Shares hit 2-week lows; weak rupee weighs

Thursday, 22 August 2013 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: Sri Lankan stocks fell to their two-week lows on Wednesday, led by illiquid large caps despite significant foreign buying and as lack of retail investor confidence hit sentiment amid a falling rupee, brokers said. The main share index ended 1.73%, or 107.67 points, down at 6,116.67, its lowest close since 5 August. “The sentiment is still dampening and investors do not see a positive reason to buy large quantities,” said a stockbroker. Other brokers said investors were cautious due to the fall in the rupee. The local currency hit an 11-1/2-month low on Wednesday due to importer dollar demand. Shares in large cap Ceylon Tobacco Company PLC fell 5.11% to Rs. 1,290, while Nestle Lanka PLC plummeted over 8% to Rs. 2,340.10. Foreign investors were net buyers of Rs. 337 million ($ 2.56 million) worth of shares, extending the year-to-date net foreign inflow to Rs. 18.52 billion. Turnover was Rs. 954 million, more than this year’s daily average of about Rs. 921 million.

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