Bourse slips on thin volumes

Wednesday, 22 January 2014 00:00 -     - {{hitsCtrl.values.hits}}

REUTERS: Sri Lankan shares slipped in thin volume on Tuesday, led by oil palms and beverage companies, though foreign investors bought in risky assets in an overbought market. The main stock index edged down 0.05%, or 3.14 points, to 6,153.54. Officials from the Colombo Stock Exchange and the Securities and Exchange Commission, along with some top company officials and brokers, were in Singapore for a roadshow to attract more foreign funds. The SEC said in a statement that more than 200 institutional investors, investment banks and financial advisors attended the roadshow. Shares of Carsons Cumberbat PLC fell 0.38% to Rs. 368.10, while Selinsing PLC dropped 17.07% to Rs. 1,035. The market has gained 3.51% in the last nine sessions, which analysts attributed to the central bank’s interest rate cut on 2 January and the recent fall in T-bill yields. The index has been in an overbought region since 7 January, Thomson Reuters data showed. It has risen 4.07% so far this year following a 4.8% gain in 2013 after having fallen in the previous two years. The day’s turnover was Rs. 414.1 million ($ 3.17 million), half of last year’s daily average of about Rs. 828.4 million. Foreign investors were net buyers of Rs. 92.07 million worth of shares, extending the year-to-date net inflow to Rs. 684 million. They had bought Rs. 22.88 billion of stocks last year.