Shares fall to two-week low, banks lead

Thursday, 7 November 2013 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: Sri Lankan stocks fell for a fourth straight session on Wednesday and closed at their lowest level in two weeks, led by banks in low trading volume due to the absence of retail investors, brokers said. The main index ended down 0.11%, or 6.73 points, at 5,906.18, its lowest close since 23 October. The day’s turnover was Rs. 571.5 million ($ 4.36 million), less than this year’s daily average of about Rs. 865 million. Brokers said the market had not seen a surge despite a declining trend in interest rates after the central bank cut its policy rates to multi-year low last month. They said the market would not see a sustained gaining trend unless retail investors return to the bourse. The market has lost 0.78% since the central bank cut its key policy rates by 50 basis points on 15 October. Shares in DFCC Bank PLC fell 3.09% to Rs. 119.20. Foreign investors were net buyers of Rs. 294.6 million worth of shares, extending the year-to-date net inflow to Rs. 23.56 billion.

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