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Sri Lankan shares edge down on profit taking, foreign-buying caps fall
April 25, 2017 / 11:31 AM / 7 months ago

Sri Lankan shares edge down on profit taking, foreign-buying caps fall

COLOMBO, April 25 (Reuters) - Sri Lankan shares edged down for a second day on Tuesday as investors took profit after steady gains that lifted the index to a six-and-a-half-month high last week, although foreign buying for a twenty-third straight session capped the decline.

The Colombo stock index ended 0.2 percent weaker at 6,492.77, moving further away from its highest close since Oct. 11 hit on Friday. It has climbed 9.4 percent in the 16 sessions through Friday, having risen for 15 sessions in that period.

The index added 2.1 percent last week, marking its fourth week of gains.

“This is profit taking as the index went up by almost 500 points early this month. But foreign investors are still on the buying side,” said Prashan Fernando, CEO at Acuity Stockbrokers.

Foreign investors bought 204.3 million rupees worth of equities on a net basis and have been net buyers in the last 23 sessions, acquiring equities worth a net 12.1 billion rupees ($79.74 million).

The year-to-date net foreign inflow is 14.6 billion rupees.

Turnover stood at 986.6 million rupees, higher than this year’s daily average of 874.6 million rupees.

Market heavyweight John Keells Holdings lost 1.3 percent, while top private lender Commercial Bank of Ceylon fell 0.3 percent, dragging the overall index.

$1 = 151.7500 Sri Lankan rupees Reporting by Shihar Aneez; Editing by Amrutha Gayathri

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