Perhaps busy planning for Avurudu holidays investors in the Colombo stock market remained lackluster for the third consecutive day with low turnover and marginal dip in indices.
The Rs. 1.45 billion turnover was dominated by largely retailers whilst foreigners remained bullish picking up select stocks from willing sellers.
“Indices declined amidst low turnover levels. With the festive season approaching activity levels are likely to be modest next week as well. Illiquid stocks are again affecting indices in the absence of robust investor participation,” NDB Stockbrokers said.
It said Bank, Finance & Insurance sector was the main contributor to the market turnover (mainly due to Central Finance) with the sector index decreasing 0.33%.
Interests were shown in illiquid stocks Singalanka and Selinsing. Short term rally of poultry stocks was halted as profit taking crept in.
Indices were volatile during early trading as investors struggled to determine the post sub-division price of HNB, NDB Stockbrokers added.
Reuters also reported that the stock market slipped in thin trading volume as investors stayed on the sideline ahead of a long new year holiday next week, but offshore investors bought in for a fifth straight session.
The rupee closed flat at 110.38/40 a dollar as a state bank bought up dollars amid heavy importer demand, dealers said.
source - www.ft.lk
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