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Thursday, 24 October 2019 01:26 - - {{hitsCtrl.values.hits}}
Reuters: Sri Lankan shares and the rupee gained yesterday, as investors waited for policy manifesto announcements by the two frontrunners for next month's Presidential Poll.
Former wartime Defence chief Gotabaya Rajapaksa and Housing Minister Sajith Premadasa will announce their policy framework on Friday and 1 November, respectively. Analysts had said that investors were waiting to see policies on tax, subsidies, and private businesses.
Shares edged up for the fifth straight session and closed at their highest level in more than seven weeks, buoyed by beverage and banking stocks.
The benchmark stock index rose 0.14% to 5,888.34, the highest close since 30 August. The index has fallen 2.71% so far this year.
The rupee ended 0.11% firmer at 181.40/50 per dollar compared with Tuesday's close of 181.60/70. The currency is up 0.66% so far this year.
Foreign investors were net sellers of riskier assets for the first time in four sessions.
They sold a net Rs. 117.5 million ($ 648,097.08) worth of shares, extending the year to date net foreign selling to Rs. 3.71 billion of equities, according to index data.
Equity market turnover was Rs. 472 million ($ 2.60 million), well below this year's daily average of about Rs. 665.4 million. Last year's daily average was Rs. 834.0 million.
Foreign investors sold government securities on a net basis for the eighth time in nine weeks, selling a net Rs. 724.9 million worth of government securities in the week ended 16 October.
Total foreign outflows from government securities through 16 October stood at Rs. 55.6 billion, as per Central Bank data.
Sri Lanka's Central Bank left its key rates unchanged on 11 October after loosening policy earlier this year, although growth is likely to remain subdued as the economy faces rising global risks.
