Bourse fails to extend rally, dips on profit-taking

Friday, 13 February 2015 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Shares slipped from a near two-week high on Thursday, snapping a five-day winning streak, on profit-taking in large caps and blue chips. The main stock index, which fell 0.65% in the early trade, ended 0.38%, or 28.02 points, weaker at 7,331.39, slipping from its highest close since 29 January. “There was some profit-taking and negative impact also came from the Lanka IOC’s bad results,” said Dimantha Mathew, Research Manager at First Capital Equities Ltd. “Today’s selling came in lower volumes and there was not much selling pressure. The buyers were on the watch, trying to get better price,” Mathew said. Lanka IOC Plc posted a 51.4% drop in its third-quarter net profit. The stock ended 8.48% weaker on Thursday. Foreign investors bought a net Rs. 28.3 million ($213,102) worth of shares on Thursday, extending net foreign inflows so far this year to Rs. 1.58 billion. The Bourse had net foreign inflows of Rs. 22.07 billion in 2014. Thursday’s turnover was Rs. 1.03 billion, less than this year’s daily average of Rs. 1.52 billion. Shares in Ceylon Tobacco Co Plc fell 2.8%, while conglomerate John Keells Holdings Plc lost 1.05%.

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