Sri Lankan stocks little changed near 8-month closing low

Reuters: Sri Lankan shares closed little changed on Thursday, hovering near their lowest close in eight months hit in the previous session, as gains in plantation and beverage stocks offset falls in palm oil and diversified shares.

The Colombo Stock Index ended 0.07 percent higher at 6,357.04. It had posted its lowest close since April 17 on Wednesday.

“Foreign selling continued,” said Dimantha Mathew, head of research at First Capital Holdings, adding that was a bit of a worrying sign for the market.

Turnover was 1.2 billion rupees ($7.84 million), its highest since Nov.23, and more than this year’s daily average of 941.5 million rupees.

Foreign investors, who have been net buyers of 18.1 billion rupees worth of shares so far this year, sold equities worth net 332.9 million rupees on Thursday.

Shares of Commercial Bank of Ceylon Plc, the country’s biggest listed lender, ended 1.4 percent firmer, while Carson Cumberbatch Plc rose 1.6 percent.

Conglomerate John Keells Holdings Plc fell 0.6 percent, while Hemas Holdings Plc ended 1.7 percent weaker. 

($1 = 153.1000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Subhranshu Sahu)

Sri Lankan stocks hit near 8-month closing low as banks fall

Reuters: Sri Lankan shares fell on Wednesday to their lowest close in nearly eight months as investors sold banking and diversified shares.

The Colombo Stock Index fell 0.12 percent to 6,352.77, its lowest close since April 17. The index lost 0.6 percent last week in its fifth consecutive weekly drop, but is still up 2 percent so far this year.

“The market is down on retail selling. Investors who see value are collecting while retailers are selling,” said Reshan Kurukulasuriya, chief operating officer of Richard Pieris Securities (Pvt) Ltd.

“There was some foreign selling too.”

Turnover was 682.8 million rupees ($4.46 million), less than this year’s daily average of 940 million rupees.

Foreign investors, net buyers of 18.5 billion rupees worth of shares so far this year, sold equities worth net 63.9 million rupees on Wednesday.

Shares of biggest listed lender Commercial Bank of Ceylon Plc ended 2.7 percent weaker, while Ceylinco Insurance Plc fell 5.42 percent and Sampath Bank Plc ended 1.3 percent lower. Conglomerate John Keells Holdings Plc fell 0.1 percent.

($1 = 153.1000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal)

Sri Lanka 01-year Treasury Bill yield falls to 9.04-pct

ECONOMYNEXT – Sri Lankan Treasury Bill yields fell further at an auction Wednesday with the 01-year bill yield falling 30 basis points to 9.04 percent from 9.34 percent at the last auction.

The public debt department of the central bank said the 06-month Treasury Bill yield fell 28 basis points to 8.48 percent from 8.76 percent at the last auction. The 03-month bill was not sold.

The statement said the public debt department got bids worth Rs72 billion and accepted bids worth Rs17 billion.

Sri Lankan stocks steady near 8-mth closing low; lenders gain

Reuters: Sri Lankan shares ended steady on Tuesday after hitting their lowest close in nearly eight months in the previous session, as gains in lenders offset losses in shares of diversified companies.

The Colombo Stock Index rose 0.05 percent to 6,360.36, up from its lowest close since April 17 hit on Monday. The index lost 0.6 percent last week in its fifth consecutive weekly drop, but is still up 2 percent so far this year.

“Foreign buying pushed the turnover levels. It’s positive on the overall market that the foreigners are willing to pay a premium and get valued stocks,” said Hussain Gani, Deputy CEO at Softlogic Stockbrokers.

Turnover was 999.8 million Sri Lankan rupees ($6.53 million), more than this year’s daily average of 941 million rupees.

Foreign investors bought a net 164.5 million rupees worth of shares, extending the year-to-date net foreign inflow to 18.3 billion rupees worth of equities.

Shares of biggest listed lender Commercial Bank of Ceylon Plc ended 2.9 percent higher, while conglomerate John Keells fell 0.8 percent.

