Shares extend declines

REUTERS: Sri Lankan shares ended down for a sixth consecutive session yesterday, hitting their lowest close in more than two weeks, as retail investors sold blue chips, but foreign buying in the island nation’s risky assets capped further decline.

The Colombo Stock Index ended 0.13 percent weaker at 6,439.34, its lowest close since January 2. It has shed 1.6 percent in the past six sessions.

“Things were a bit slower and the trend is continuing,” said First Capital Holdings Head of Research Dimantha Mathew.

“Market is coming towards a correction rather than profit-taking as the latter lasted far more than expected. However, foreigners are still on the buying side.”

Foreign investors bought shares worth net Rs.146.2 million yesterday, extending the net foreign inflow so far this year to Rs.3 billion. They had net bought Rs.18.5 billion worth equities in 2017 and Rs.633.5 million in 2016. Turnover stood at Rs.491.1 million yesterday, less than last year’s daily average of Rs.915.3 million.

Shares in Hemas Holdings PLC ended 1.8 percent lower, Sri Lanka Telecom PLC closed 1.4 percent down, and Overseas Realty PLC closed 2.9 percent lower.