Reuters: Sri Lankan shares ended lower on Thursday for the first time in seven straight sessions as foreign investors sold shares in Commercial Bank of Ceylon amid uncertainty as the U.S. Federal Reserve revived expectations it may raise interest rates by year-end.
Foreign investors were net sellers of 319.1 million rupees ($2.26 million) worth of shares on Thursday, extending the year-to-date net foreign outflow to 3.44 billion rupees.
The main stock index ended down 0.34 percent at 7,070.13, from its highest close since Oct. 12 hit in the previous session.
The day's turnover was 898.8 million rupees, less than this year's daily average of 1.1 billion rupees.
Shares in top lender Commercial Bank of Ceylon fell 1.38 percent, leading the fall in the overall index.
"Foreign selling in Commercial Bank brought down the market," a stockbroker said on condition of anonymity. "We see some volatility until the Fed raises the rates."
Stockbrokers also said the market is waiting for some clear direction from the government.
Prime Minister Ranil Wickremesinghe is expected to announce the country's economic policy on Nov. 5, government sources said, outlining the government's economic priorities ahead of the 2016 budget scheduled for Nov. 20.
($1 = 140.9000 Sri Lankan rupees)
Foreign investors were net sellers of 319.1 million rupees ($2.26 million) worth of shares on Thursday, extending the year-to-date net foreign outflow to 3.44 billion rupees.
The main stock index ended down 0.34 percent at 7,070.13, from its highest close since Oct. 12 hit in the previous session.
The day's turnover was 898.8 million rupees, less than this year's daily average of 1.1 billion rupees.
Shares in top lender Commercial Bank of Ceylon fell 1.38 percent, leading the fall in the overall index.
"Foreign selling in Commercial Bank brought down the market," a stockbroker said on condition of anonymity. "We see some volatility until the Fed raises the rates."
Stockbrokers also said the market is waiting for some clear direction from the government.
Prime Minister Ranil Wickremesinghe is expected to announce the country's economic policy on Nov. 5, government sources said, outlining the government's economic priorities ahead of the 2016 budget scheduled for Nov. 20.
($1 = 140.9000 Sri Lankan rupees)
No comments:
Post a Comment