Shares down on telcos, banks

Wednesday, 4 September 2013 00:23 - - {{hitsCtrl.values.hits}}

Reuters: Stocks fell for a second straight session, closing at a near one-week low on Tuesday, led by telecom and banking shares while investor concern over the rupee’s volatility also weighed on the bourse, traders said. The main share index ended down 0.53%, or 30.36 points, at 5,752.36. It hit a four-month low during trade, but recovered to end at its lowest close since 28 August. Shares in Hatton National Bank fell 3.08% to Rs. 147.80, while those of Sri Lanka Telecom dropped 5.31% to close at Rs. 39.20. The rupee traded slightly firmer in early trade on Tuesday on sales of a thin volume of inward remittances, but dealers said the currency is likely to remain under pressure in the absence of strong dollar inflows. The currency had hit an all-time low last week on panic buying by importers, but recovered later. Tuesday’s turnover was Rs. 295 million, well below this year’s daily average of about Rs. 898.9 million. Foreign investors were net buyers of Rs. 64.3 million worth of shares, extending net inflows so far this year to Rs. 18.61 billion.

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