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Shares fall to near 3-week closing low

6 June 2013 03:05 am - 0     - {{hitsCtrl.values.hits}}

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Sri Lankan shares fell for a third straight session yesterday to their lowest close in nearly three weeks, as investors booked profits in blue-chip companies like John Keells Holdings and Commercial Bank of Ceylon in an overbought market.

However, foreign investors bought shares on a net basis for a 19th straight session.

The bourse saw a net foreign inflow of Rs.314 million, extending year-to-date inflows to Rs.14.76 billion.

The main stock index fell 0.42 percent, or 26.82 points, to 6,422.84, the lowest close since May 17. Foreign investors accounted for around 52.8 percent of the day’s turnover of Rs.818.3 million ($6.47 million), less than this year’s daily average of Rs.1.04 billion.

“Consolidation is continuing and the market is taking time for the next run. We expect the market to be at these levels before gaining,” said a stockbroker asking not to be named.

He expects the market to rise with more foreign buying after a road show, which is being held in Dubai with the participation of top market and regulatory officials to attract foreign inflows into the bourse.

Shares in conglomerate John Keells Holdings fell 0.82 percent to Rs.279.40, while Commercial Bank of Ceylon lost 0.56 percent to Rs.123.30.

The market’s 14-day Relative Strength Index (RSI) was still in overbought territory, at 72.992 on Wednesday and has been above the upper neutral level of 70 since April 16, Thomson Reuters data showed.

The rupee ended firmer at 126.43/45 per dollar from Tuesday’s close of 126.50/52 on thin volume of inflows from remittances and stocks-related transactions, dealers said.

(REUTERS)

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