Business

Colombo shares fail to sustain momentum on retail profit-taking

13 January 2015 - 138   - 0

Colombo share market started off on a positive note on Tuesday morning but failed to sustain this momentum at close on the back of retail profit-taking stemmed by the shaky political setting, brokers said. They said that despite participation by both retailers as well as institutional and high networth investors during mid day, retailers charged in the afternoon to take profits, resulting in indices ending mixed. Analysts said in the morning hours the market saw some stability after Sri Lanka's new president, Maithripala Sirisena announced an interim cabinet on Monday evening saying he would carry out reforms to fight corruption in the 100 days to a parliamentary election, but interest waned towards its close. The core ASPI declined by 0.17 per cent to close at 7,554.42 while the S&P SL20 index increased 0.08 per cent to close at 4,264.85, according to provisional data. The turnover rose to Rs. 1.3 billion. – ENDS -

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