Stock market ends 8-day losing streak

Friday, 25 November 2016 00:00 -     - {{hitsCtrl.values.hits}}

Reuters - Shares snapped an eight-day falling streak to end slightly higher on Thursday, but concerns over recent tax proposals continued to weigh on sentiment.

The Bourse hit its lowest close since 7 April on Wednesday on caution over the budget tax proposals, including revisions in corporate and withholding taxes.

The Government aims to boost its 2017 tax revenue by 27% to 1.82 trillion rupees year-on-year, and meet a commitment given to the International Monetary Fund in return for a $ 1.5 billion loan in May.

The benchmark index of the Colombo Stock Exchange ended up 0.17% at 6,253.28. The bourse has fallen 2.77% over the past eight sessions through Wednesday after the Budget was presented on 10 November.