COLOMBO, July 24 Sri Lankan stocks slipped on
Thursday for a second straight session, moving further away from
Tuesday's 34-month closing high as investors booked profits,
The main stock index ended 0.04 percent, or 2.58
points lower at 6,781.40, slipping further away from the highest
close since Sept. 20, 2011, hit on Tuesday. It has gained 6.35
percent so far this month.
The index has been in the overbought region since July 3,
having risen 14.73 percent so far this year as local investors
moved funds from fixed income to riskier assets in view of the
low interest rates.
"Profit-taking continued today also. We might see a bit of
profit-taking," said a stock broker asking not to be named.
Turnover was 950 million rupees ($7.30 million), less than
this year's daily average of about 1.09 billion rupees.
Foreign investors were net buyers of 55.8 million rupees
worth of shares on Thursday, extending the year-to-date net
foreign inflow in shares to 10.37 billion rupees.
Shares of conglomerate John Keells Holdings Plc
fell 0.04 percent to 239.80 rupees while Carsons Cumberbatch Plc
fell 1.96 percent to 480 rupees.
Lower interest rates have prompted local investors to buy
shares and move away from unattractive fixed assets, analysts
Yields on treasury bills edged down further at a weekly
auction on Wednesday.
Foreigners have been buying risky assets because they see
value in them, analysts said.
($1 = 130.2000 Sri Lankan Rupees)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by