Bourse at 10-week low on earning outlook worries

Thursday, 28 November 2013 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: Sri Lankan stocks edged down on Wednesday led by heavyweights, falling for a fourth straight session to hit a 10-week closing low, on worries over earnings outlook, stockbrokers said, after profits in September quarter pointed to a slower growth. The main stock index ended 0.06%, or 3.34 points, at 5,744.67, its lowest close since 18 September. “In terms of earnings, investors do not see anything happening,” a stockbroker said on condition of anonymity. “The September-quarter earnings show a slow growth. So if that continues in this quarter, there will be lower profits again.” A research published by John Keells Stock Brokers showed the cumulative September-quarter earnings reported by 263 companies out of 288 listed firms have fallen 28.1% year-on-year. Investors still waited for clarity on some taxes proposed in the 2014 budget, presented last week, brokers said. The market heavyweight and top conglomerate John Keells Holdings PLC fell 0.93% to Rs. 214, while large cap Ceylon Tobacco Company PLC lost 2.48% to Rs. 1,030. The day’s turnover was Rs. 836.5 million ($ 6.4 million) helped by block deals in Commercial Leasing and Finance PLC and CT Land and Development PLC, which gained 5.26% and 4.6% respectively. This year’s daily average turnover is around Rs. 848.5 million. Foreign investors were net sellers for a third straight session, offloading Rs. 46.4 million worth of shares. However, they have been net buyers of Rs. 22.51 billion so far this year.

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