Bourse snaps 3-day rally; volumes thin due to holidays

Tuesday, 7 April 2015 00:44 -     - {{hitsCtrl.values.hits}}

Reuters: Shares ended slightly weaker on Monday, snapping a three-day winning streak, in dull trade as many investors and brokers have still not returned from their holidays, dealers said. The index ended 0.44%, or 30.63 points, weaker at 6,917.51 on Monday. The market was closed on Friday for a public holiday. It has gained 2.44% in the past three sessions through Thursday. “Nothing much is happening in the market. Many have either gone on leave or are on the wait and see approach,” said Research Manager at First Capital Equities Ltd. Dimantha Mathew. “We will see this trend continuing for this week and the next week with the holidays.” The day’s turnover was Rs. 361.3 million ($ 2.72 million), its lowest since 19 March and well below this year’s daily average of Rs. 1.15 billion. The market will be closed on 13 and 14 April for the traditional Sinhala-Tamil New Year holiday. The main stock index had lost 6.6% last month, its biggest monthly drop since October 2012 as investors offloaded their holdings to settle margin trading amid concerns about political stability and a rise in interest rates. Analysts expect trading to stay thin through mid-April ahead of New Year holiday and amid political uncertainty. Shares in Lion Brewery Plc fell 3.70%, while leading fixed line telephone operator Sri Lanka Telecom Plc declined 2.08%.