October 16, 2017 / 11:46 AM / in a year

Sri Lankan shares snap winning streak, end lower on profit-taking

COLOMBO, Oct 16 (Reuters) - Sri Lankan shares snapped a winning streak to end lower on Monday, slipping from their highest close in more than 10 weeks hit in the previous session, with investors booking profits in financials, brokers said.

The Colombo stock index ended 0.55 percent weaker at 6,595.94, slipping from its highest close since July 31 hit on Friday. Last week, the bourse rose 1.6 percent, posting its fifth straight weekly gain.

“Today, we saw some profit-taking in the market,” said Atchuthan Srirangan, senior research analyst, First Capital Holdings PLC.

“But the good thing is that profit-taking happened in low volumes. Foreigners are calm and waiting to see a direction.”

Shares of Hatton National Bank ended 3.7 percent weaker, Commercial Bank of Ceylon Plc closed 2.7 percent down and Sampath Bank Plc finished 2.7 percent down.

John Keells Holdings Plc ended down 0.2 percent.

Turnover was 394.9 million rupees ($2.57 million), less than half of this year’s daily average of 937 million rupees.

Foreign investors were net buyers of shares worth 3.3 million rupees on Monday, extending the year-to-date net foreign inflow to 20.2 billion rupees worth of shares so far this year.

$1 = 153.5500 Sri Lankan rupees Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sherry Jacob-Phillips

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