COLOMBO, July 1 Sri Lankan stocks slipped on
Tuesday from their highest close in more than a year, ending a
five-session winning streak, as gains in diversified shares were
offset by falls, mainly in palm oil shares.
Foreign buying in John Keells Holdings PLC boosted
the turnover and net inflows from offshore investors to a more-
The main stock index fell 0.04 percent, or 2.61
points, to close at 6,376.01. On Monday, the index had hit its
highest since June 5, 2013.
Turnover stood at 4.72 billion rupees, the highest level
since May 9 and four times this year's daily average of 1.03
The bourse saw net foreign inflows for the sixth straight
session. Foreign investors were net buyers of 1.03 billion
rupees ($7.91 million) of stocks on Tuesday, extending foreign
inflows so far this year to 7.28 billion rupees.
Conglomerate John Keells Holdings PLC, which
accounted 58.03 percent of the day's turnover, rose 1.09 percent
to 222.30 rupees. Foreign investors bought 5.03 million shares
Shares in palm oil firm Shalimar Estates fell 8.88
percent to 2,227.50 rupees a share.
Analysts, however, said the market would move sideways in
the short term with lesser risk due to lower interest rates.
Analysts said foreign buying could continue due to lower
inflation after government data showed annual inflation eased to
2.8 percent in June, its lowest since February 2012, edging down
from 3.2 percent a month ago
However, analysts said investors are concerned over the
recent ethnic violence and possible implications of a government
spokesman saying Sri Lanka bought Iranian crude via third
The market has been on a rising trend since late February
due to continued foreign buying and lower interest rates.
($1 = 130.2800 Sri Lankan rupees)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil