Stocks end little changed

Saturday, 26 July 2014 04:02 - - {{hitsCtrl.values.hits}}

Reuters: Stocks ended little changed on Friday amid expectation of strong corporate earnings after market heavyweight John Keells Holdings’ upbeat results. The main stock index ended 0.03%, or 2.24 points, higher at 6,783.64, gaining 6.35% so far this month. On Tuesday, the index marked its highest close since 20 September 2011. “The market is still not steady as some shares are overheated. But corporate earnings are expected to show improvements and we expect more local investors to come back to the Bourse,” said a stock broker asking not to be named. The index has been in the overbought region since 3 July, having risen 14.73% so far this year as local investors moved funds from fixed income to riskier assets in view of the low interest rate. Turnover was Rs. 1.23 billion ($ 9.44 million), more than this year’s daily average of about Rs. 1.09 billion. Foreign investors were net buyers of Rs. 217.4 million worth of shares on Friday, extending the year-to-date net foreign inflow in shares to Rs. 10.59 billion. Shares of Distillers Sri Lanka Plc rose 1.53% to Rs. 206, while Dipped Products Plc rose 5.46% to Rs. 127.40. Conglomerate John Keells Holdings Plc, which posted a 35% growth in its June quarter profit, fell 0.46% to Rs. 238.70. Analysts said investors sold the stock citing it was overheated.

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