Bourse ends flat as foreign investors turn sellers

Wednesday, 3 May 2017 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Shares were largely unchanged in thin trading, near an 11-month high on Tuesday, as foreign investors turned net sellers for the first time in 26 sessions while blue chips saw profit-booking after a prolonged rise.

Foreign investors net sold shares worth Rs. 29.8 million on Tuesday, but remained net buyers of equities to the tune of Rs. 16.4 billion so far this year.

Meanwhile, blue chip shares such as John Keells Holdings Plc, down 0.37%, and Commercial Bank of Ceylon Plc , down 0.62%, witnessed profit-booking.

The Colombo stock index ended 0.03% weaker at 6,608.16, slipping from its highest close since 20 May hit on Friday.

“Short-term profit-taking was there today,” said Dimantha Mathew, head of research, First Capital Holdings Plc.

“The market will continue to be bullish, but will see some profit-taking. The good thing is that we are seeing local investors coming back into the market.”

Turnover stood at Rs. 471.5 million ($ 3.10 million), nearly half of this year’s daily average of Rs. 902 million.