Bourse slips from 7-month high on profit taking

Tuesday, 28 January 2014 00:01 - - {{hitsCtrl.values.hits}}

Reuters: Shares slipped on Monday, retreating from seven-month highs hit in the previous session on foreign outflows and profit-taking after gaining for three straight sessions on low interest rates and expected foreign inflow. The fall, however, was much less than its Asian peers, which plunged on concerns over US Federal Reserve further tapering its stimulus this week and fears of a slowdown in China. The main stock index fell 0.16%, or 9.82 points, to 6,245.81, from its highest close since 12 June hit on Friday. Foreign investors were net sellers of 33 million rupees worth of shares. But they have been net buyers of Rs. 793.5 million so far this year. They had bought Rs. 22.88 billion of stocks last year. Conglomerate John Keells Holdings Plc slipped 3.16% to Rs. 239.20. The index has gained 5.2% in the last 12 sessions through Friday including last week’s 2% gain, which analysts attributed to the Central Bank’s rate cut on 2 January and the recent fall in T-bill yields. The index has been in an overbought region since 7 January, Thomson Reuters data showed. It has risen 5.6% so far this year following a 4.8% gain in 2013, after having fallen in the previous two years. The day’s turnover was Rs. 872.6 million ($ 6.68 million), in line with last year’s daily average of about Rs. 828.4 million.

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