Bearish trend persists at Bourse

Tuesday, 9 July 2013 00:46 - - {{hitsCtrl.values.hits}}

Reuters: Shares hit over two-month low on Monday, extending losses for a fourth straight session, due to foreign selling in John Keells Holdings Plc and investor concerns over the rupee’s weakness. The main share index fell 0.87% or 52.54 points to 5995.64, its lowest close since 2 May. It has fallen 2.36% in the last four sessions. The market’s 14-day relative strength index (RSI) on Monday fell to an oversold region of 27.820, below the lower neutral range of 30, Thomson Reuters data showed. “Market fell on continued foreign selling on Keells. However, foreign exit has become a problem as they don’t find buying support,” said a stock broker asking not to be named. Turnover was at Rs. 413.8 million ($ 3.17 million) on Monday, well below this year’s daily average turnover of about Rs. 1 billion, according to provisional exchange data. John Keells lost 3.41% to Rs. 240.50.

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