Sri Lankan shares slip from 17-mth high ahead of cbank rate review

Reuters: Sri Lankan shares fell on Thursday in low turnover, retreating from a 17-month closing high, as investors awaited the central bank's monetary policy review.

The central bank is expected to keep its key policy rates steady at more than three-year highs, a Reuters poll showed. The policy announcement is due on Friday at 0200 GMT.

Investors are worried of a possible rate hike, said Jaliya Wijeratne, CEO, First Capital Equities (Pvt) Ltd.

"Only a few counters traded today. Buyers want top blue chip John Keells Holdings, but sellers were not ready to sell at the price buyers wanted."

Keells, outperforming the overall index, ended 0.7 percent firmer.

The Colombo stock index fell 0.3 percent to 6,714.73, slipping from its highest close since Jan. 7, 2016 hit in the previous session.

Turnover was 495.5 million rupees ($3.2 million), about half of this year's daily average of 905.7 million rupees.

Foreign investors sold a net 14.6 million rupees ($95,362) worth of shares on Thursday, but they have been net buyers of 20.86 billion rupees of equities so far this year.

Shares of Ceylinco Insurance Plc lost 6.7 percent, while Hemas Holdings Plc ended 2.3 percent weaker, and BRAC Lanka Finance Plc fell 15.5 percent. 

($1 = 153.1000 Sri Lankan rupees) 

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

Sri Lankan shares close at 17-mth high ahead of cbank review

Reuters: Sri Lankan shares rose on Wednesday to a 17-month closing high, on gains in financials and food and beverage stocks, ahead of the central bank's policy review later in the week where interest rates are expected to be held steady.

The Colombo stock index gained 0.38 percent at 6,731.25, its highest close since Jan. 7, 2016.

Foreign investors bought a net 259.1 million rupees ($1.7 million) worth of shares on Wednesday, extending the year-to-date net foreign inflow to 20.88 billion rupees in equities.

Turnover was 903.2 million rupees ($5.9 million), compared with this year's daily average of 909.3 million rupees.

"We are getting into a bullish territory again after a slowdown," said Dimantha Mathew, head of research, First Capital Holdings PLC.

"Investors do not expect a rate hike this month and they wait for the policy rate announcement. The overall market is bullish with the hope of no rate hike."

The central bank is expected to keep its key policy rates steady on Friday, a Reuters poll showed.

Shares of conglomerate John Keells Holdings Plc rose 1.2 percent, while Hatton National Bank Plc ended 1.2 percent higher. 

($1 = 153.2000 Sri Lankan rupees) 

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

Sri Lankan shares edge up, led by banks

Reuters: Sri Lankan shares rose on Tuesday as investors picked up banking and diversified stocks, but foreign investors turned net sellers after two days of buying.

The Colombo stock index ended 0.32 percent firmer at 6,705.45, with foreign investors selling a net 120.7 million rupees worth of shares. They have bought 20.7 billion rupees worth equities so far this year.

Turnover was 1.01 billion rupees ($6.59 million), more than this year's daily average of 909.3 million rupees.

"The market is slightly positive, but there was a dampener after a buying spree in top counters," said Prashan Fernando, CEO at Acuity Stockbrokers.

Shares of Hemas Holdings Plc rose 3.2 percent, while the country's biggest listed lender, Commercial Bank of Ceylon Plc, ended 1.4 percent higher.

Sri Lanka Telecom Plc climbed 2.2 percent, while Ceylon Tobacco Company Plc rose 0.9 percent. 

($1 = 153.1500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)

Sri Lankan shares hit near 1-wk closing low; Keells down 3 pct

Reuters: Sri Lankan shares hit a near one-week closing low in tepid trade on Monday, as selling in diversified and banking shares offset foreign inflow into equities.

The Colombo stock index ended down 0.52 percent at 6,684.02, its weakest since June 14.

Foreign investors net bought 26.7 million rupees ($174,396) worth of shares, extending the year-to-date net foreign inflow to 20.74 billion rupees.

Turnover was 846.3 million rupees ($5.53 million), less than this year's daily average of 899.4 million rupees.

"Market came down on selling in Keells," said Dimantha Mathew, head of research, First Capital Holdings PLC.

Shares of conglomerate John Keells Holdings Plc fell 3.03 percent, while the country's biggest listed lender, Commercial Bank of Ceylon Plc, ended 1.43 percent lower.

"Investors are (also) worried about growth numbers," he said.

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 last week.

($1 = 153.1000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)

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)