Shares slip on selling in large caps

Tuesday, 3 September 2013 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: Stocks slipped on Monday, ending two straight sessions of gains, as investors sold shares of large caps like Nestle Lanka PLC and turnover slumped to near seven-week low as concerns about the rupee kept investors on the sidelines. The main share index ended down 0.88% or 51.32 points, at 5,782.72. Nestle Lanka shares fell 6.21% to Rs. 2002.10, while those of Ceylon Tobacco Company PLC dropped 1.63% to close at Rs. 1,150.90. The Sri Lankan rupee was steady on Monday as exporter dollar sales were offset by late importer demand, but dealers said the currency was still under downward pressure. It hit an all-time low on Wednesday due to panic buying by importers, but recovered later in the week. Monday’s turnover was Rs. 277.1 million, the lowest since 17 July and well below this year’s daily average of about Rs. 902.7 million. Foreign investors were net buyers of Rs. 10.6 million worth of shares, extending net inflows so far this year to Rs. 18.55 billion.

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