Sri Lankan bourse edges lower after cbank holds rates

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Sri Lankan bourse edges lower after cbank holds rates Empty Sri Lankan bourse edges lower after cbank holds rates

Post by Admin on Fri Jun 07, 2013 11:31 pm

COLOMBO, June 7 (Reuters) - Sri Lankan shares fell for a
fifth straight session on Friday to a three-week low, led by a
decline in John Keells Holdings after the central bank
held policy rates steady.
The central bank, before the market opened, kept the key
policy rates steady after it unexpectedly cut them by 50 basis
points month ago.
"For the market to continuously move up, there should be
some news. Even keeping the rates steady does not help investors
to get in," said a stockbroker who declined to be named.
The main stock index fell 1.02 percent, or 64.95
points, to 6,307.43, the lowest close since May 16.
However, foreign investors were net buyers of shares for a
21st straight session. The bourse saw a net foreign inflow of
291.6 million rupees ($2.31 million), extending the year-to-date
inflows to 15.6 billion rupees.
Foreign investors accounted for around 46.47 percent of the
day's turnover of 883.7 million rupees, less than this year's
daily average of 1.04 billion rupees.
Shares in conglomerate John Keells Holdings fell 3.00
percent to 265.00 rupees, while leading mobile phone operator
Dialog Axiata Plc lost 3.23 percent to 9.00 rupees.
The rupee ended weaker at 126.45/50 per dollar from
Thursday's close of 126.30/40 on demand for greenbacks from
importers, dealers said.
($1 = 126.4250 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Jijo


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