Shares recover from near 5-week closing low

27 August 2015 03:11 am - 0 - {{hitsCtrl.values.hits}}

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REUTERS: Sri Lankan shares edged up yesterday, rebounding from near five-week closing low hit in the previous session as investors bought in some select shares after two days of losses, but further gains were capped due to foreign selling in some stocks. The main stock index was up 0.12 percent, or 8.52 points, at 7,240.10 yesterday, edging up from its lowest close since July 23 hit on Tuesday.

The main stock index lost 3.2 percent in the two sessions through Tuesday as foreign investors sold off risky assets on fears of a China-led global economic slowdown, and on selling by retail investors for month-end settlements.

Foreign investors were net sellers of Rs.1.21 billion worth of shares yesterday, extending the year-to-date net foreign outflow to Rs.2.75 billion.

Shares in John Keells Holdings PLC, which saw net foreign outflow of six million shares yesterday ended down 2.72 percent.

Turnover stood at Rs.2.37 billion, twice of this year’s daily average of Rs.1.16 billion.

“The market is recovering with some selected buying,” said First Capital Equities (Pvt.) Ltd Research Manager Dimantha Mathew.
“There was heavy foreign selling in Keells,” Mathew added.

Shares in Dialog Axiata PLC rose 0.90 percent, while Sunshine Holdings PLC jumped 9 percent, helping the index to remain up.

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Shares recover from near 5-week closing low

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