Reuters: Sri Lankan shares edged lower for a second straight session on Monday, led by market heavyweight John Keells Holdings, as the absence of any positive triggers dampened appetite for the island nation’s risky assets.
The Colombo stock index fell 0.21 percent to 6,128.82 points, moving further away from its highest close since July 25 hit on Thursday. The index has declined about 3.8 percent so far this year.
Turnover stood at 242.2 million rupees ($1.51 million) on Monday, less than a third of this year’s daily average of 840 million rupees.
“There was no market moving news, both on the political and economic fronts,” said Prashan Fernando, CEO at Acuity Stockbrokers.
Global equities fell on Monday as Turkey’s worsening currency crisis persuaded investors to dump equities and flee to safer assets such as government bonds and the U.S. dollar.
Foreign investors bought shares worth a net 36.8 million rupees, after having sold a net 2.75 billion rupees worth of equities so far this year.
Shares in John Keells fell 2.1 percent while those of top mobile phone operator Dialog Axiata fell 0.7 percent.
The central bank left its key policy rates unchanged, as expected, on August 3, citing its goals of stabilising inflation and fostering sustainable economic growth.
Central bank Governor Indrajit Coomaraswamy said the economy was unlikely to grow more than 4 percent in 2018, falling short of an earlier estimate of 5 percent.
The Colombo stock index fell 0.21 percent to 6,128.82 points, moving further away from its highest close since July 25 hit on Thursday. The index has declined about 3.8 percent so far this year.
Turnover stood at 242.2 million rupees ($1.51 million) on Monday, less than a third of this year’s daily average of 840 million rupees.
“There was no market moving news, both on the political and economic fronts,” said Prashan Fernando, CEO at Acuity Stockbrokers.
Global equities fell on Monday as Turkey’s worsening currency crisis persuaded investors to dump equities and flee to safer assets such as government bonds and the U.S. dollar.
Foreign investors bought shares worth a net 36.8 million rupees, after having sold a net 2.75 billion rupees worth of equities so far this year.
Shares in John Keells fell 2.1 percent while those of top mobile phone operator Dialog Axiata fell 0.7 percent.
The central bank left its key policy rates unchanged, as expected, on August 3, citing its goals of stabilising inflation and fostering sustainable economic growth.
Central bank Governor Indrajit Coomaraswamy said the economy was unlikely to grow more than 4 percent in 2018, falling short of an earlier estimate of 5 percent.
($1 = 159.9000 Sri Lankan rupees)
(Reporting by Shihar Aneez; Editing by Vyas Mohan)
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