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Reuters: Shares were little changed on Monday as investors awaited clarity on the political front and the timing of a Parliamentary election as concerns over political stability weighed on sentiment, stockbrokers said.
The main stock index ended down 0.05% at 7,284.76.
“There was some profit-taking in those counters which went up last week,” said Dimantha Mathew, Research Manager at First Capital Equities. “Turnover is low as investors are awaiting the announcement of the Parliamentary election.”
Analysts said a new stable Government after the Parliament election with some strong economic policy measures would boost confidence.
Turnover was Rs. 763.3 million ($5.71 million), below this year’s daily average of about Rs. 1.13 billion.
Foreign investors were net buyers on Monday, ending three straight sessions of outflows. They bought Rs. 77.5 million worth of shares on Monday, extending the year-to-date net foreign inflow to Rs. 5.94 billion.
Shares in biggest listed lender Commercial Bank of Ceylon Plc fell 2.02%, while shares in Distillers Sri Lanka Plc fell 3.11%.
Analysts expect banking and financial shares to gain due to rising private sector credit growth, which grew 13.9% on-year in March from 12.6% in February.
Political uncertainty due to the Prime Minister Ranil Wickremesinghe-led UNP not having a Parliament majority has been a drag on the market, though the trend reversed after the Central Bank cut key monetary policy rates to record lows on 15 April.
The index has gained 5.6% since the rate cut.
Activity dries up in secondary Bond markets as yields edge up marginally
By Wealth Trust Securities
Rupee dips marginally |
Rupee forwards steady as CB prevents fall
Reuters: Rupee forwards ended steady on Monday as the Central Bank prevented any fall in the currency against the dollar via moral suasion despite downward pressures, having already allowed some depreciation earlier during the month. |
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