Stocks weaker on foreign selling

Wednesday, 31 July 2013 00:44 - - {{hitsCtrl.values.hits}}

Reuters: Shares ended a tad weaker on Tuesday as some foreign investors booked profits in John Keells Holdings after the market heavyweight posted a 4% drop in June quarter profit, brokers said. The main share index ended down 0.02%, or 1.44 points, at 6,055.48, its lowest close since 26 July. John Keells Holdings, which reported its lower profit on Friday, fell 1.27% to 264.10 rupees a share. Foreign investors were net sellers of Rs. 242 million ($ 1.84 million) worth of shares first time in the last six sessions. But they have been net buyers of Rs. 16.76 billion so far this year. Analysts said despite the Central Bank’s easing of policy measures, concerns over the weakening rupee and high lending rates had dented sentiment, with investors waiting for directions. Turnover was Rs. 700 million, its highest since 19 July, but well below this year’s daily average of about Rs. 937 million.

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