Bourse falls on profit-taking; seen gaining

Friday, 26 September 2014 00:54 - - {{hitsCtrl.values.hits}}

Reuters: Stocks fell for the second straight session on Thursday as investors booked profits, but stockbrokers expect the market to continue its gaining streak due to persistent foreign buying, lower interest rates, and positive economic outlook. The main stock index ended down 0.3%, or 21.45 points, at 7,232.98, further slipping from its over three-year high close hit on Tuesday. It has gained in six of the last eight sessions till Thursday. “The market is down on correction as it has been going up for the last few months. A correction is warranted,” said Reshan Kurukulasuriya, COO of Richard Pieris Securities. “The market will start moving up with all the positive factors,” he said referring to lower interest rates, positive economic outlook, and continued foreign buying. Shares of Sri Lanka Telecom Plc, which led the overall fall, ended 2.44% weaker at Rs. 51.9, while Hayleys Plc lost 3.53% at Rs. 352.10. Shares in biggest listed lender Commercial Bank of Ceylon Plc fell 1.07% to Rs. 157.20. The day’s turnover was Rs. 1.19 billion ($ 9.13 million), less than this year’s daily average of over Rs. 1.28 billion. Foreign investors were net buyers of Rs. 125.3 million worth of shares on Thursday, extending the year-to-date net foreign inflows in stocks to Rs. 11.36 billion.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.