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Sri Lankan bourse slips from over 2-wk high; low turnover

Source : REUTERS
Last Updated: Mon, Mar 10, 2014 12:10 hrs

COLOMBO, March 10 (Reuters) - Sri Lankan shares slipped on Monday from a more than two-week high as turnover was thin as most investors stayed away ahead of voting on a resolution at the United Nations over its human rights record later this month.

The main stock index ended 0.14 percent, or 8.45 points lower at 5,957.61. It had climbed to a two-week high closing in the previous session.

Shares of top conglomerate John Keells Holdings PLC fell 1.36 percent to 227.00 rupees.

The day's turnover was 304.3 million rupees ($2.3 million), well below this year's daily average of about 984.4 million rupees.

The market witnessed a daily average turnover of 360.9 million rupees in the last six sessions, which analysts attributed to cautious investors opting to be on the sidelines ahead of a resolution on Sri Lanka coming up for voting at the United Nation's Human Rights Council later this month.

Reacting to a report by the U.N. human rights chief, Sri Lanka last week questioned the independence of the human rights office of the UN after the United States asked it to investigate violations by the Sri Lankan government.

Foreign investors bought a net 32.6 million rupees worth of shares on Monday, but they have been net sellers of 5.36 billion rupees for the last 21 sessions as some offshore funds exited the market.

The index has seen a net 4 billion rupees of foreign outflows so far in 2014, after net inflows of 22.88 billion rupees last year. ($1 = 130.5750 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)




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