Stock market ends weaker on profit-taking

Friday, 7 October 2016 00:49 - - {{hitsCtrl.values.hits}}

Reuters: Stocks ended lower for a second session on Thursday, on profit-taking in mainly blue chip consumer shares.

The benchmark index of the Colombo Stock Exchange closed 0.19% down at 6,566.96. It hit a six-week high on Tuesday after gaining for six consecutive sessions.

“It is healthy profit-taking. There was not much trading volume because institutional investors are not there,” said Acuity Stockbrokers CEO Prashan Fernando.

Still, the sentiment is bullish

Stockbrokers have said the market might see lower trading volumes as many investors await direction from the budget, scheduled on 10 November, and the government’s long term economic policy announcement.

Turnover was Rs. 468.5 million ($3.21 million), much below this year’s daily average of around Rs. 757.3 million.

Foreign investors bought a net Rs. 21.7 million worth of shares on Thursday, but have sold a net Rs. 2.91 billion worth of equities so far this year.

Shares in Nestle Lanka fell 4.6 %, while Ceylon Cold Stores ended 2.1 % weaker.