Bourse slips on profit taking; foreigners buy

Friday, 25 July 2014 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Stocks slipped on Thursday for a second straight session, moving further away from Tuesday’s 34-month closing high as investors booked profits, brokers said. The main stock index ended 0.04%, or 2.58 points lower at 6,781.40, slipping further away from the highest close since 20 September 2011, hit on Tuesday. It has gained 6.35% so far this month. The index has been in the overbought region since 3 July, having risen 14.73% so far this year as local investors moved funds from fixed income to riskier assets in view of the low interest rates. “Profit-taking continued today also. We might see a bit of profit-taking,” said a stock broker asking not to be named. Turnover was Rs. 950 million ($ 7.30 million), less than this year’s daily average of about Rs. 1.09 billion. Foreign investors were net buyers of Rs. 55.8 million worth of shares on Thursday, extending the year-to-date net foreign inflow in shares to Rs. 10.37 billion. Shares of conglomerate John Keells Holdings Plc fell 0.04% to Rs. 239.80 while Carsons Cumberbatch Plc fell 1.96% to Rs. 480. Lower interest rates have prompted local investors to buy shares and move away from unattractive fixed assets, analysts said. Yields on Treasury bills edged down further at a weekly auction on Wednesday. Foreigners have been buying risky assets because they see value in them, analysts said.

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.