Stock market at over 1-month closing low; blue chips lead

Saturday, 22 July 2017 00:34 - - {{hitsCtrl.values.hits}}

Reuters - Shares fell for an eighth session in nine in thin trade on Friday and posted a more than one-month closing low, with blue chips leading the losers.

The Colombo stock index ended 0.22 percent lower at 6,669.51, its lowest close since 14 June, and its fifth straight session of falls.

“The market is bit slowing down and the local interest in the market was short lived,” First Capital Holdings Head of Research Dimantha Mathew said.

“The market needs local investors to sustain the positive momentum. Foreign investors continue to buy.”

Foreign investors bought shares worth net Rs. 6 million ($39,062.50) on Friday, extending the year-to-date net foreign inflow to Rs. 24.8 billion worth of equities.

Turnover was Rs. 516.8 million, less than this year’s daily average of around Rs. 914 million.

Shares of market heavyweight John Keells Holdings closed 1 percent weaker and private lender Hatton National Bank fell 1.5 percent. ($1 = 153.6000 rupees) (Reporting by Shihar Aneez; Editing by Subhranshu Sahu)