Bourse slips

Saturday, 15 March 2014 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: Sri Lankan shares fell for a fifth straight session on Friday to their lowest in more than two weeks with turnover slumping to almost a quarter of this year’s daily average as investors awaited direction from a UN resolution on the island nation’s human right records. Analysts said investor sentiment has been dented on concerns over the UN resolution, which could have an impact on the country’s economy and many potential buyers in risky assets are staying on the sidelines for want of clear direction.The main stock index fell 0.3%, or 17.71 points to 5,896.23, its lowest close since 26 February. The day’s turnover was Rs. 251.4 million ($ 1.92 million), around a quarter of this year’s daily average of about Rs. 938.9 million. Analysts said most investors were waiting for direction ahead of voting on the resolution later this month. Shares of Ceylon Tobacco Company PLC fell 1.03% to Rs. 1,099.90, while those of top conglomerate John Keels Holdings PLC fell 1.26% to Rs. 220. Foreign investors turned net sellers for the first time in eight sessions. They have sold a net Rs. 20.28 million worth of shares on Friday, but were net buyers of Rs. 224.9 million worth of shares in the last eight sessions. However, Sri Lanka has seen net selling in stocks worth Rs. 5.2 billion in the last 25 sessions as some offshore funds exited, while net outflows so far in 2014 stand at Rs. 3.82 billion, after net inflows of Rs. 22.88 billion last year. Sri Lanka last week hit back at a report by the UN Human Rights Chief, questioning the independence of the human rights office of the UN after the United States asked it to investigate violations by the Sri Lanka Government.

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