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Sri Lankan shares end weaker on profit-taking
October 6, 2016 / 12:22 PM / a year ago

Sri Lankan shares end weaker on profit-taking

COLOMBO, Oct 6 (Reuters) - Sri Lankan stocks ended lower for a second session on Thursday, on profit-taking in mainly blue chip consumer shares.

The benchmark index of the Colombo Stock Exchange closed 0.19 percent down at 6,566.96. It hit a six-week high on Tuesday after gaining for six consecutive sessions.

“It is healthy profit-taking. There was not much trading volume because institutional investors are not there,” said Prashan Fernando, CEO at Acuity Stockbrokers.

“Still, the sentiment is bullish.”

Stockbrokers have said the market might see lower trading volumes as many investors await direction from the budget, scheduled on Nov. 10, and the government’s long term economic policy announcement.

Turnover was 468.5 million rupees ($3.21 million), much below this year’s daily average of around 757.3 million rupees.

Foreign investors bought a net 21.7 million rupees worth of shares on Thursday, but have sold a net 2.91 billion rupees worth of equities so far this year.

Shares in Nestle Lanka fell 4.6 percent, while Ceylon Cold Store ended 2.1 percent weaker.

$1 = 146.1500 Sri Lankan rupees Reporting by Shihar Aneez; Editing by Sunil Nair

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