Stocks end lower; turnover slumps

Reuters: Shares ended down on Monday while turnover slumped to its lowest in six weeks as investors stayed on the sidelines, stockbrokers said.

The benchmark Colombo stock index ended 0.24% weaker at 6,523.47, its lowest close since 12 August. The Bourse fell 0.2% last week, posting its second straight weekly loss.

Foreign investors, who have been net sellers of shares to the tune of Rs. 2.93 billion ($ 20.48 million) so far this year, bought a net Rs. 47 million worth of shares on Monday. Turnover stood at Rs. 280.7 million ($ 1.93 million), the lowest since 26 July and well below this year’s daily average of Rs. 755.8 million. “The market is slow as it takes a breather,” said Dimantha Mathew, head of research at First Capital Equities Ltd.

“There is not a lot of selling pressure as investors are bullish on the longer run and they do not want to sell. They are waiting to buy at lower levels.” Shares of conglomerate John Keells Holdings Plc fell 0.36% while Bukit Darah Plc ended 1.99%, pulling the overall index down.