Bourse fall from 1-week closing high

Tuesday, 25 March 2014 00:06 -     - {{hitsCtrl.values.hits}}

REUTERS: Sri Lankan shares slipped on Monday from their week-high, with heavyweight Ceylon Tobacco Co PLC falling 5%, and trading volumes continued to suffer ahead of an impending UN resolution on the country’s human rights record. The main stock index closed down 0.26%, or 15.64 points, at 5,922.23. The index had ended Friday at its highest close since 11 March. Monday’s turnover was Rs. 197.9 million ($ 1.52 million) - less than a quarter of this year’s daily average of Rs. 869.5 million. Foreign investors were net buyers of shares worth Rs. 12.6 million. Sri Lanka’s Rs. 2.47 trillion ($ 18.94 billion) bourse has seen a net outflow of Rs. 4.1 billion so far this year. It reported a Rs. 22.88 billion inflow in 2013. Ceylon Tobacco shares fell 5.5% to Rs. 1,031.90, with only 35 shares traded. Analysts said investor sentiment has been dented on concerns of a resolution that could hurt the country’s economy. Several potential buyers of risky assets are awaiting a clear direction. Sri Lanka questioned the independence of the United Nations human rights office after the United States asked it to investigate violations by the Government related to the civil war. A vote on the resolution is scheduled for later this week.