Stocks edge up; Budget boost for new listings

Friday, 22 November 2013 06:59 - - {{hitsCtrl.values.hits}}

Reuters: Stocks edged up on Thursday from their seven-week closing low in the previous session, led by blue chips such as John Keells Holdings PLC while investors awaited clarifications on 2014 Budget proposals. President Mahinda Rajapaksa, who is also the Finance Minister, unveiled a 2014 Budget that aims to help produce faster growth, a smaller budget deficit and a bigger stock exchange in Colombo. Rajapaksa said he wanted to give companies in finance, insurance and manufacturing an incentive to obtain listings on the Colombo Stock Exchange. The main stock index closed up 0.14%, or 8.32 points, at 5,801.85, recovering from its seven-week closing low hit on Wednesday. Analysts and stockbrokers said they were awaiting clarifications on the Budget proposals and it was too early to comment on them. The stock market has been sluggish due to concerns over the budget and a drop in September-quarter earnings. Shares in John Keells Holding rose 0.46% to Rs. 219.00, while fixed telephone operator Sri Lanka Telecom PLC rose 1.88% to Rs. 38. The day’s turnover was Rs. 948.3 million ($ 7.23 million), lower than this year’s daily average of around Rs. 855.9 million. Foreign investors were net sellers for a second straight session, selling Rs. 208.4 million of shares, but the country has seen Rs. 22.59 billion of net foreign inflows so far this year.

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