Bourse ends lower on selling in blue chips, banks

Saturday, 23 September 2017 00:16 - - {{hitsCtrl.values.hits}}

Reuters - Shares fell for a second straight session on Friday, as investors sold diversified and banking shares in thin trade that saw turnover slumping to a near four-week low.

The Colombo Stock Index ended 0.38% weaker at 6,427.26, off its highest close since 14 August hit on Wednesday. It however gained 0.4% on week, a second straight weekly gain.

Shares of conglomerate John Keells Holdings PLC fell 1.5%, while biggest listed lender Commercial Bank of Ceylon PLC ended 1.4% weaker.

Cargills (Ceylon) PLC dropped 3.5%, while Ceylon Tobacco Company PLC ended 0.5% lower.

“It was a very dull day. Investors are adopting a wait-and-see approach ahead of the policy rate decision (by the Central Bank),” said Softlogic Stockbrokers Deputy CEO Hussain Gani said.

The Central Bank is expected to keep key rates steady on Tuesday, a Reuters poll showed, to support a stuttering economy even as inflation accelerates amid strong credit growth.

Turnover stood at Rs. 217.9 million ($1.43 million), compared with this year’s daily average of around Rs. 920 million.

Foreign investors bought a net Rs. 31.1 million (about $203,667) worth of shares, extending the year-to-date net foreign inflow to Rs. 17.7 billion.