Bourse slips from near 7-month high on profit-taking

Friday, 14 August 2015 05:30 - - {{hitsCtrl.values.hits}}

Reuters: Shares ended weaker on Thursday, down from a nearly seven-month closing high in the previous session, as investors booked profits even as some foreign investors sold shares ahead of the key 17 August parliamentary election, brokers said.

The index has risen nearly 8% since 8 July through Wednesday on hopes of improved corporate earnings and political stability, brokers said.

The main stock index ended 0.39% or 29.15 points weaker at 7,442.75, slipping from its highest close since 16 January hit on Wednesday.

Foreign investors sold a net Rs. 23.8 million ($ 177,745) worth equities on Thursday. They have offloaded a net Rs. 1.19 billion worth of shares so far this year.

“The benchmark index continued on a downward path during the day.. On the back of low investor interest both volume and turnover slumped while foreign participation continued to remain low,” First Capital Equities Ltd said in a note to investors. Shares in Dialog Axiata Plc fell 1.68% while conglomerate John Keells Holdings Plc fell 0.57%, dragging the index lower.

Turnover stood at Rs. 978.7 million on Thursday, below this year’s daily average of Rs. 1.13 billion.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.