Bourse down for 11th straight session

Tuesday, 17 March 2015 01:32 - - {{hitsCtrl.values.hits}}

Reuters: Shares fell for the 11th straight session on Monday to a six-week closing low with some buying by foreign investors, but local investors awaited direction with worries over rising interest rates. The main stock index ended 0.57%, or 40.34 points weaker, at 7,050.91, its lowest close since 5 February, extending the fall to 3.64% in the last 11 sessions. Foreign investors were net buyers of Rs. 204.2 million worth of shares, extending the year-to-date foreign inflow to Rs. 2.81 billion. The day’s turnover stood at Rs. 582.9 million ($ 4.39 million), well below this year’s daily average of Rs. 1.27 billion. Dealers said the market was closely monitoring interest rates amid heavy Government borrowing. Sri Lanka’s new Government has borrowed more than $ 1 billion in four days through Thursday, which economists have blamed on poor revenue and higher expenditure. The heavy borrowing has resulted in a spike in market interest rates. Yields on t-bills rose between 21 basis points and 38 basis points at a weekly auction on Wednesday with the 91-day t-bill yield rising to a 14-month high of 7.10 percent. Shares in Ceylinco Insurance Plc fell 11.76% while conglomerate John Keells Holdings Plc fell 0.92%.

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