Bourse snaps winning streak, end lower on profit-taking

Reuters: Shares snapped a winning streak to end lower on Monday, slipping from their highest close in more than 10 weeks hit in the previous session, with investors booking profits in financials, brokers said.

The Colombo stock index ended 0.55% weaker at 6,595.94, slipping from its highest close since 31 July hit on Friday. Last week, the bourse rose 1.6%, posting its fifth straight weekly gain.

“Today, we saw some profit-taking in the market,” said Atchuthan Srirangan, senior research analyst, First Capital Holdings Plc.

“But the good thing is that profit-taking happened in low volumes. Foreigners are calm and waiting to see a direction.”

Shares of Hatton National Bank ended 3.7% weaker, Commercial Bank of Ceylon Plc closed 2.7% down and Sampath Bank Plc finished 2.7% down.

John Keells Holdings Plc ended down 0.2%.

Turnover was Rs. 394.9 million ($ 2.57 million), less than half of this year’s daily average of Rs. 937 million.

Foreign investors were net buyers of shares worth Rs. 3.3 million on Monday, extending the year-to-date net foreign inflow to Rs. 20.2 billion worth of shares so far this year.