Sri Lankan shares slip from 3-month closing high

COLOMBO, Aug 22 (Reuters) – Sri Lankan shares closed slightly weaker on Monday after posting a three-month closing high in the previous session as investors booked profit in beverage and telecom stocks.

The benchmark Colombo stock index ended 0.12 percent, or 7.65 points, weaker at 6,594.59, after adding 1.23 percent last week in its third straight weekly gain.

"The market came down on a bit of profit-taking," said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd, adding that the market might continue to be bullish with no big risks of huge downturn.

Turnover stood at 643.9 million rupees ($4.43 million), less than this year’s daily average of around 743.2 million rupees.

Foreign investors bought a net 48.6 million rupees worth of shares, extending the net foreign inflow so far this month to 1.43 billion rupees worth of equities.

They are, however, net sellers of 3.22 billion rupees worth of shares so far this year.

Shares of Ceylon Tobacco Company Plc fell 1.96 percent, while Ceylon Cold Stores Plc dropped 1.38 percent and Distilleries Company of Sri Lanka Plc declined 1.10 percent.

Shares in Dialog Axiata Plc fell 0.86 percent.

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