Stock market slips from 3-month closing high

Reuters: Shares closed slightly weaker on Monday after posting a three-month closing high in the previous session as investors booked profit in beverage and telecom stocks.

The benchmark Colombo stock index ended 0.12%, or 7.65 points, weaker at 6,594.59, after adding 1.23% last week in its third straight weekly gain.

“The market came down on a bit of profit-taking,” said Dimantha Mathew, head of research at First Capital Equities Ltd., adding that the market might continue to be bullish with no big risks of huge downturn.

Turnover stood at Rs. 643.9 million ($ 4.43 million), less than this year’s daily average of around Rs. 743.2 million.

Foreign investors bought a net Rs. 48.6 million worth of shares, extending the net foreign inflow so far this month to Rs. 1.43 billion worth of equities.

They are, however, net sellers of Rs. 3.22 billion worth of shares so far this year.

Shares of Ceylon Tobacco Company Plc fell 1.96%, while Ceylon Cold Stores Plc dropped 1.38 % and Distilleries Company of Sri Lanka Plc declined 1.10%.

Shares in Dialog Axiata Plc fell 0.86%.