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Sri Lankan shares at 1-week closing low; foreign inflows cap losses
June 7, 2017 / 12:23 PM / 4 months ago

Sri Lankan shares at 1-week closing low; foreign inflows cap losses

COLOMBO, June 7 (Reuters) - Sri Lankan shares ended down for a fourth consecutive session on Wednesday, and hit their lowest close in more than a week, due to profit-booking in large-cap shares such as Ceylon Tobacco Company Plc, but foreign inflows helped curb losses.

Analysts said investors are waiting to see the real impact of the floods and landslides caused by the worst torrential rains in 14 years, killing over 200 people and devastating crops.

The Colombo stock index ended down 0.08 percent at 6,664.00, its lowest close since May 30.

Turnover was 2.09 billion rupees ($13.70 million), its highest since May 24 and well above this year’s daily average of 901.1 million rupees.

Inflation could rise in the short term, especially due to crop damage and difficulties in distributing fresh food produce and staple food items, analysts said.

“Today, the turnover was very healthy with some crossings. But despite that, the market ended weaker as investors are worried over the real impact of the flooding,” said Yohan Samarakkody, head of research, SC Securities.

“The gloomy investor sentiment that we have seen during this week is mainly due to the floods, which will have an impact on the economy.”

Foreign investors, however, were net buyers of 316.3 million rupees worth of shares, extending the year-to-date net foreign inflow to 20.1 billion rupees.

Ceylon Cold Stores Plc, which accounted for 55 percent of the day’s turnover, ended down 5.6 percent.

Shares of Ceylon Tobacco Company slipped 1.11 percent, while the biggest listed lender Commercial Bank of Ceylon Plc declined 0.37 percent, Bukit Darah Plc shed 2.69 percent, Carson Cumberbatch Plc dropped 2.23 percent.

The markets will be closed on Thursday for a Buddhist religious holiday. Trading will resume on Friday.

$1 = 152.6000 Sri Lankan rupees Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sherry Jacob-Phillips

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