September 5, 2016 / 12:30 PM / 3 years ago

Sri Lankan stocks end lower; turnover slumps

COLOMBO, Sept 5 (Reuters) - Sri Lankan shares ended down on Monday while turnover slumped to its lowest in six weeks as investors stayed on the sidelines, stockbrokers said.

The benchmark Colombo stock index ended 0.24 percent weaker at 6,523.47, its lowest close since Aug. 12. The bourse fell 0.2 percent last week, posting its second straight weekly loss.

Foreign investors, who have been net sellers of shares to the tune of 2.93 billion rupees ($20.48 million) so far this year, bought a net 47 million rupees worth of shares on Monday.

Turnover stood at 280.7 million rupees ($1.93 million), the lowest since July 26 and well below this year’s daily average of 755.8 million rupees.

“The market is slow as it takes a breather,” said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd.

“There is not a lot of selling pressure as investors are bullish on the longer run and they do not want to sell. They are waiting to buy at lower levels.”

Shares of conglomerate John Keells Holdings Plc fell 0.36 percent while Bukit Darah Plc ended 1.99 percent, pulling the overall index down. ($1 = 145.1000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)

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