Sri Lankan stocks ended lower for a second straight session on Friday as foreign investors sold shares in conglomerate John Keells Holdings Plc amid uncertainty after the US Federal Reserve revived expectations it may raise interest rates by year-end.
Turnover, however, was boosted to a more than two-month high due to block deals in John Keells Holdings, Commercial Bank of Ceylon Plc, Distillers Sri Lanka Plc, Hatton National Bank Plc and Vidullanka Plc. Foreign investors were net sellers of 257.5 million rupees ($1.83 million) worth of shares on Friday, extending the year-to-date net foreign outflow to 3.7 billion rupees.
The main stock index ended down 0.4 percent or 28.07 points weaker at 7,042.06, further moving away from its highest close since October 12 hit on Wednesday.
The day's turnover was 1.93 billion rupees ($13.70 million), the highest since August 26 and well above this year's daily average of 1.1 billion rupees. Shares in conglomerate John Keells Holdings Plc fell 2.51 percent while Dialog Axiata Plc fell 0.88 percent and Commercial Bank of Ceylon fell 0.38 percent, leading the fall in the overall index. "Market came off with the foreign selling and we have seen some margin calls being the month end and Friday," said Dimantha Mathew, a research manager at First Capital Equities (Pvt) Ltd.
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