Shares end lower on selling by foreign investors

REUTERS:  Sri Lankan shares ended slightly weaker yesterday, hovering near a more than four-month closing low hit last week, as foreign investors sold diversified shares, brokers said.

Foreign investors turned net sellers for the first time in six sessions, selling shares worth a net Rs.495 million (US$3.24 million), although they have net bought Rs.27.5 billion worth of equities so far this year.

The day’s turnover however touched the highest in more than one month at Rs.1.6 billion, well above this year’s daily average of around Rs.859.8 million.

“Market slipped on a few counters, but it looks healthy with over a billion rupee in turnover,” said Hussain Gani, deputy CEO of Softlogic Stockbrokers.

The Colombo stock index ended 0.2 percent lower at 6,398.79, near its lowest close since April 18 hit on Thursday.

Shares of Hemas Holdings Plc fell 3.68 percent, while Nestle Lanka Plc ended 0.4 percent weaker and conglomerate John Keells Holdings Plc lost 0.3 percent.

The index fell 0.42 percent last week, its sixth straight weekly fall, and has shed more than 4 percent since July 27 through yesterday.