Stock market ends lower on profit-taking

Reuters:  Stocks ended down on Wednesday from their highest level in six weeks, hit in the previous session, led by profit-taking in Commercial Credit and Finance Plc, while the new tobacco tax weighed on Ceylon Tobacco Company shares.

The benchmark index of the Colombo Stock Exchange ended down by 0.18% at 6,571.78. Commercial Credit and Finance Plc dipped 6.5%. The company’s shares jumped 34.6% in the previous session after Thailand’s Group Lease PCL bought a 30% stake in the firm.

Shares in Ceylon Tobacco Company fell 0.9% on concern over a 20% tobacco tax weighing on the company’s profit.

Foreign investors sold a net Rs. 79 million ($540,725.5) worth of shares on Wednesday, extending the net foreign outflow to Rs. 2.93 billion worth of equities so far this year. Turnover stood at Rs. 503.3 million, less than this year’s daily average of around Rs. 758 million.