Friday, 26 September 2014 00:54
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Reuters: Stocks fell for the second straight session on Thursday as investors booked profits, but stockbrokers expect the market to continue its gaining streak due to persistent foreign buying, lower interest rates, and positive economic outlook.
The main stock index ended down 0.3%, or 21.45 points, at 7,232.98, further slipping from its over three-year high close hit on Tuesday. It has gained in six of the last eight sessions till Thursday.
“The market is down on correction as it has been going up for the last few months. A correction is warranted,” said Reshan Kurukulasuriya, COO of Richard Pieris Securities.
“The market will start moving up with all the positive factors,” he said referring to lower interest rates, positive economic outlook, and continued foreign buying.
Shares of Sri Lanka Telecom Plc, which led the overall fall, ended 2.44% weaker at Rs. 51.9, while Hayleys Plc lost 3.53% at Rs. 352.10.
Shares in biggest listed lender Commercial Bank of Ceylon Plc fell 1.07% to Rs. 157.20.
The day’s turnover was Rs. 1.19 billion ($ 9.13 million), less than this year’s daily average of over Rs. 1.28 billion.
Foreign investors were net buyers of Rs. 125.3 million worth of shares on Thursday, extending the year-to-date net foreign inflows in stocks to Rs. 11.36 billion.
