Stocks end flat near 8-month low; turnover hits 1- year low

REUTERS: Sri Lankan shares ended flat yesterday for a second straight session, while trading was muted with turnover hitting its lowest level in a year ahead of Christmas holidays.

The Colombo Stock Index ended 0.22 points firmer at 6,323.74, edging up from its lowest close since April 11 recorded on Wednesday.

The bourse fell 0.5 percent during the week, its seventh straight weekly fall.

“Very low turnover .... the turnover hit a 12-month low as most of the investors are on vacation, especially the high net worth investors,” said Dimantha Mathew, head of research at First Capital Holdings,

Shares in Ceylinco Insurance Plc gained 7.1 percent up while those in Ceylon Tobacco Company Plc ended 0.5 percent up.

Hemas Holdings Plc fell 2.2 percent while the biggest listed lender Commercial Bank of Ceylon Plc ended 0.6 percent weaker.

Turnover stood at Rs.115.1 million (US$752,779.59), the lowest since Dec. 27, 2016 and was well below this year’s daily average of Rs.926.5 million.

Foreign investors net bought Rs.10.3 million worth of shares yesterday, extending their year-to-date equity purchases to Rs.18.4 billion.

Both the currency and stock markets will remain closed on Monday for a holiday and normal trading will resume on Tuesday.