Home / Financial Services/ CSE dips to near 6-month closing low

CSE dips to near 6-month closing low


Comments / {{hitsCtrl.values.hits}} Views / Wednesday, 13 June 2018 00:09


Reuters: Shares fell for a fifth straight session on Tuesday to hit their lowest closing level in nearly six months, as investors sold telecom and diversified shares.

The Colombo stock index ended 0.06% weaker at 6,348.53, its lowest close since 22 December. The index fell 0.7% last week, its third straight weekly fall.

Shares in Dialog Axiata Plc fell 1.4%, while Sri Lanka Telecom Plc closed 0.8% weaker and Asiri Hospital Plc ended 2% lower. “The market is bottoming out and we have seen the index has been almost flat in the last two days. We expect it to bounce back once investors see any positive news,” said Hussain Gani, deputy CEO at Softlogic Securities. Most investors have adopted a wait-and-watch approach, hoping for some positive news on the economic front, analysts said. Turnover stood at Rs. 876.4 million ($ 5.50 million), less than this year’s daily average of Rs. 969.4 million.

Foreign investors net sold Rs. 33 million worth of equities on Tuesday, extending the year-to-date net foreign outflow to Rs. 527.9 million worth of shares. A weaker rupee, political uncertainty and the recent fuel price hike weighed on sentiment in the past week with local investors remaining on the sidelines as they gauged the impact of the floods last month, brokers said.

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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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

Great ‘Gamperaliya’: A great novel made into a great film by a great director

Saturday, 23 June 2018

‘Gamperaliya’ (Changes in the Village/Changement au Village) was the third feature film made by ace director Lester James Peries. It was released on 20 December 1963.The film was based on the famous novel of the same name written by the doyen of


Thushani takes Todos to new heights

Saturday, 23 June 2018

Thushani Rodrigo has always amazed me. From the very first day I met her, I have been in awe of her strength, courage and grace and constantly impressed by her creativity. The discipline and commitment she brings to her work, her farsightedness and h


Confusion in Maldivian opposition is to Yameen’s advantage

Saturday, 23 June 2018

The ongoing confusion in the ranks of the Maldivian opposition, barely three months before the presidential election, works to the advantage of the incumbent President and candidate of the Progressive Party of the Maldives (PPM), Abdulla Yameen.


Implications of inward FDI on China: Lessons to be learnt

Saturday, 23 June 2018

China overtook the United States to become the largest trading nation in the world in 2014. China is the second largest economy in the world behind the United States and the largest exporter in the world. It is referred to as the factory of the world


Columnists More