Sri Lankan capital market road show in London on 30 May

Thursday, 3 April 2014 00:38 - - {{hitsCtrl.values.hits}}

As part of its initiative to woo more foreign investors, the Sri Lanka’s capital market will have its next road show in London, UK on 30 May. The UK event organised by the Colombo Stock Exchange and the Securities and Exchange Commission will be in association with the London Stock Exchange Group (LSE) and Bloomberg. Similar exercises were successfully held last year in Mumbai, Dubai, Hong Kong and Singapore. Several listed firms have come forward to be showcased during the road show. They are John Keells Holdings PLC, Commercial Bank of Ceylon PLC, Ceylinco Insurance PLC, Hayleys PLC, Access Engineering PLC, Softlogic Holdings PLC and Tokyo Cement Company (Lanka) PLC. Central Bank Governor Nivard Cabraal will deliver the keynote at the ceremonial inauguration and he will join in a panel discussion along with The companies will be engaged in one to one discussion with prospective investors, fund managers and investment banks.

Stocks up on foreign buying

Reuters: Stocks closed at six-week highs on Wednesday, led by foreign buying in conglomerate John Keells Holdings Plc, brokers said. The main stock index ended 0.05%, or 2.95 points, firmer at 6,004.78, its highest since 18 February. The day’s turnover was boosted by the foreign buying in John Keells. Turnover was at Rs. 1.95 billion ($ 14.9 million), more than double of this year’s daily average of Rs. 915.5 million. Shares in John Keells, which saw foreign buying of 3.4 million shares, gained 0.73% to Rs. 234, while Sri Lanka Telecom Plc rose 1.76% to Rs. 46.20. On Wednesday, the Bourse saw a net foreign inflow of Rs. 852.9 million worth of shares, but foreign investors have been net sellers of Rs. 5.81 billion so far this year. Analysts said investor sentiment was hit following the United Nations announced it would probe alleged war crimes by the island nation. The UN last week launched an inquiry into war crimes allegedly committed by both Sri Lankan State forces and Tamil rebels during the conflict that ended in 2009, saying the Government had failed to investigate properly. Analysts said the outcome of the resolution was expected, but investors’ sentiment has been dented over concerns it could hurt the country’s economy. Several potential buyers of risky assets are awaiting a clear direction. The Bourse suffered Rs. 2.77 billion of foreign outflow on Friday, a day after the resolution was passed. But brokers said the foreign selling was not due to the resolution and the relevant foreign fund has been on the selling side since February.