COLOMBO Feb 24 Sri Lankan shares fell for an
eighth straight session on Monday to their lowest close in more
than eight weeks, led by large caps amid foreign selling in
risky assets as the index fell into oversold territory.
The main stock index fell 0.91 percent, or 54.23
points, to 5,883.05, its lowest close since Dec. 27.
The index has dropped 4.84 percent in the last 14 sessions,
erasing all the gains made since start of this year. It is down
0.50 percent so far this year, following a 4.8 percent gain in
The index has fallen into overbought territory, Thomson
Reuters data showed.
Foreign investors sold a net 24.1 million rupees ($184,000)
worth of shares on Monday, extending the outflow to 5.90 billion
rupees in the past 12 sessions as some offshore funds exited the
The bourse has seen 3.90 billion rupees of foreign outflows
so far in 2014, after enjoying net inflows of 22.88 billion
rupees last year.
Analysts said investors were concerned over possible further
foreign outflows, though local investors are still optimistic
about risky assets due to falling interest rates.
Shares of market heavyweight Ceylon Tobacco Company Plc
fell 3.28 percent to 1,119.60 rupees while top
conglomerate John Keells Holdings fell 1.55 percent to
The day's turnover was 499.4 million rupees, well below this
year's daily average of about 1.13 billion rupees.
($1 = 130.9500 Sri Lanka rupees)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil