Bourse at over 1 week low; Dragged by large caps

Thursday, 19 September 2013 00:09 - - {{hitsCtrl.values.hits}}

Reuters: Stocks slipped for a third straight session on Wednesday, dragged down by shares of large caps such as Ceylon Tobacco Co PLC, a day after the Central Bank held key monetary policy rates steady. The Central Bank on Tuesday kept key policy rates unchanged and said the country has the potential to achieve its targeted 7.5 economic growth this year. The main share index edged down 0.08%, or 4.52 points, to close at 5,700.74, its lowest close since 10 September. Brokers said the market has been concerned about the outlook for interest rates after an expensive borrowing by State-owned National Savings Bank. Large cap companies suffered, with Ceylon Tobacco Co shares ending 3% down, while that of Nestle Lanka PLC dropping 1.25%. Wednesday’s turnover was Rs. 700.1 million ($ 5.29 million), less than this year’s daily average of about Rs. 882 million. Foreign investors were net buyers of Rs. 361.5 million worth of shares on Wednesday, extending net foreign inflows in stocks so far this year to Rs. 18.99 billion.

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