Bourse closes steady; foreign buying boosts turnover

Saturday, 3 September 2016 00:44 - - {{hitsCtrl.values.hits}}

Reuters : Shares ended steady on Friday, with falls in hotels and travel companies offsetting gains in diversified holdings and health care stocks, while foreign buying helped boost turnover.

The benchmark Colombo stock index ended 0.02 percent weaker at 6,539.09 and posted its second straight weekly loss, of 0.2 percent.

Foreign investors, who have been net sellers of shares to the tune of 2.98 billion rupees ($20.48 million) so far this year, bought a net 612.9 million rupees worth of shares.

Turnover stood at 1.47 billion rupees ($4.05 million), the highest since Aug. 23 and well above this year’s daily average of 758.8 million rupees.

“The market held on with little bit of profit-taking. But there was very little selling, block deals boosted turnover,” said Head of Research at First Capital Equities (Pvt) Ltd Dimantha Mathew.

Shares of Kandy Hotels Company (1938) PLC rose as much as 11.5 percent to their highest since September 2015 before closing 7.69 percent higher, and accounted for 39.66 percent of the total turnover.

Ceylon Cold Stores PLC fell 3.38 percent, while Trans Asia Hotel PLC dropped 6.89 percent