Shares hit over 1-week closing low; blue chips see selling

2018-01-13 00:19:20

REUTERS: Sri Lankan shares fell for a fourth straight session yesterday to hit a more than one-week closing low on profit-booking in blue chip stocks. 
The Colombo Stock Index ended 0.35 percent weaker at 6,473.62, its lowest close since Jan. 4. 

Turnover stood at Rs. 968.3 million yesterday, more than last year’s daily average of Rs. 915.3 million. 

Foreign investors net bought shares worth Rs.77.4 million yesterday, extending the net foreign inflow in this year to Rs.2.33 billion. 

They had net bought Rs. 18.5 billion worth equities in 2017 and RS.633.5 million in 2016. 

“Market is consolidating with some profit-taking in blue chip shares. Continued foreign buying is a positive sign,” said Hussain Gani, Deputy CEO at Softlogic Stockbrokers. 

Shares in conglomerate John Keells Holdings Plc ended 2.7 percent down, while biggest listed lender Commercial Bank of Ceylon Plc dropped 0.5 percent and Hatton National Bank Plc ended 0.8 percent weaker. 

“Investors will wait and see how the local elections will be.” 

Sri Lanka will hold a long-delayed local government election on Feb. 10. 

The bourse hit a near two-month high on Monday as declining interest rates and expectations of higher economic growth boosted investor appetite for risky assets. 
Treasury bill rates fell between March and December last year, mainly driven by foreign buying in treasury bonds, resulting in a decline in interest rates. 

Sri Lanka’s economic growth in 2018 is forecast at 5-5.5 percent, against an anticipated four-year low of less than 4 percent last year, Central Bank governor Indrajit Coomaraswamy said last week. 

  Comments - 0

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Name is required

Email is required
Comment cannot be empty

Hayleys Advantis Wins Gold at CILT Logistics Excellence Awards 2018

Monday, 23 July 2018 11:07

Hayleys Advantis Limited, the transportation and logistics arm of Hayleys PLC,won Gold at the recent

99X Technology ranked among Sri Lanka’s Best Workplaces for sixth consecutive year

Monday, 23 July 2018 10:25

As organisations evolve dramatically to create and accommodate the ‘millennial workplace&rsquo

28th Edition of FACETS - celebrating Sri Lanka’s most sparkling resources

Friday, 20 July 2018 09:36

On the 18th of July 2018 at a press conference held at the OZO in Colombo, the Sri Lanka Gem & J

More News