Bourse dips in dull trade

Tuesday, 23 January 2018 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Sri Lankan shares declined yesterday, marking their eighth session of fall in nine, as investors sold banking stocks in dull trade.

The Colombo Stock index ended 0.34% weaker at 6,421.40. On Thursday, it closed at its lowest since 29 December 2017.

The bourse has shed 2% in the past nine sessions, and dropped 0.47% last week, recording its second straight weekly fall.

“The market was quiet till late. We saw some activities in the latter part of the day,” said Softlogic Stockbrokers Deputy CEO Hussain Gani. “There were some selling in banks which brought the market down,” he said, adding that investors were waiting to see clarity on the political front from a local election which will be held on 10 February after a long delay.

Turnover stood at 460.7 billion rupees, half of last year’s daily average of 915.3 million rupees.

However, foreign investors bought a net 196.6 million rupees worth of shares yesterday, extending the year-to-date net foreign inflow so far this year to 2.9 billion rupees worth of shares. They bought equities worth 18.5 billion rupees last year and 633.5 million rupees in 2016. After market hours on 19 January, diversified company Hemas Holdings Plc said it will acquire 75.1% of stationery manufacturer Atlas Axillia Co (Pvt) Ltd for 5.7 billion rupees. Hemas fell 5.4% yesterday.

Shares in Lanka ORIX Leasing Co Plc dropped 3.5%, while Hatton National Bank Plc declined 1.1%.