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Sri Lankan bourse down on profit-taking; ends 5-day winning streak
May 6, 2014 / 12:26 PM / 3 years ago

Sri Lankan bourse down on profit-taking; ends 5-day winning streak

COLOMBO, May 6 (Reuters) - Sri Lankan shares fell on Tuesday, snapping a five-session winning streak as investors booked profits in large-caps, dealers said.

The day’s turnover was high with foreigners buying into risky assets as the lower interest rate regime helped maintain the bullish sentiment.

The main stock index fell 0.37 percent, or 23.30 points, to 6,226.13, slipping from its highest close since Jan. 29 hit in the previous session. The index has gained 1.32 percent in the last five sessions through Monday.

The day’s turnover was 1.3 billion rupees ($9.95 million), well above this year’s daily average of 968.8 million rupees.

Offshore investors were net buyers of 46.7 million rupees worth of stocks on Tuesday, but have been net sellers of 7.21 billion rupees so far this year.

Shares in Ceylon Tobacco Company PLC fell 1.54 percent to 1,083.00 rupees, while Nestle Lanka PLC fell 1.96 percent to 1,941.10 rupees.

The market gained 4.28 percent in April as some retail investors started buying risky assets across the board as the central bank kept policy rates steady at multi-year lows for the third straight month. ($1 = 130.6100 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)

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