Nov 4 (Reuters) - Sri Lankan stocks slid on Tuesday from the over three-week high touched in the previous session, ending an eight-day gaining streak on anticipated results of market heavyweight John Keells Holdings and selling by foreign investors.
Top conglomerate John Keells Holdings Plc, which reported after market hours a 29 percent year-on-year rise in September quarter net profit, led the fall with a 1.57 percent decline to 253.10 rupees.
Foreign investors turned net sellers for the first time in six sessions, offloading a net 969.7 million rupees ($7.41 million), the highest outflow since Sept. 30. Foreign funds have been net buyers of shares worth 14.28 billion rupees so far this year, exchange data showed.
Sri Lanka's main stock index closed up 0.44 percent, or 32.26 points, at 7,320.89, slipping from its highest closing level since Oct. 9 that it reached on Monday. Leading mobile phone operator Dialog Axiata fell 2.42 percent to 12.10 rupees.
"Market has slowed down. But I don't think the market will come off too much as the earnings are looking good and interest rates remain low," said a stockbroker who did not wish to be named.
Tuesday's turnover touched 1.99 billion Sri Lankan rupees ($15.21 million), more than this year's daily average of 1.38 billion rupees.
Analysts expect trading to be choppy in the near-term due to the revised presidential poll schedule in January and a possible bottoming out of interest rates.
The country's central bank has kept key policy rates steady for a ninth straight month, saying private sector credit growth was picking up and long-term lending rates were adjusting downwards.
The yields on the 364-day t-bill were steady at 6.00 percent at a weekly auction, while the 182-day t-bills yielded 5.84 percent, 39 basis points below the rate at which it was last accepted.
($1 = 130.8500 Sri Lankan rupee)
Top conglomerate John Keells Holdings Plc, which reported after market hours a 29 percent year-on-year rise in September quarter net profit, led the fall with a 1.57 percent decline to 253.10 rupees.
Foreign investors turned net sellers for the first time in six sessions, offloading a net 969.7 million rupees ($7.41 million), the highest outflow since Sept. 30. Foreign funds have been net buyers of shares worth 14.28 billion rupees so far this year, exchange data showed.
Sri Lanka's main stock index closed up 0.44 percent, or 32.26 points, at 7,320.89, slipping from its highest closing level since Oct. 9 that it reached on Monday. Leading mobile phone operator Dialog Axiata fell 2.42 percent to 12.10 rupees.
"Market has slowed down. But I don't think the market will come off too much as the earnings are looking good and interest rates remain low," said a stockbroker who did not wish to be named.
Tuesday's turnover touched 1.99 billion Sri Lankan rupees ($15.21 million), more than this year's daily average of 1.38 billion rupees.
Analysts expect trading to be choppy in the near-term due to the revised presidential poll schedule in January and a possible bottoming out of interest rates.
The country's central bank has kept key policy rates steady for a ninth straight month, saying private sector credit growth was picking up and long-term lending rates were adjusting downwards.
The yields on the 364-day t-bill were steady at 6.00 percent at a weekly auction, while the 182-day t-bills yielded 5.84 percent, 39 basis points below the rate at which it was last accepted.
($1 = 130.8500 Sri Lankan rupee)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)
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