extending the year-to-date net foreign inflow to 6 billion rupees worth of equities so far this year.

Shares in top conglomerate John Keells rose 1.4 percent, while Commercial Leasing & Finance Plc jumped 10.7 percent.

($1 = 155.3500 Sri Lankan rupees)

(Reporting by Shihar Aneez; Editing by Subhranshu Sahu)

Sri Lankan stocks extend fall to over 1-month closing low; communal violence weighs

Reuters: Sri Lankan shares fell for a third straight session on Wednesday and posted their lowest close in more than a month amid investor concerns about continued communal violence.

Buddhist mobs attacked mosques and businesses belonging to the minority Muslims overnight, despite the imposition of a state of emergency to restore peace in the bitterly divided island.

The telecom regulator on Wednesday blocked social media networks such as Facebook Inc Viber and WhatsApp across the country for three days to prevent the spread of communal violence, officials said. “Investors are really worried about the continued violence,” said Prashan Fernando, CEO at Acuity Stockbrokers.

“The market thought the violence was under control yesterday. But it continued today as well. Investors will wait until there is a peaceful situation.”

Trading was thin as most investors stayed on the sidelines. Turnover was 371 million rupees ($2.39 million), less than half of this year’s daily average of around 950 million rupees.

The Colombo stock index ended 0.45 percent weaker at 6,503.86, following a 0.28 percent drop last week.

Foreign investors bought a net 27.9 million rupees worth of shares on Wednesday, extending the year-to-date net foreign inflow to 6 billion rupees worth of equities so far this year.

Nestle Lanka Plc fell 3.8 percent, Commercial Bank of Ceylon slipped 1.5 percent, Sampath Bank Plc dropped 2.7 percent and Commercial Leasing & Finance Plc declined 6.7 percent.

($1 = 155.3000 Sri Lankan rupees) 

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

Sri Lankan stocks drop to near 3-week closing low; communal clash weighs on market

Reuters: Sri Lankan shares dropped to their lowest close in nearly three weeks on Tuesday amid investors’ concerns about communal violence.

The country declared a nationwide state of emergency for 10 days on Tuesday to stop the spread of violence, after clashes erupted between majority Buddhists and members of the minority Muslim community.

“Market came down with investors worried over the government declaring state of emergency,” said Atchuthan Srirangan, a senior research analyst at First Capital Holdings PLC.

“Investors are waiting to see how foreign investors will react to this state of emergency.”

The Colombo stock index ended 0.3 percent weaker at 6,533.46, following a 0.28 percent drop last week.

Turnover was 436.8 million rupees ($2.82 million), less than half of this year’s daily average of 954.9 million rupees.

Analysts said local investors continued to be on the sidelines as they were still worried about political uncertainty.

Foreign investors bought a net 27.9 million rupees worth of shares on Tuesday, extending the year-to-date net foreign inflow to 6 billion rupees worth of equities so far this year.

Shares of conglomerate John Keells Holdings Plc fell 0.7 percent, Ceylon Tobacco Co Plc ended 0.4 percent weaker and Browns Investments Plc declined 7.7 percent.

Sri Lanka’s two key parties in the ruling coalition last week decided to remain in the ruling coalition, allaying fears of a government collapse.

President Maithripala Sirisena reshuffled his cabinet last week, appointing his prime minister as the law and order minister, after the governing coalition suffered a series of defeats in local elections earlier this month.

However, the changes failed to boost the market as the cabinet reshuffle was not enough to address the election defeats, analysts said. 

($1 = 155.0000 Sri Lankan rupees) 

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

Sierra Cables Plc, wins Rs872mn power cable deal

ECONOMYNEXT - Sri Lanka's Sierra Cables Plc, a publicly traded company had won an 872 million rupee deal to supply cables to state-run Ceylon Electricity Board.

The cabinet of ministers had approved a proposal to buy the cables from Sierra cables for 872.96 million rupees.

Sierra will supply 3x70+54.6+16sqmm aerial bundled cables.

Sierra Cable Plc group lost 8.08 million rupees in December 2017 quarter, down from a profit of 103 million rupees a year earlier.

Revenues fell to 1,086 million rupees in the quarter from 1,102 million a year earlier, costs rose to 932.8 million rupees from 884.7 million rupees and gross profits fell to 133 million rupees from 218 million rupees.