Arab Today, arab today sri lankan stocks down on heavy profit booking
Last Updated : GMT 02:22:56
Arab Today, arab today
Arab Today, arab today

Sri Lankan stocks down on heavy profit booking

Arab Today, arab today

Arab Today, arab today Sri Lankan stocks down on heavy profit booking

Colombo - Arabstoday

Sri Lanka’s share market fell on Wednesday as retail investors booked profits to settle debts but enjoyed a net foreign inflow, thanks to market heavyweight John Keells Holdings.The main share index ended 0.2 per cent or 11.59 points weaker at 5,682.33. “The market may further slide as its gains were too high last week,” said a stockbroker asking not to be named.Analysts said institutional investors are worried about a possible rise in interest rates, depreciation in the rupee and Sri Lanka turning down the remaining $800 million in disbursements from a $2.6 billion International Monetary Fund loan.Foreign investors were net buyers of 219.7 million Sri Lankan rupees on Wednesday, extending the net foreign buying to 691.2 million rupees worth of shares so far this year, after net outflows of 19.1 billion last year. Warrants of Environmental Resources Investment fell 50 per cent to 5.50 rupees amid speculation trading in the them would be suspended, after the company postponed their conversion date, traders said.Conglomerate John Keells Holdings PLC, which saw foreign buying of 748,956 shares, rose 0.41 per cent to 170 rupees. On on Thursday it posted a 56 per cent gain in its December quarter earnings. 

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