Stocks hit near 8-month closing low as banks fall

14 December 2017 12:00 am - 0     - {{hitsCtrl.values.hits}}


REUTERS: Sri Lankan shares fell yesterday 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 Richard Pieris Securities (Pvt.) Ltd Chief Operating Officer Reshan Kurukulasuriya. “There was some foreign selling too.”

Turnover was Rs.682.8 million, less than this year’s daily average of Rs.940 million.

Foreign investors, net buyers of Rs.18.5 billion worth of shares so far this year, sold equities worth net Rs.63.9 million yesterday.

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.



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