Home / Financial Services/ CSE dips to near 3-week closing low on foreign selling

CSE dips to near 3-week closing low on foreign selling

Comments / {{hitsCtrl.values.hits}} Views / Thursday, 2 August 2018 00:00


Reuters: Sri Lankan shares ended weaker yesterday, hovering at their lowest close in three weeks, as foreign investors offloaded blue-chip stocks such as John Keells Holdings PLC, while lacklustre corporate results dented sentiment further.

The Colombo stock index ended 0.29% weaker at 6,129.32, near its lowest close since 12 July. The bourse dropped 3.8% so far this year.

The index dropped 0.47% last week, marking its first weekly decline in three.

Turnover stood at Rs. 374.4 million ($2.35 million), less than this year’s daily average of Rs. 852.6 million.

“The market is down mainly because of the foreign selling,” said First Capital Holdings research head Dimantha Mathew.

“Today the local buying was not there to absorb foreign selling,” he added.

Foreign investors sold equities net worth Rs. 116.4 million yesterday, extending the year-to-date net foreign outflow to Rs. 2.6 billion worth of equities so far this year.

A downward revision in economic growth estimate earlier this month by the Central Bank also hurt sentiment, analysts said.

Economic growth in 2018 is likely to be between 4% and 4.5%, falling short of an earlier estimate of 5%, Central Bank Governor Indrajit Coomaraswamy said earlier this month.

Shares in conglomerate John Keells Holding PLC ended down 2.6%, while Melstacorp Ltd closed 3% lower. The biggest-listed lender Commercial Bank of Ceylon PLC ended 1.5% down and Distillers Company of Sri Lanka PLC closed 0.4% down.

Share This Article

Facebook Twitter


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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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


Today's Columnists

We need to challenge climate change doubters before it is too late

Friday, 23 August 2019

Imagine a London where the entire subterranean region is engulfed with dirty water. Crammed train carriages that once barrelled along 249 miles of track transporting busy office workers, builders, teachers, civil servants, cleaners and students now r

The Provincial Council Elections – The charade goes on

Friday, 23 August 2019

Originally the SLPP was keen to hold the Provincial Council Elections (PCE) immediately after the Local Government Election results as they felt the PCE would go in their favour. PCE were held under the Proportional Representation system. The relevan

The presidency and the dilemma of the Presidential Election

Friday, 23 August 2019

J.R. Jayewardene created a presidential system not because the parliamentary system of governance that preceded it had failed. He wanted to take over all the powers of the State and assume the status of ancient kings who ruled the country in the past

Enough power in the presidency for the right person

Friday, 23 August 2019

The presidency has not much power some say, but I would say there is plenty for the right person. By intention or otherwise, our Constitution leaves the presidency to be defined by the person occupying the chair. Maithripala Sirisena (MS) showed us t

Columnists More

Special Report