Bourse recover from over 1-week low; Dialog Axiata leads
Friday, 20 February 2015 00:00
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Reuters: Stocks edged up on Thursday from their lowest in more than a week, led by Dialog Axiata Plc despite foreign investors exiting some risky assets.
The main stock index rose 0.54% or 39.33 points to 7,306.17, recovering from its lowest close since 9 February hit on Wednesday.
Turnover was at Rs. 1.84 billion ($13.85 million), more than this year’s daily average of Rs. 1.46 billion.
“The market will move sideways until investors see political stability,” a stockbroker said on condition of anonymity.
The Parliamentary election is expected to be held after 23 April and the new President Maithripala Sirisena’s coalition Government is still uncertain if it would contest under the same coalition or separately.
Shares in Dialog Axiata Plc rose 2.5% a day after the company posted an 11.7% rise in fourth-quarter net profit.
Foreign investors sold a net Rs. 200.7 million worth of shares on Thursday, but they have been net buyers of Rs. 1.32 billion worth of shares so far this year. The Bourse saw net foreign inflows of Rs. 22.07 billion in 2014.
