Bourse dips marginally; JKH boosts turnover

Friday, 6 June 2014 00:50 - - {{hitsCtrl.values.hits}}

REUTERS: Shares ended a tad weaker on Thursday, hovering near their lowest close in more than three weeks hit on Friday, while conglomerate John Keells Holdings boosted turnover, brokers said. Analysts said continued foreign buying and expectation that interest rates would come down further will boost market sentiment. The main stock index ended 0.09%, or 5.90 points, weaker at 6,280.16. On Friday, it had closed at its lowest level since 7 May. Turnover was Rs. 896.2 million ($ 6.88 million), less than this year’s daily average of Rs. 1 billion. The bourse saw a net foreign inflow for the sixth straight session. Foreign investors bought Rs. 514.1 million worth of shares, extending the year-to-date net foreign inflows to Rs. 3.88 billion. Analysts said the market expects a further fall in interest rates after Central Bank Governor Ajith Nivard Cabraal told Reuters on Friday that the Central Bank is creating room to cut interest rates further. Cabraal signalled “a lot a space being created for some more dovish action”. Stockbrokers expect the market to gain in the near future due to lower interest rates after the Central Bank kept key rates at multi-year lows in May for the fourth straight month, as expected. Shares of Sri Lanka Telecom PLC fell 2.71% to Rs. 46.70, while Bukit Darah PLC fell 1.56% to Rs. 650. Conglomerate John Keells Holdings PLC, which accounted for 58.28% of the day’s turnover, closed flat at Rs. 235.

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