Shares end little changed ahead of national budget

Friday, 11 November 2016 00:01 - - {{hitsCtrl.values.hits}}

Reuters: Shares closed nearly unchanged on Thursday in thin trade as investors turned cautious ahead of the national budget, which proposed revisions to corporate and withholding taxes to boost revenue and cut the country’s fiscal deficit target.

The benchmark index of the Colombo Stock Exchange ended 0.05% higher, or up 3.23 points, at 6,420.78.

The index hit its lowest close since 1 November on Wednesday.

Turnover stood at Rs. 294.3 million ($ 2.00 million), well below this year’s daily average of Rs. 711.3 million. Foreign investors bought stocks for a seventh straight session, picking up shares worth a net Rs. 14.8 million. They have net sold Rs. 884.5 million worth of shares so far this year. Shares in Lion Brewery Plc rose 0.94%, while the biggest listed lender, Commercial Bank of Ceylon Plc, gained 0.41%.