Shares hit 1-week closing low on profit-taking

3 September 2015 03:36 am - 0 - {{hitsCtrl.values.hits}}

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REUTERS: Sri Lankan shares closed at a one-week low yesterday, falling for a third straight session on profit-taking, as investors waited for cues on short-term interest rates from a weekly auction of government securities, stock brokers said.

The main stock index ended 0.8 percent lower, or down 58.36 points, at 7,240.39, its lowest close since August 26.

“The market is very dull as local participation is very low,” said First Capital Equities (Pvt.) Ltd Research Manager Dimantha Mathew.

Results of the weekly T-bill auction after markets closed showed yields of short-term government securities rose between 20 and 26 basis points, with benchmark 91-day T-bill yields hitting a more-than five-month high of 6.79 percent.

The country’s Central Bank kept key interest rates steady at record lows on Monday, with inflation seen lower in the next few months.

Foreign investors sold a net Rs.36 million worth of shares yesterday, extending the year to date net foreign outflow to Rs.3.48 billion.

Turnover stood at Rs.661.5 million, less than this year’s daily average of Rs.1.16 billion. Shares in conglomerate John Keells Holdings fell 1.44 percent, while Ceylon Cold Stores PLC fell 5.08 percent, dragging down the overall index.

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Shares hit 1-week closing low on profit-taking

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