Profit-taking drags stocks from 8-month high

19 Sep 2012 - {{hitsCtrl.values.hits}}

Sri Lankan stocks fell 1 percent yesterday from an eight-month high, snapping a four-day gaining streak as investors booked profits across the board.

The Colombo Stock Exchange’s main index ended 0.98 percent, or 58.28 points, weaker at 5,910.81.

“The market is consolidating with a little bit of profit-taking and getting ready for the next run,” said a stockbroker, asking not to be identified.

The central bank held rates steady, as expected, on expectations that inflation will be contained within single digits, but said price pressures will prevail.

Analysts said investors shrugged off the central bank’s positive comments.

The index had risen 19 percent in the 15 sessions through Monday on hopes that the newly appointed Securities and Exchange Commission head will come up with ideas to revive the market, which is down 1.73 percent since the start of the year.

Turnover on Tuesday was 1.84 billion rupees ($13.94 million), more than the year's daily average of 913.9 million rupees.

The exchange saw a net foreign inflow of 175.1 million rupees worth of shares, extending the net foreign inflow so far this year to 29.61 billion rupees.

The rupee closed firmer at 131.90/95 to the dollar compared with Monday's close of 132.00/10 as banks sold dollars on stockrelated transactions, dealers said.

(Source : REUTERS)

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Profit-taking drags stocks from 8-month high

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