Bourse edges lower

Saturday, 8 June 2013 00:58 - - {{hitsCtrl.values.hits}}

Reuters: Shares fell for a fifth straight session on Friday to a three-week low, led by a decline in John Keells Holdings after the Central Bank held policy rates steady.

The Central Bank, before the market opened, kept the key policy rates steady after it unexpectedly cut them by 50 basis points month ago.

“For the market to continuously move up, there should be some news. Even keeping the rates steady does not help investors to get in,” said a stockbroker who declined to be named.

The main stock index fell 1.02%, or 64.95 points, to 6,307.43, the lowest close since 16 May.

Bourse edges...

However, foreign investors were net buyers of shares for a 21st straight session. The Bourse saw a net foreign inflow of Rs. 291.6 million ($ 2.31 million), extending the year-to-date inflows to Rs. 15.6 billion.

Foreign investors accounted for around 46.47% of the day’s turnover of Rs. 883.7 million, less than this year’s daily average of Rs. 1.04 billion.

Shares in conglomerate John Keells Holdings fell 3% to Rs. 265, while leading mobile phone operator Dialog Axiata Plc lost 3.23% to Rs. 9.

The rupee ended weaker at 126.45/50 per dollar from Thursday’s close of 126.30/40 on demand for greenbacks from importers, dealers said.