Bourse slips from over 1-year high on profit-taking

Reuters: Shares ended marginally down on Thursday, slipping from their highest level in more than a year hit in the previous session, as investors booked profits in blue chips including John Keells Holdings Plc and Dialog Axiata Plc.

The Colombo stock index ended 0.30 percent weaker at 6,697.90, slipping from its highest close since 8 January, 2016 hit on Wednesday. The benchmark index has risen nearly 11% through Wednesday since 31 March.

Turnover stood at Rs. 629.2 million ($ 4.13 million), less than this year’s daily average of Rs. 896.5 million.

“We have seen a sizable selling pressure on blue chips today after some time,” said Dimantha Mathew, head of research, First Capital Holdings Plc.

“The market is taking a breather after the index passed 6,700 levels and we feel profit-taking will continue for couple of days.”

Foreign investors net bought shares worth Rs. 28.9 million, extending the year-to-date net foreign inflows to Rs. 18.02 billion.

Shares in John Keells Holdings Plc fell 0.60% while Carson Cumberbatch Plc fell 4.23% and Dialog Axiata Plc ended 0.83% weaker.