Stocks end steady, marking fifth straight losing week

Saturday, 23 June 2018 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Shares ended steady yesterday, staying close to the 14-month low hit this week and marking their fifth straight week of losses.

The Colombo stock index ended 0.01% weaker at 6,228.15, hovering near its lowest close since April 2017 hit on Wednesday (20 June). The bourse fell 1.63% this week.

“Though the market is attractive, investors are still awaiting direction. We will see sideways movement for the next couple of days as the sell-off has stopped,” said First Capital Holdings PLC Assistant Manager – Research Atchuthan Srirangan.

Turnover was Rs. 277.4 million ($1.8 million), well below this year’s daily average of Rs. 942 million.

Foreign investors sold equities net worth Rs. 72.7 million, extending the year-to-date net foreign outflows to Rs. 934.3 million of shares so far this year. Shares of Dialog Axiata PLC ended 0.2% weaker, while Melstacorp Ltd. fell 0.9%.

Finance Minister Mangala Samaraweera on Tuesday (19 June) said the country’s economy is likely to grow around 4.5% this year, below the Central Bank estimate of 5% in a sign political uncertainty is curbing a more robust recovery after a weak 2017.

The International Monetary Fund (IMF) on Wednesday said Sri Lanka’s economy remains vulnerable to adverse shocks because of sizeable public debt and large refinancing needs.

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.