Wednesday, 30 October 2013 00:43
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REUTERS: Sri Lankan stocks fell to a near one-week closing low on Tuesday due to thin-trade in large caps and continued foreign outflow while stockbrokers said the market would see sustained gains only after retail investors return.
The main share index fell 0.38%, or 22.44 points, to 5,906.53, the lowest close since 23 October.
“Unless retail investors return to the market, we would not see a sustained gain,” a stockbroker said on the condition of anonymity. “Retail investors are still recouping their losses.
Since the index hit its record high of 7,863.74 on 15 February, 2011, the stock market has not been able to sustain its gaining trend due to a lack of participation by retailers.
Shares in Nestle Lanka PLC fell 2.01% to Rs. 1910.80 while Cargills (Ceylon) PLC fell 5.06% to Rs. 148.10.
Foreign investors were net sellers for the second straight session on Tuesday. They sold Rs. 201.9 million ($ 1.54 million) worth of shares, but are net buyers worth Rs. 22.53 billion so far this year.
The day’s turnover was Rs. 529 million, well below this year’s daily average of Rs. 871.6 million.
