Sri Lankan stocks fall to 1-1/2-month closing low on foreign selling

Reuters: Sri Lankan shares extended falls on Thursday to a one-and-a-half-month closing low as foreign investors continued to reduce their holdings on expectation of an interest rate hike by the U.S. Federal Reserve at its next meeting.

Foreign investors sold a net 56.7 million rupees ($363,578.07) worth of shares, but they have been net buyers of 7.02 billion rupees worth of equities so far this year.

The Colombo stock index fell for a second straight session and ended 0.28 percent weaker at 6,500.99, its lowest close since Feb.1.

“Some foreigners are exiting because of the fear of Fed rate hike pencilled in March meeting. Till that, we will see some foreign selling,” said Atchuthan Srirangan, a senior research analyst with First Capital Holdings PLC, adding that Sri Lanka saw some outflows before the last two Fed meetings.

Turnover was 806.2 million rupees, lower than this year’s daily average of around 973.3 million rupees.

Shares in Dialog Axiata Plc fell 2.9 percent, while Melstacorp Plc ended 3.7 percent weaker and Ceylon Beverage Holdings Plc dropped 8.9 percent.

Analysts said a communal violence in the central district of Kandy also weighed on sentiment.

($1 = 155.9500 Sri Lankan rupees) 

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

Sri Lankan stocks fall on foreign selling

Reuters: Sri Lankan shares fell on Wednesday from their highest close in nearly two weeks hit in the previous session, as selling by foreign investors weighed on sentiment, brokers said.

Foreign investors sold a net 183.3 million rupees ($1.18 million) worth of shares, but they have been net buyers of 7.1 billion rupees worth of equities so far this year.

The Colombo stock index ended 0.54 percent weaker at 6,519.48.

Falls in large cap Ceylon Tobacco Co Plc dragged down the overall index, said Dimantha Mathew, research head at First Capital Holdings.

“The market came down on small quantity of CTC trade and some banks also came down as investors think the earnings could be hit on some tough regulatory compliance,” he added.

Turnover was 1.6 billion rupees, more than this year’s daily average of around 973.3 million rupees.

Shares in Ceylon Tobacco ended 4.8 percent weaker, Ceylinco Insurance Plc fell 7.6 percent and Commercial Bank of Ceylon Plc slipped 0.22 percent. 

($1 = 155.8000 Sri Lankan rupees) 

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

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)