Bourse ends lower for third session; block deals boost turnover

Reuters: Shares ended down for a third straight session on Thursday to hit near a one-week low, led by banking stocks while block deals boosted the turnover, brokers said.

The Colombo stock index ended 0.25% weaker at 6,555.46, its lowest close since 10 October. The stock, bond, and foreign exchange markets were closed on Wednesday for Diwali, the Hindu festival of lights.

“The market continue to be in the red zone with investors selling shares which gained in the past few days,” said Atchuthan Srirangan, Senior Research Analyst, First Capital Holdings PLC.

“The retail investors are on the sideline as the market continued to be on the red zone. But turnover is boosted by some big deals.”

Shares of Hatton National Bank ended down 2.5% while the biggest-listed lender Commercial Bank of Ceylon Plc closed 0.5% weaker and Asiri Hospitals Plc finished 1.9% down.

Turnover was Rs. 1.1 billion ($7.16 million), more than this year’s daily average of Rs. 939.9 million.

Foreign investors were net buyers of shares worth Rs. 17.2 million on Thursday extending the year to date net foreign inflow to Rs. 19.1 billion worth of shares.