Reuters - Hot Stocks

Sri Lankan shares snap 3-day rally; volumes thin due to holidays

(Reuters) – Sri Lankan shares ended slightly weaker on Monday, snapping a three-day winning streak, in dull trade as many investors and brokers have still not returned from their holidays, dealers said.

The index ended 0.44 percent, or 30.63 points, weaker at 6,917.51 on Monday. The market was closed on Friday for a public holiday. It has gained 2.44 percent in the past three sessions through Thursday.

“Nothing much is happening in the market. Many have either gone on leave or are on the wait and see approach,” said Dimantha Mathew, research manager at First Capital Equities (Pvt) Ltd.

“We will see this trend continuing for this week and the next week with the holidays.”

The day’s turnover was 361.3 million rupees ($ 2.72 million), its lowest since March 19 and well below this year’s daily average of 1.15 billion rupees.

The market will be closed on April 13 and April 14 for traditional Sinhala-Tamil new year holiday.

The main stock index had lost 6.6 percent last month, its biggest monthly drop since October 2012 as investors offloaded their holdings to settle margin trading amid concerns about political stability and a rise in interest rates.

Analysts expect trading to stay thin through mid-April ahead of New Year holiday and amid political uncertainty.

Shares in Lion Brewery Plc fell 3.70 percent, while leading fixed line telephone operator Sri Lanka Telecom Plc declined 2.08 percent. ($ 1 = 132.9000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anand Basu)

Reuters: Hot Stocks

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