Wednesday, 23 October 2013 00:00
Reuters: Stocks slipped for a second day on Tuesday, dragged down by large cap shares such as Ceylon Tobacco Co Plc and conglomerate John Keells Holdings Plc despite foreign inflows.
The main share index dropped 0.36%, or 21.43 points, to 5,925.22, further down from its eight-week high hit on Thursday.
The day’s turnover was Rs. 983.1 million ($ 7.51 million), which was more than this year’s daily average of Rs. 876.6 million.
Shares in Ceylon Tobacco fell 1.99% to Rs. 1,125.10.
Keells’ ordinary shares slipped 0.51% to Rs. 212.90, while the conglomerate’s rights shares rose 7.21% to Rs. 49.10.
Foreign investors were net buyers of Rs. 227 million worth of shares on Tuesday, extending the year-to-date foreign inflows to Rs. 22.75 billion worth of shares.
The Central Bank cut key policy interest rates last week to spur economic growth, just three weeks after the International Monetary Fund advised it to hold rates steady.
Stockbrokers expect the rate cut to give impetus to a sluggish stock exchange.