Foreign inflows continue but Bourse at 1-week low

Thursday, 13 March 2014 00:30 - - {{hitsCtrl.values.hits}}

Reuters: Shares fell for a third straight session on Wednesday to hit a one-week low despite foreign inflows as concerns over a proposed United Nations resolution, which may have an impact on the country’s economy, dented sentiment, brokers said. The main stock index fell 0.19%, or 11.05 points to 5,933.52, its lowest close since 5 March. Analysts said most investors were waiting for direction ahead of voting on the UN resolution later this month and to assess the impact it would have on Sri Lanka’s economy and risky assets. Shares of top conglomerate John Keels Holdings Plc fell 0.5% to Rs. 224.50. Foreign investors bought a net Rs. 95.3 million ($729,800) worth of shares on Wednesday, extending the net foreign inflow during the last six sessions to Rs. 236 million. However, Sri Lanka has seen net selling of stocks worth Rs. 5.19 billion in the last 23 sessions as some offshore funds exited, while net outflows so far in 2014 stood at Rs. 3.8 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 United Nations after the United States asked it to investigate violations by the Sri Lanka Government. The day’s turnover was Rs. 408 million, less than this year’s daily average of about Rs. 980.3 million.

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