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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Shares ease on profit-taking

Shares ease on profit-taking

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1Shares ease on profit-taking Empty Shares ease on profit-taking Tue Jul 28, 2015 9:27 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Shares slipped yesterday in thin trade from a two-month closing high hit in the previous session due to some profit-taking and month-end settlements.
At 12:45 pm, the main stock index was 0.16 percent weaker at 7,257.42, slipping from its highest close since May 25 hit on Friday.
It hit a two-month closing high on Friday as hopes of improved corporate earnings and political stability after the parliamentary polls next month boosted investor sentiment.
Turnover stood at 287.4 million rupees ($2.15 million) in early trade on Monday.
"Market has run out of steam which it had last week with a bit of profit-taking and month-end settlements, but there was not much of selling pressure," said Dimantha Mathew, a research manager at First Capital Equities (Pvt) Ltd.
Analysts also expect Sri Lankan companies to post strong results for the April-June quarter.
Hopes of political stability after the Aug. 17 parliament election also helped sentiment, they said.
The Sri Lankan rupee was steady in dull trade as a state-owned bank maintained its dollar-selling rate at 133.70, dealers said.
"There is lot of importer dollar demand. But because of the state bank offering the rupee, it is trading steady," a currency dealer said.
Courtesy: The Island 28 July 2015

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