Bourse slips from 3-year highs; more losses seen
Reuters: Stocks slipped on Wednesday from their highest in more than three years hit in the previous session as investors took profits in recent gainers such as Bukit Darah Plc, brokers said.
The main stock index ended down 0.09%, or 6.21 points, at 7,254.43, slipping from its highest closing level since 9 June 2011 hit on Tuesday. The index fell for the first time in seven sessions.
“Illiquid shares led the index to end marginally down,” said Dimantha Mathew, Manager Research at First Capital Equities Ltd. “The index might struggle a bit on profit-taking and correction as we feel big-cap counters are overvalued.”
Shares of Commercial Leasing and Finance Plc, which led the overall losses, fell 4.17% to Rs. 4.60, while Bukit Darah lost 1.37% to Rs. 725.
Conglomerate John Keells Holdings Plc, which fell 1.54% during the day, ended 0.35% firmer at Rs. 254.80.
The day’s turnover was Rs. 1.53 billion ($ 11.7 million), surpassing this year’s daily average of over Rs. 1.27 billion.
Foreign investors were net buyers of Rs. 156.94 million worth of shares on Wednesday, extending the year-to-date net foreign inflows in stocks to Rs. 11.23 billion.