Sri Lankan shares fall from six-month high on profit taking

COLOMBO: Sri Lankan shares fell on profit taking on Monday after reaching a six-month closing high and gaining 9.4 percent in the previous 16 session as foreign investors bought risky assets.

The Colombo stock index ended 0.45 percent weaker at 6,505.95, from its highest close since Oct. 11 hit in the previous session. It has climbed 9.4 percent in the 16 sessions through Friday, having risen for 15 sessions in that period.

The index added 2.1 percent last week, marking its fourth week of gains.

"This is a typical settling in market. Foreign focus has slightly changed ... but foreign buying is continuing," said Hussain Gani, deputy CEO of Softlogic Stockbrokers.

Foreign investors have been net buyers in the last 22 sessions, acquiring equities worth a net 123.3 million rupees ($811,184). The year-to-date net foreign inflow is 14.4 billion rupees.

Turnover was moderate on Monday at 530.3 million rupees, less than of this year's daily average of 873.1 million rupees.

Market heavyweight John Keells Holdings lost 0.9 percent, while top private lender Commercial Bank of Ceylon fell 1.3 percent, dragging the overall index.