Bourse dips on selling in large caps

Friday, 26 July 2013 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Shares fell to a near one-week low on Thursday in light trade as investors, awaiting direction on the rupee and lending rates, sold large cap shares such as Ceylon Tobacco and John Keells Holdings, brokers said. The main share index ended 0.67%, or 40.98 points, weaker at 6,038.16, its lowest close since 19 July. The Central Bank kept its key policy rates unchanged on Wednesday, as expected, saying inflation was expected to remain in single digits for the rest of the year supported by supply side improvements and an absence of demand-driven pressures. Despite the Central Bank’s easing of policy measures, concerns over the weakening rupee and high lending rates have dented sentiment, with investors waiting for directions, brokers said. Shares in John Keells Holdings fell 1% to Rs. 267 while Ceylon Tobacco Company fell 1.69% to Rs. 985.10 a share. Foreign investors bought a net Rs. 23.14 million ($ 175,800) in shares, extending the year-to-date net foreign inflow to Rs. 16.86 billion. Turnover was Rs. 289.8 million, Bourse data showed, well below this year’s daily average of around Rs. 951 million.

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