CSE posts near 6-week closing low; foreigners buying

Reuters: Shares fell for the sixth straight session on Monday to post a near six-week closing low, but brokers said the slide is slowing down.

The Colombo stock index fell just 0.08% to 6,664.12, but it marked the lowest close since 13 June, and its ninth fall in 10 sessions.

“The market came down over the last few days due to profit taking, but it looks like the profit taking has come to an end and the market is consolidating at these levels,” said Dimantha Mathew, head of research, First Capital Holdings.

Foreign investors bought shares worth a net Rs. 195.5 million ($ 1.27 million) on Monday, extending the year-to-date net foreign inflow to Rs. 25 billion.

Turnover was Rs. 502.6 million, less than this year’s daily average of around Rs. 907 million.

Shares of Hemas Holdings Plc fell 1.8% while Ceylon Cold Stores Plc closed 1.14% weaker.