Stock market dips from near 2-week high

Reuters: Shares fell on Friday from a near two-week high hit in the previous session as investors waited for cues from the National Budget scheduled on 10 November.

The benchmark index of the Colombo Stock Exchange ended 0.11% weaker, or 6.92 points, at 6,435.17, slipping from its highest close since 21 October hit on Thursday.

Turnover stood at Rs. 275.7 million ($1.86 million), less than half of this year’s daily average of 718.9 million.

However, foreign investors bought beaten down stocks for a third straight session, picking up shares worth a net Rs. 90.6 million. They have net sold Rs. 1.21 billion worth of shares so far this year.

“The momentum was short lived,” said Dimantha Mathew, Head of Research at First Capital Equities Ltd. “Investors turned to wait-and-see approach again. They are awaiting direction from the Budget.”

Shares in Nestle Lanka Plc fell 2.37% while Ceylon Tea Services Plc fell 9.20%.

Conglomerate John Keells Holdings Plc fell 0.39%. The company on Friday reported an 8% rise in second quarter net profit.