Home / Front Page/ Shares edge lower from 3-week high in dull trade

Shares edge lower from 3-week high in dull trade


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 24 July 2018 00:16

Facebook

Reuters: Shares ended weaker yesterday, slipping from the last session’s three-week closing high, but foreign buying prevented steeper losses.

The Colombo stock index ended 0.1% weaker at 6,184.68, edging lower from its highest close since 29 June hit on Friday. The bourse rose 0.86% last week, but has fallen 2.9% year to date.

Turnover was Rs. 238.4 million ($ 1.5 million) in the session, less than a quarter of this year’s daily average of Rs. 877.6 million.

“The selling pressure was absorbed by foreign buying, which is a good sign,” said First Capital Holdings Head of Research Dimantha Mathew.

Foreign investors bought equities net worth Rs. 98.1 million yesterday, but they have been net sellers of stocks worth Rs. 2.5 billion so far this year.

A downward revision in economic growth estimate by the Central Bank has hurt sentiment, analysts have 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 Ceylon Tobacco Company PLC fell 1.6%, while Distillers Company of Sri Lanka PLC ended 1.9% weaker and conglomerate John Keels Holdings PLC ended 0.7% down.


Share This Article

Facebook Twitter


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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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

Let sanity prevail

Saturday, 18 May 2019

To those of our generation it will appear that Sri Lanka is in a near permanent state of conflict; now hidden, now open, citizen against citizen, brother against brother. There are interruptions to the theme of violence, these breaks are mistaken for


The crisis and constitutional violations

Friday, 17 May 2019

Sri Lanka was in a deep and complex crisis even before the outbreak of the Easter Sunday attacks. Now, in the wake of the Easter Sunday attacks, the country has plunged into a deeper and bigger crisis, which is more complex than it was before. The ec


Who are we?

Friday, 17 May 2019

Faced with a tragedy of the scale we have just witnessed, I don’t believe it’s enough to ask how it happened, or what happens next. We must ask a much more fundamental question, which is, who are we? The easy answer is to say we are Sri Lankans,


Mangala’s mistake

Friday, 17 May 2019

The script of ‘Mangala’s mistake’ is simple and straightforward. It begins with a pervasive silence of our collective complicity with an untruth. Mangala decides to pierce the conspiracy of silence with the obvious truth. It is a grave mistake


Columnists More