Shares slip from near 5-month high on profit-taking

Saturday, 18 January 2014 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Stocks slipped from a near five-month high on Friday due to profit-taking, snapping a six session winning streak, with diversified and banking shares leading the fall, while foreign investors sold risky assets in an overbought market. The main stock index fell 0.58%, or 35.93 points, to end at 6,131.05, slipping from its highest close since 19 August hit on Thursday. Shares of market heavyweight and top conglomerate John Keells Holdings PLC JKH.CM fell 0.92% to Rs. 238, while Capital Holdings PLC CDIC.CM ended lower 5.56%. “Profit-taking brought the market down,” said a stockbroker asking not to be named. The market has gained 3.73% in six straight sessions through Thursday and the index has been in an overbought region since 7 January, Thomson Reuters data showed. Analysts attributed the gain to the Central Bank’s interest rate cut on 2 January and the recent fall in T-bill yields. The index has risen 3.69% so far this year after a 4.8% gain in 2013. It fell in both 2012 and 2011. The day’s turnover was Rs. 1.65 billion ($12.6 million), easily surpassing last year’s daily average of about Rs. 828.4 million. Foreign investors were net sellers of Rs. 80.2 million worth of shares on Friday, but have been net buyers of Rs. 638.9 million in shares so far this year. Foreigners net bought Rs. 22.88 rupees of stocks last year.

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