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Reuters: Shares ended steady on Friday as gains led by consumer shares were offset by losses in the telecom stocks amid investor sentiment dented by foreign outflow and rising interest rates.
Yields on Treasury bills edged up by between five and 27 basis points to near three-year highs at a weekly auction on Wednesday despite the Central Bank left key policy rates steady for a third straight month.
The benchmark stock index ended up 0.04%, or 2.45 points, at 6,571.21, recovering from its lowest close since 29 April hit on Thursday, and posting a fall of 0.94% this week.
“The retail and high-net-worth investors are concerned on the rising interest rates. Until the IMF money comes in, the market will be volatile,” said Dimantha Mathew, Head of Research of First Capital Equities Ltd.
“Foreign selling continued and it is worrying the investors.”
Foreign investors net sold Rs. 657 million ($4.49 million) worth of shares on Friday, extending the year-to-date net foreign outflow to Rs. 5.57 billion worth of shares.
Turnover stood at Rs. 1.08 billion, the highest since 19 May and well above this year’s daily average of around Rs. 796.6 million.
Shares in Ceylon Tobacco Company Plc climbed 1.82% while Dialog Axiata Plc slipped 1.8%.
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