Bourse edges up; Browns Investments boosts turnover

Reuters: The Sri Lankan share index ended slightly firmer on Wednesday with trading dominated by Browns Investments PLC, but the market activity was lacklustre ahead of the U.S. Federal Reserve’s decision on interest rates due later in the day.

The main stock index ended 0.19% firmer at 6,833.51, moving further away from Monday’s more-than-eight-month closing low.

Browns Investments PLC, which jumped 7.14%, accounted for 61% of the day’s turnover and 96% of the day’s traded share volume.

Turnover stood at Rs. 602.9 million($4.20 million), just above half of this year’s daily average of Rs 1.1 billion.

Foreign investors bought a net Rs 16.6 million worth of equities on Wednesday, but they have sold a net Rs. 4.03 billion worth of shares so far this year.

Globally, investors readied for what is expected to be the first rise in U.S. interest rates in almost a decade.

The market is expected to be lacklustre with low turnover due to year-end holidays starting next week due to Christmas, stockbrokers said.

Shares in diversified conglomerate Hemas Holdings gained 2.87%, while Ceylon Theatres gained 3.7%, helping the overall index gain.