Tuesday, 3 December 2013 01:31
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REUTERS: The Sri Lankan bourse ended steady on Monday as gains in food and beverage shares were offset by losses in diversified and telecoms stocks as investors awaited direction from earnings, and the 2014 Budget presented in Parliament recently.
The main stock index dropped 0.02%, or 0.99 points, to 5,774.10, edging down from its highest close since 25 November. The market had hit a 10-week low on Wednesday.
“People are still looking for directions” from the budget and earnings in the December quarter, a stockbroker said. The market has been in a falling trend after September quarter earnings pointed to slower growth. Investors are worried that fresh taxes announced in the budget last week could hit consumer spending and thus revenue of listed firms.
Research published by John Keells Stock Brokers showed cumulative September-quarter earnings reported by 263 companies out of 288 listed firms have fallen 28.1% year-on-year.
Shares in large cap Ceylon Tobacco Company PLC jumped 4.76% to Rs. 1100.00.
Sri Lanka Telecom PLC fell 3.56% to Rs. 37.90 and shares in conglomerate John Keells Holdings PLC fell 0.47% to Rs. 209.90, while Carson Cumberbatch PLC fell 2.30% to Rs. 361.50.
The day’s turnover was Rs. 835.1 million ($ 6.36 million), boosted by block trades in PCH Holdings Ltd. and Orient Garments. This year’s daily average turnover is Rs. 845.2 million. Foreign investors were net sellers of Rs. 32.3 million worth of shares, but the bourse has enjoyed a year-to-date net inflow of Rs. 22.51 billion.
