Home / Financial Services/ Colombo Bourse hovers near 5-1/2-month closing low

Colombo Bourse hovers near 5-1/2-month closing low

Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 12 June 2018 00:22

Reuters: Sri Lankan shares edged lower yesterday (11 June), falling for a fourth straight session to end at their lowest close in more than five months, as investors continued to stay on the sidelines looking for fresh cues.

The Colombo stock index ended 0.04% weaker at 6,352.61, its lowest close since 26 December. The bourse fell 0.7% last week recording a third straight weekly fall.

“The market was very slow with weak investor sentiment and things continue to remain low,” said First Capital Holdings Head of Research Dimantha Mathew. “The investor perspective is things are uncertain and they are not willing to invest due to lack of any positive news on the economic front.”

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

Turnover was Rs. 393.9 million ($2.48 million), less than half of this year’s daily average of Rs. 970.2 million.Foreign investors bought net Rs. 59.6 million worth of equities yesterday. The market, however, has witnessed a year-to-date net foreign outflow of Rs. 494.9 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 Sri Lankan rupee slipped to a fresh all-time low of 159.10 per dollar yesterday, pulled down by a lack of support for the local currency from exporters.

Shares in Asiri Hospitals PLC ended 0.4% lower, while Melstacorp Ltd closed 0.6% weaker, Distillers Company of Sri Lanka PLC closed down 0.9%, the biggest-listed lender Commercial Bank of Ceylon PLC ended 0.3% lower and Sri Lanka Telecom PLC closed 1.6% weaker.

Share This Article


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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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

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