Stocks end steady near 8-month low in lean trade

Reuters: Shares ended steady on Thursday, near an eight-month low hit in the previous session, as losses in oil palm and telecommunications offset gains in banking and diversified stocks.

The Colombo Stock Index ended 0.03% firmer at 6,323.52, edging up from its lowest close since 11 April touched on Wednesday. Trading was muted ahead of the holiday season, with turnover hitting a 10-month low.

“The dull sentiment is continuing with the year-end holidays coming in,” said Atchuthan Srirangan, senior research analyst at First Capital Holdings Plc.

“Most of the investors and brokers are already on holiday and trading is taking place on very low volumes. We expect low turnover to continue for the next few days.”

Shares in Ceylinco Insurance Plc ended 2.9% up while those in Melstacorp Plc rose 1.9%. Sri Lanka Telecom Plc fell 1.4% while Hatton National Bank Plc ended 0.7% weaker.

Turnover stood at Rs. 134.7 million ($ 880,967.95), the lowest since 1 February and well below this year’s daily average of Rs. 933.3 million.

Foreign investors net sold Rs. 79.6 million worth of shares on Wednesday. They have net bought Rs. 18.3 billion worth of equities so far this year.