February 12, 2015 / 11:47 AM / 3 years ago

Sri Lanka shares down on profit-taking after rally

COLOMBO, Feb 12 (Reuters) - Sri Lankan shares slipped from a near two-week high on Thursday, snapping a five-day winning streak, on profit-taking in large caps and blue chips.

The main stock index, which fell 0.65 percent in the early trade, ended 0.38 percent, or 28.02 points, weaker at 7,331.39, slipping from its highest close since Jan. 29.

“There was some profit-taking and negative impact also came from the Lanka IOC’s bad results,” said Dimantha Mathew, research manager at First Capital Equities (Pvt) Ltd.

“Today’s selling came in lower volumes and there was not much selling pressure. The buyers were on the watch, trying to get better price,” Mathew said.

Lanka IOC Plc posted a 51.4 percent drop in its third-quarter net profit. The stock ended 8.48 percent weaker on Thursday.

Foreign investors bought a net 28.3 million rupees ($213,102) worth of shares on Thursday, extending net foreign inflows so far this year to 1.58 billion rupees. The bourse had net foreign inflows of 22.07 billion rupees in 2014.

Thursday’s turnover was 1.03 billion rupees, less than this year’s daily average of 1.52 billion rupees.

Shares in Ceylon Tobacco Co Plc fell 2.8 percent, while conglomerate John Keells Holdings Plc lost 1.05 percent. ($1 = 132.8000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anand Basu)

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