Bourse hits near 8-month closing low

Reuters: Shares fell on Wednesday to their lowest close in nearly eight months as investors sold banking and diversified shares.

The Colombo Stock Index fell 0.12% to 6,352.77, its lowest close since 17 April. The index lost 0.6% last week in its fifth consecutive weekly drop, but is still up 2% so far this year.

“The market is down on retail selling. Investors who see value are collecting while retailers are selling,” said Reshan Kurukulasuriya, Chief Operating Officer of Richard Pieris Securities Ltd.

“There was some foreign selling too.”

Turnover was Rs. 682.8 million ($ 4.46 million), less than this year’s daily average of Rs. 940 million.

Foreign investors, net buyers of Rs. 18.5 billion worth of shares so far this year, sold equities worth net Rs. 63.9 million on Wednesday.

Shares of biggest listed lender Commercial Bank of Ceylon Plc ended 2.7% weaker, while Ceylinco Insurance Plc fell 5.42% and Sampath Bank Plc ended 1.3% lower. Conglomerate John Keells Holdings Plc fell 0.1%.