Categories: BusinessHeadlines

Shares ended down for a fourth consecutive session.

Sri Lankan shares ended down for a fourth consecutive session on Wednesday, and hit their lowest close in more than a week, due to profit-booking in large-cap shares such as Ceylon Tobacco Company Plc, but foreign inflows helped curb losses.

Analysts said investors are waiting to see the real impact of the floods and landslides caused by the worst torrential rains in 14 years, killing over 200 people and devastating crops.

The Colombo stock index ended down 0.08 percent at 6,664.00, its lowest close since May 30.

Turnover was 2.09 billion rupees ($13.70 million), its highest since May 24 and well above this year’s daily average of 901.1 million rupees.

Inflation could rise in the short term, especially due to crop damage and difficulties in distributing fresh food produce and staple food items, analysts said.

“Today (08), the turnover was very healthy with some crossings. But despite that, the market ended weaker as investors are worried over the real impact of the flooding,” said Yohan Samarakkody, head of research, SC Securities.

“The gloomy investor sentiment that we have seen during this week is mainly due to the floods, which will have an impact on the economy.”

Foreign investors, however, were net buyers of 316.3 million rupees worth of shares, extending the year-to-date net foreign inflow to 20.1 billion rupees.

Ceylon Cold Stores Plc, which accounted for 55 percent of the day’s turnover, ended down 5.6 percent.

Shares of Ceylon Tobacco Company slipped 1.11 percent, while the biggest listed lender Commercial Bank of Ceylon Plc declined 0.37 percent, Bukit Darah Plc shed 2.69 percent, Carson Cumberbatch Plc dropped 2.23 percent.

The markets will be closed on Thursday for a Buddhist religious holiday. Trading will resume on Friday.

Lankanewspapers

Recent Posts

LNP – Cabinet approval to increase minimum wage of private sector employees

The Cabinet of Ministers has granted approval to a proposal to increase the monthly minimum…

44 mins ago

LNP – President Dissanayake has written to Donald Trump on US tariffs issue – Minister

President Anura Kumara Dissanayake has personally written to United States President Donald Trump on ways…

4 hours ago

LNP – Modi’s aerial view of Ram Setu on his way back from SL coincides with Lord Ram’s birthday

Indian Prime Minister Narendra Modi, on his way back from Sri Lanka, had a Darshan…

6 hours ago

LNP – Adani Ports shares rise nearly 4% as Colombo terminal operations commence

Adani Ports and Special Economic Zone (APSEZ) shares surged 3.6% to their intraday high of…

6 hours ago

LNP – Railway Dept. to operate 10 special trains for New Year

A total of 10 special trains will be in operation for the convenience of those…

6 hours ago

LNP – MP Chamara Sampath granted bail

New Democratic Front (NDF) Parliamentarian Chamara Sampath Dassanayake, who was arrested over the alleged misappropriation…

6 hours ago