Bourse falls in thin trade

Tuesday, 24 December 2013 00:40 - - {{hitsCtrl.values.hits}}

Reuters: Stocks fell in dull trade on Monday, led by market heavyweight John Keells Holdings despite foreign inflows. Turnover slumped to the lowest in more than a week as investors stayed away from the market ahead of Christmas holidays. The day’s turnover was Rs. 267.8 million, less than a third of this year’s daily average of Rs. 834.1 million. The main stock index fell 0.19%, or 10.94 points, to 5,846.42, marking its second day of falls. On Thursday, it had closed at its highest level since 7 November. The securities regulator on Saturday ordered main listed companies to ensure that at least 20% of their shares were available to trade by the end of 2016 to raise liquidity, attract foreign funds and curb manipulation. “Due to the holiday season, the market did not react to this. Otherwise, it is a positive move,” said a stockbroker. Shares in John Keells fell 0.63% to Rs. 221.60. Foreign investors bought a net Rs. 83.1 million ($ 635,800) worth of shares on Monday, extending a net foreign inflow of Rs. 22.33 billion so far this year. Analysts expect the market to witness a rally in the near future as the possibility of retail investors returning to risky assets is increasing due to falling interest rates.

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