April 17, 2017 / 11:55 AM / 3 years ago

Sri Lankan shares snap 11-session winning streak on profit-taking

COLOMBO, April 17 (Reuters) - Sri Lankan shares fell on Monday from a five-month closing high to snap an 11-session winning streak as investors took profits in blue chips that had gained in a rally driven by foreign-buying.

The Colombo stock index ended down 0.8 percent at 6,351.26, slipping from its highest close since Nov. 15 hit in the previous session.

The index had climbed 7.2 percent over 11 gaining sessions up to Wednesday. The market was closed for Sri Lanka’s traditional new year holidays on Thursday and Friday.

“It is a healthy profit-taking after the recent gains,” said Hussain Gani, deputy CEO at Softlogic Stockbrokers. “We expect the market to stabilise at these level with foreign interest in select counters.”

The market has seen fund inflows for 17 straight sessions through Monday, with foreign investors buying a net 5.23 billion rupees ($34.5 million) worth of equities in the period.

They net-bought shares worth 7.1 million rupees on Monday, raising the year-to-date net foreign inflow into equities to 7.71 billion rupees.

Turnover was dull on the first day of trading after the long holiday, and stood at 365.1 million rupees, less than half of this year’s daily average of 774.8 million rupees.

Shares of Ceylon Tobacco Company plc lost 4.8 percent, while conglomerate John Keells Holdings Plc fell 1.3 percent. ($1 = 151.8000 Sri Lankan rupees) (Reporting by Shihar Aneez; Editing by Amrutha Gayathri)

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