Foreigners turn net sellers: Bourse dips

Reuters: Shares ended slightly weaker on Tuesday, hovering near a more than four-month closing low hit last week, as foreign investors sold diversified shares, brokers said.

Foreign investors turned net sellers for the first time in six sessions, selling shares worth a net Rs. 495 million ($ 3.24 million), although they have net bought Rs. 27.5 billion worth of equities so far this year.

The day’s turnover however touched the highest in more than one month at Rs. 1.6 billion, well above this year’s daily average of around Rs. 859.8 million.

“Market slipped on a few counters, but it looks healthy with over a billion rupee in turnover,” said Hussain Gani, deputy CEO of Softlogic Stockbrokers.

The Colombo stock index ended 0.2% lower at 6,398.79, near its lowest close since 18 April hit on Thursday.

Shares of Hemas Holdings Plc fell 3.68%, while Nestle Lanka Plc ended 0.4% weaker and conglomerate John Keells Holdings Plc lost 0.3%.

The index fell 0.42% last week, its sixth straight weekly fall, and has shed more than 4% since 27 July through Tuesday.