September 10, 2018 / 1:05 PM / 3 months ago

Sri Lankan shares slip to 1-week closing low on foreign selling

COLOMBO, Sept 10 (Reuters) - Sri Lankan shares fell to one-week closing low on Monday as foreign investors sold blue chips such as conglomerate John Keells Holdings Plc.

The Colombo stock index ended 0.35 percent weaker at 6,096.54, its lowest close since Sept. 3. It rose 0.6 percent last week in its third straight weekly gain.

Turnover was 615.9 million rupees ($3.79 million), less than this year’s daily average of 795.6 million rupees.

“Today also, foreign selling was there and it impacted the market. Foreigners are exiting with the dollar strengthening,” said Atchuthan Srirangan, assistant manager - research, First Capital Holdings Plc.

“Local investors are worried over continued foreign selling on the back of dollar strengthening globally and they are on the sidelines.”

Analysts said investors also waited for cues from the national budget which the government is set to unveil in November.

Foreign investors sold a net 112.1 million rupees of shares on Monday, extending the year-to-date net foreign outflow to 4.4 billion rupees worth of shares.

Shares of Distillers Company of Sri Lanka Plc fell 3.1 percent, while conglomerate John Keells Holdings ended 0.7 percent down and AIA Insurance Lanka Plc lost 4.4 percent. ($1 = 162.3000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

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