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)

Sri Lankan shares end at 1-wk low on profit-taking

Reuters: Sri Lankan shares fell to a one-week closing low on Tuesday on profit-booking in blue-chip shares such as John Keells Holdings Plc while investors assessed the impact of the recent floods on exchange rate and inflation.

Analysts said it was also too early to evaluate 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 0.1 percent weaker at 6,669.53, its lowest close since May 30.

Turnover was 468.3 million rupees ($3.07 million), around half of this year's daily average of 889.6 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.

"Some profit-taking is taking place. It's a small pullback which is good for the future run," said Atchuthan Srirangan, a senior research analyst at First Capital Holdings PLC.

Foreign investors were net buyers of 134.4 million rupees worth of shares, extending the year-to-date net foreign inflow to 19.78 billion rupees.

Shares of conglomerate John Keells Holdings Plc fell 0.82 percent, while Melstacorp Plc declined 1.36 percent and Dialog Axiata Plc shed 0.84 percent. 

($1 = 152.5000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)

Sri Lankan shares fall on profit-taking in banks

Reuters: Sri Lankan shares fell in thin trade on Monday on profit-booking in banking stocks while investors assessed the impact of recent deadly floods on exchange rate and inflation.

Analysts said it is too early to evaluate 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 0.19 percent weaker at 6,676.32, its lowest close since May 31. The bourse fell 0.13 percent last week, its second straight weekly drop.

Turnover was 395.4 million rupees ($2.59 million), less than half of this year's daily average of 893.8 million rupees.

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

"It was a quiet market today. We expect the market to consolidate at these levels until we see some strong foreign buying coming into the market," said Hussain Gani, deputy CEO at Softlogic Stockbrokers.

Foreign investors were net buyers of 101.8 million rupees worth of shares, extending the year-to-date net foreign inflow to 19.65 billion rupees.

Shares of Nanda Investment Plc fell 16.46 percent, Lanka ORIX Leasing Co Plc declined 1.86 percent, Ceylon Cold Stores Plc dropped 1.48 percent and Sri Lanka Telecom Plc shed 1.52 percent. 

($1 = 152.6000 Sri Lankan rupees) 

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

Sri Lanka vehicle registrations drop in April: JB Securities

(LBO) – Total vehicle registrations in Sri Lanka fell to 33,438 units in April from 40,021 in March, with declines in all major categories except three-wheelers and tractors, JB Securities said in a research note, likely affected by the holiday season.

Three-wheelers observed a 12 percent growth, month-on-month, to 1,452 units in April. Bajaj increased its market share to 94 percent from 90 percent, while the financing share for 3-wheelers increased to 65 percent from 57 percent in April.

The financing share is the number of vehicles that have been bought on finance.

Motorcar registrations decreased to 2,552 units in April, from 2,960 units in March. The figure is down from a massive 14,544 units recorded in September 2015, which analysts say was due to lower taxes and cost of financing.

Toyota Wigo’s momentum slowed down in April followed by a sharp drop in Perodua’s AG1GZ1 model.

The small car segment share jumped to 93 percent in April from 58 percent in the previous month. Financing share for brand-new motor cars increased slightly to 53.8 percent from 50.8 percent last month.

Electric car registration fell by almost 50 percent in April from the previous month. Most of the electric cars registered were Nissan Leaf.

Both brand-new and pre-owned Hybrid registrations fell, with Toyota Axio witnessing a drop. Suzuki Wagon R was slightly up. Financing share for hybrids increased to 52.1 percent from 50.9 percent.

Two-wheelers registered were 26,089, a 12.5 percent decrease, with units with less than 130CC seeing drop-in segment share from 84 percent to 78 percent.

Bajaj increased its brand share from 23 percent to 27 percent, while Honda observed a drop to 32 percent from 36.7 percent.

Vans, SUVs, lorries and buses too saw registrations drop in the month of April.

However, hand tractors and large tractors both saw more than 10 percent increases in registrations in April over March.