Bourse dips on foreign selling

Friday, 23 August 2013 01:52 -     - {{hitsCtrl.values.hits}}

Reuters: Stocks slid to a three-week closing low on Thursday, hit by foreign selling and as retail investors stayed on the sidelines amid a falling rupee, brokers said. The main share index ended 0.5%, or 30.79 points, down at 6,085.88, its lowest close since 31 July. Stockbrokers said concerns over the rupee volatility and earning fears dented sentiment. Analysts said investors were cautious over the fall in the rupee. The local currency hit a new 11 and a half month low on Thursday due to importer dollar demand. Shares in Nestle Lanka fell 0.6% to Rs. 2,326.50, while conglomerate John Keells Holdings fell 0.56% to Rs. 248. Foreign investors were net sellers for the first time in six sessions, selling Rs. 92.5 million ($ 701,300) worth of shares. But they have been net buyers of Rs. 18.42 billion so far this year. Turnover was Rs. 652.8 million, below this year’s daily average of about Rs. 919.8 million.