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Sri Lanka bourse slips to over 3-wk low on large-caps
May 30, 2014 / 11:38 AM / 4 years ago

Sri Lanka bourse slips to over 3-wk low on large-caps

COLOMBO, May 30 (Reuters) - Sri Lankan stocks fell on Friday to a their lowest in more than three weeks led by large-cap shares, despite buying by foreign investors whose outlook on the risky assets remained positive due to lower interest rates.

The main stock index ended 0.64 percent, or 40.31 points, weaker at 6,263.46, it lowest close since May 7, and slipping from its highest close since May 20 hit on Thursday.

The bourse saw a net foreign inflow of 229.8 million rupees ($1.76 million) worth of shares on Friday, extending the year-to-date net foreign inflow to 2.5 billion rupees.

The day’s turnover was at 1.08 billion rupees, as against this year’s daily average of 1.01 billion rupees.

Stockbrokers expect the market to gain in the near future due to lower interest rates after the central bank kept key rates at multi-year lows on Tuesday for the fourth straight month, as expected.

Shares of Carson Cumberbatch fell 5.22 percent to 379.10 rupees a share, while Ceylon Tobacco Company PLC fell 0.59 percent to 1058.70 rupees.

$1 = 130.4000 Sri Lanka rupees Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair

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