June 25, 2018 / 11:38 AM / 5 months ago

Sri Lankan stocks end weaker near 14-month low in dull trade

COLOMBO, June 25 (Reuters) - Sri Lankan shares ended weaker on Monday, staying close to a 14-month low hit last week as investors sold diversified shares in dull trade with turnover at a nine-week low.

The Colombo stock index ended 0.13 percent weaker at 6,220.13, near its lowest close since April 2017, which was on Wednesday.

The bourse fell 1.63 percent last week recording its fifth straight week of losses.

“Low key market with marginal dip,” said Hussain Gani, deputy chief executive at Softlogic Stockbrokers.

“Its mainly local investor participation, we’ve not seen major foreign activity. Investors are waiting for opportunities and they will get in when there is an opportunity.”

Turnover was 176.1 million rupees ($1.11 million), its lowest since April 16 and well below this year’s daily average of 935.3 million rupees.

Foreign investors sold equities of a net worth of 18 million rupees, extending the year-to-date net foreign outflows to 952.3 million rupees of shares this year.

Shares of Hatton National Bank Plc lost 1.2 percent, while Distillers Company of Sri Lanka Plc ended 0.96 percent weaker, Carsons Cumberbatch Plc closed 1.9 percent down and Lanka IOC Plc ended 1.2 percent weaker.

Finance Minister Mangala Samaraweera said last week the economy was likely to grow about 4.5 percent this year, below a central bank estimate of 5 percent.

The International Monetary Fund (IMF) on Wednesday said Sri Lanka’s economy remained vulnerable to adverse shocks because of sizable public debt and large refinancing needs. ($1 = 158.8000 Sri Lankan rupees) (Reporting by Ranga Sirilal)

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