Home / Financial Services/ CE near 6-month closing low on foreign selling

CE near 6-month closing low on foreign selling


Comments / {{hitsCtrl.values.hits}} Views / Thursday, 14 June 2018 00:00


Reuters: Sri Lankan shares ended lower for a sixth straight session yesterday to hit their lowest closing in nearly six months, as foreign investors sold banking shares such as Commercial Bank of Ceylon PLC.

The Colombo stock index ended 0.17% weaker at 6,337.88, its lowest close since 22 December. The index dropped 0.7% last week, marking its third straight weekly fall.

Foreign investors net sold Rs. 213.2 million ($1.34 million) worth of equities yesterday, extending the year-to-date net foreign outflow to Rs. 741.1 million worth of shares.

“The market is down with foreign selling,” said First Capital Holdings PLC Assistant Research Manager Atchuthan Srirangan. “We saw some foreign selling in Commercial Bank, which brought the index down. The rupee depreciation also affected foreign investors.”

Shares in Distillers Company of Sri Lanka PLC closed 2.3% weaker, while Lanka ORIX leasing Company PLC ended down 3.3%, conglomerate John Keells Holdings PLC ended 0.2% lower and biggest listed lender Commercial Bank of Ceylon ended 0.2% down.

Most investors have adopted a wait-and-watch approach, hoping for some positive news on the economic front, analysts said.

Turnover stood at Rs. 459.8 million, half of this year’s daily average of Rs. 964.6 million.

A weaker rupee, political uncertainty and the recent fuel price hike weighed on sentiment in the past few weeks with local investors remaining on the sidelines as they gauged the impact of the floods last month, brokers said.

The Sri Lankan rupee slipped to a fresh all-time low of 159.80 per dollar on Monday, pulled down by a lack of support for the local currency from exporters.


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Warriors who fight for a larger purpose

Friday, 17 August 2018

Are women more naturally inclined to cooperation than men? Sulochana Sigera’s impassioned statement at last week’s Women in Management Awards seemed to suggest so. Addressing the under-representation of women decision-makers, Sigera pointed to th


Do we sink or swim? No Michael, row the boat ashore!

Friday, 17 August 2018

Why Sri Lanka needs to strengthen geopolitical ties to be a competitive global economy by 2030


Sri Lankan people want leaders to be decisive

Friday, 17 August 2018

The different leaders we have seen in Sri Lanka in the last 40 years beginning with JRJ to the current President were very different in their approach to power and authority, based on their cultural values and understandings of the leadership style.


The strategic role of the finance function: The path to relevance

Thursday, 16 August 2018

During my term as Global President of CIMA nearly a decade ago, the theme I chose for my year of leadership was a single word – ‘relevance’. The word relevance is perpetual. It is contextual to when it is used. It is extremely applicable to the


Columnists More