Shares snap winning streak, end lower on profit-taking

REUTERS: Sri Lankan shares snapped a winning streak to end lower yesterday, slipping from their highest close in more than 10 weeks hit in the previous session, with investors booking profits in financials, brokers said.

The Colombo stock index ended 0.55 percent weaker at 6,595.94, slipping from its highest close since July 31 hit on Friday. Last week, the bourse rose 1.6 percent, posting its fifth straight weekly gain.“Today, we saw some profit-taking in the market,” said First Capital Holdings PLC Senior Research Analyst Atchuthan Srirangan.“But the good thing is that profit-taking happened in low volumes. Foreigners are calm and waiting to see a direction.”

Shares of Hatton National Bank ended 3.7 percent weaker, Commercial Bank of Ceylon PLC closed 2.7 percent down and Sampath Bank PLC finished 2.7 percent down.

John Keells Holdings PLC ended down 0.2 percent.

Turnover was Rs.394.9 million, less than half of this year’s daily average of Rs.937 million.

Foreign investors were net buyers of shares worth Rs.3.3 million yesterday, extending the year-to-date net foreign inflow to Rs.20.2 billion worth of shares so far this year.