May 18, 2017 / 11:34 AM / 3 years ago

Sri Lankan shares slip from over 1-yr high on profit-taking

COLOMBO, May 18 (Reuters) - Sri Lankan shares ended marginally down on Thursday, slipping from their highest level in more than a year hit in the previous session, as investors booked profits in blue chips including John Keells Holdings Plc and Dialog Axiata Plc.

The Colombo stock index ended 0.30 percent weaker at 6,697.90, slipping from its highest close since Jan. 8, 2016 hit on Wednesday. The benchmark index has risen nearly 11 percent through Wednesday since March 31.

Turnover stood at 629.2 million rupees ($4.13 million), less than this year’s daily average of 896.5 million rupees.

“We have seen a sizable selling pressure on blue chips today after some time,” said Dimantha Mathew, head of research, First Capital Holdings PLC.

“The market is taking a breather after the index passed 6,700 levels and we feel profit-taking will continue for couple of days.”

Foreign investors net bought shares worth 28.9 million rupees, extending the year-to-date net foreign inflows to 18.02 billion rupees.

Shares in John Keells Holdings Plc fell 0.60 percent while Carson Cumberbatch Plc fell 4.23 percent and Dialog Axiata Plc ended 0.83 percent weaker. ($1 = 152.5000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez)

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