Worries over a delay in local council polls and a lack of clarity over the budget and two other key policy measures weighed on sentiment, analysts said.

The Election Commission said on Dec. 4 that the council polls would be held before Feb. 17, amid concerns over political stability as coalition partners in President Maithripala Sirisena’s government had decided to contest separately in the council polls. 

($1 = 153.0000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Vyas Mohan)

CSE approves Sampath Bank’s Rs6bn Basel III compliant debt issue

LBO - Colombo Stock Exchange has approved in principle an application for listing the Basel III compliant debt securities of Sampath Bank.

Sampath Bank said it is expected to raise 6 billion rupees by the issue of 60 million debentures at 100 rupees each.

The allotment and secondary trading of this 5 year debenture is limited to qualified investors, Sampath Bank further said.

Subscription list will be open on 15th December 2017. Sampath Bank’s Corporate Finance Department is managing the issue.

Sri Lankan stocks hit near 8-month closing low on foreign investor selling

Reuters: Sri Lankan shares extended falls into a second session on Monday, closing at their lowest in nearly eight months, as foreign investors sold blue chips such as conglomerate John Keells Holdings Plc.

The Colombo Stock Index dropped 0.28 percent to 6,357.41, its lowest close since April 17. It fell 0.6 percent last week in its fifth consecutive weekly drop but has gained 2 percent so far this year.

“Market is coming down on foreign selling on blue chips... maybe foreigners are moving away from equities ahead of the U.S. Fed rate announcement and moving into fixed income (investments),” said Dimantha Mathew, head of research at First Capital Holdings.

“Local investors are not active and are on holiday mood,” he added.

Shares of conglomerate John Keells fell 1.8 percent, Lanka ORIX Leasing Co Plc dropped 0.8 percent and Sri Lanka Telecom Plc declined 1.7 percent.

Turnover was 282.2 million rupees ($1.84 million), well below this year’s daily average of 941 million rupees.

Worries over a delay in local council polls and a lack of clarity over the budget and two other key policy measures weighed on sentiment, analysts said.

The Election Commission said on Dec. 4 that the council polls would be held before Feb. 17, amid concerns over political stability as coalition partners in President Maithripala Sirisena’s government had decided to contest separately in the council polls. 

($1 = 153.0000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal; Editing by Subhranshu Sahu)

Central Finance increases its shareholding in NTB

Central Finance Company PLC (the “Company”) in terms of Rule 8 of the Listing Rules of the Colombo Stock Exchange, announced that it purchased 2 million two hundred and ninety nine thousand (2,299,000) shares in Nations Trust Bank PLC (“NTB”) from CF Growth Fund Limited (“CF Growth Fund”) by way of a crossing on December 8, 2017. Such shares were purchased at a consideration of Rs. 80 per share.

Pursuant to the purchase of the Rs. 2.299 million shares, the total number of shares held by the company in NTB increased from Rs. 20,715,400 million to Rs. 23,014,400 and the shareholding of the Company in NTB increased from 8.98% to 9.98%.

IT was also announced that CF Insurance Brokers (Private) Limited, which is another fully owned subsidiary of the Central Finance group of companies (“CF Insurance Brokers”) purchased one million shares in NTB held by CF Growth Fund by way of a crossing on December 8 at a consideration of Rs.80.00 per share. Pursuant to this purchase, the total number of shares held by CF Insurance Brokers in NTH increased to Rs. Eleven Million Five Hundred Ninety Two Thousand Eight Hundred and Fifty Seven (11,592, 57) and the shareholding of CF Insurance Brokers in NTB increased from Four Decimal Five Nine percent (4.59 %)] to Five Decimal Zero Three percent ( 5.03 %).

Prior to the abovementioned transactions, the Company, together with CF Growth Fund and CF Insurance Brokers, held twenty percent (20%) of the shares in NIB and consequent to the transactions, the aggregate shareholding of the Company, CF Growth Fund and CF Insurance Brokers in NTB remains unchanged.

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