Bourse dips to 1-month low; Chevron Lubricants leads

Thursday, 20 July 2017 00:02 - - {{hitsCtrl.values.hits}}

Reuters: Shares fell on Wednesday to a one-month closing low, marking their sixth losing session in seven, led by the decline in Chevron Lubricants Lanka after it reported a drop in the June-quarter earnings.

Chevron Lubricants stock lost 6.3% on Wednesday after the company reported a 34% fall in its second-quarter profit.

The Colombo stock index ended 0.59% lower at 6,695.23, its lowest since June 16, marking a third straight losing session.

“There was selling pressure after the Chevron Lubricants’ earnings. Some other blue chips also were under selling pressure,” said Dimantha Mathew, head of research, First Capital Holdings.

However, foreign investors continued to buy stocks. They were net buyers of shares worth Rs. 113.5 million ($738,932) on Tuesday, extending the year-to-date net foreign inflow to Rs. 24.4 billion worth of equities.

Turnover was Rs. 781.6 million, less than this year’s daily average of Rs. 912.8 million.

Shares of conglomerate Hemas Holdings fell 3.6%, while telecom company Dialog Axiata fell 1.7%.