Bourse slips from 8-week high despite inflows

Tuesday, 22 October 2013 00:36 - - {{hitsCtrl.values.hits}}

Reuters: Stocks slipped on Monday from near eight-week highs, dragged down by conglomerate John Keells Holdings PLC despite foreign inflows. The main share index dropped 0.5%, or 29.86 points, to end at 5,946.65, edging down from its closing high in nearly eight weeks hit on Thursday. Both the currency and the stock markets were closed on Friday for a holiday. Keells accounted for more than 40% of the day’s turnover of Rs. 1.05 billion ($ 8.02 million), which was more than this year’s daily average of Rs. 876 million. Keells voting slipped 1.52% to Rs. 214 a share, while the conglomerate’s rights fell 26.25% to Rs. 45.80. “There was an oversupply of Keells rights from a foreign seller. So it came down and because of that the stock also fell,” said a stockbroker. Foreign investors were net buyers of Rs. 381.9 million worth of shares on Monday, extending the year-to-date foreign inflows to Rs. 22.53 billion worth of shares. The Central Bank cut key policy interest rates on Tuesday to spur economic growth, just three weeks after the International Monetary Fund advised it to hold rates steady. Stockbrokers expect the rate cut to give impetus to a sluggish stock exchange.

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