COLOMBO, Nov 27 (Reuters) - Sri Lankan stocks edged down on
Wednesday led by heavyweights, falling for a fourth straight
session to hit a 10-week closing low, on worries over earnings
outlook, stockbrokers said, after profits in September quarter
pointed to a slower growth.
The main stock index ended 0.06 percent, or 3.34
points, at 5,744.67, its lowest close since Sept. 18.
'In terms of earnings, investors do not see anything
happening,' a stockbroker said on condition of anonymity. 'The
September-quarter earnings show a slow growth. So if that
continues in this quarter, there will be lower profits again.'
A research published by John Keells Stock Brokers showed the
cumulative September-quarter earnings reported by 263 companies
out of 288 listed firms have fallen 28.1 percent year-on-year.
Investors still waited for clarity on some taxes proposed in
the 2014 budget, presented last week, brokers said.
The market heavyweight and top conglomerate John Keells
Holdings Plc fell 0.93 percent to 214 rupees, while
large cap Ceylon Tobacco Company Plc lost 2.48 percent
to 1,030 rupees.
The day's turnover was 836.5 million rupees ($6.4 million)
helped by block deals in Commercial Leasing and Finance Plc and CT Land and Development Plc, which
gained 5.26 percent 4.6 percent respectively.
This year's daily average turnover is around 848.5 million
Foreign investors were net sellers for a third straight
session, offloading 46.4 million rupees worth of shares.
However, they have been net buyers of 22.51 billion rupees so
far this year.
($1 = 131.2000 Sri Lanka rupees)
(Reporting by Shihar Aneez and Ranga Sirilal; Editing by
Keywords: MARKETS SRILANKA STOCKS/
(firstname.lastname@example.org)(+94-11-232-5540; Reuters Messaging: email@example.com)(twitter.com/shihara neez)
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