Stocks at two-week low on profit-taking

Reuters: Shares extended losses for a third day on Friday to hit a two-week low as retail investors took profits in large-caps.

The main share index fell 0.3 per cent, or 17.20 points, to end at 5,799.69, its lowest since 15 January.

Foreign investors were net buyers of Rs. 446.1 million ($ 3.53 million) worth of shares on Friday, but they have been net sellers of Rs. 873.5 million so far this year.

The market saw Rs. 1.66 billion net foreign outflow in eight sessions through Wednesday.

Shares in Ceylon Tobacco Company Plc fell 1.76 per cent to Rs. 825.20 on profit-taking, leading the overall index fall.

Shares in John Keells Holdings edged marginally up 0.04 per cent to Rs. 230, which dealers attributed to foreign buying. The day’s turnover was Rs. 950 million, less than the daily average of 1.21 billion so far this year.

The rupee ended weaker at 126.45/55 to the dollar from Thursday’s close of 126.25/40.