Saturday, 24 August 2013 00:00
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Reuters: Stocks plummeted over 2% to four-month closing lows on Friday on foreign selling in select shares like John Keells Holdings, while retail investors stayed on the sidelines amid a falling rupee, brokers said.
The main share index ended down 2.2%, or 134.05 points, at 5,951.83, its lowest close since 24 April and breaching the key support level of 6,000 points. Analysts said investors were cautious over the fall in the rupee and earnings outlook. The local currency hit a near one-year low on Friday due to renewed selling of Government bonds by foreign investors.
Shares in Ceylon Tobacco fell 12.64% to Rs. 1,108.20 while Nestle Lanka Plc dropped 5.21% to Rs. 2,205.20. Conglomerate John Keells Holdings fell 3.10% to Rs. 240.30. Foreign investors were net sellers for a second straight session, selling Rs. 72.5 million ($ 549,100) worth of shares.
But they have been net buyers of Rs. 18.35 billion so far this year. Turnover was Rs. 978 million, more than this year’s daily average of about Rs. 920.2 million.
