Stock market hits more than 8-mth closing low led by heavyweights

Reuters: Shares closed at their lowest in more than eight months in thin trade on Wednesday ahead of the Christmas weekend, falling for a seventh straight session led by blue chips and large caps, stockbrokers said.

The Colombo stock index ended 0.12% weaker at 6,227.34, its lowest close since 6 April. The Bourse has fallen 1.7% in seven straight sessions through Wednesday.

“This is a typical year-end market. We expect the turnover to be lower until the new year,” said Prashan Fernando, CEO at Acuity Stockbrokers.

Turnover stood at Rs. 426.6 million rupees ($ 2.86 million), less than this year’s daily average of around Rs. 743.3 million.

Foreign investors sold a net Rs. 97.1 million worth of shares on Wednesday, but the Bourse has seen year-to-date net foreign inflow of Rs. 600.4 million worth into equities.

Shares in top conglomerate John Keells Holdings fell 0.96%, while large cap Ceylon Tobacco Company lost 0.7% to drag down the overall index.