CSE dips on profit-taking; rupee weaker

Reuters: Sri Lankan shares snapped their five-session gaining streak on Tuesday as investors booked profits, while the rupee ended weaker due to importer dollar demand. 

The country’s benchmark stock index ended 0.72% weaker at 5,951.75, slipping from the highest close it hit since 29 January on Monday. 

The bourse is down about 1.66% so far this year. 

The country’s stock market had a turnover of Rs. 2.2 billion ($12.49 million), nearly four times of this year’s daily average of about Rs. 635.7 million so far. Last year’s daily average came in at Rs. 834 million. 

Foreign investors bought a net Rs. 274 million worth of shares, extending the year-to-date net foreign buying to Rs. 1.16 billion, according to index data. 

Shares of Lion Brewery PLC fell 8.3%, Sri Lanka Telecom PLC declined 5.4%, the biggest listed lender Commercial Bank of Ceylon PLC ended 1.9% weaker and Sampath Bank PLC closed 2.3% down. 

The currency ended a tad weaker at 176.25/30 per dollar compared to Monday’s close of 176.20/25. 

However, the rupee is up 3.6% so far this year. 

Foreign investors sold a net Rs. 3.74 billion worth of government securities in the week ended 24 July, extending the year-to-date net foreign outflow to Rs. 22.19 billion rupees, the Central Bank data showed.