Bourse dips on profit-booking; John Keells falls

Reuters: Shares ended lower on Friday, recording their first weekly decline in nine, as investors booked profits in shares of diversified companies such as John Keells Holdings Plc and Melstacorp Plc.

The Colombo stock index ended 0.25% weaker at 6,697.86. On Tuesday the Bourse hit its lowest close since 15 May. The Bourse fell 0.47% during the week, recording its first weekly fall in nine weeks.

The index rose 0.86% last week.

Turnover stood at Rs. 237.4 million ($ 1.56 million), well below this year’s daily average of Rs. 902.4 million.

Foreign investors net bought shares worth Rs. 15.3 million, extending the year-to-date net foreign inflow to Rs. 19.39 billion worth of equities.

“The market has come down on low volumes. Though there is no serious selling pressure, there is a bit of a wait-and-watch attitude to see whether selling will come,” said Dimantha Mathew, head of research, First Capital Holdings Plc.

“Investors are waiting to buy at bargain prices.”

Shares in conglomerate John Keells Holdings Plc fell 0.65% while the biggest listed lender Commercial Bank of Ceylon Plc fell 1.16% and Melstacorp Plc ended 1.35% weaker while Colombo Cold Stores Plc fell 0.95%.