Bourse up but political woes cap gains

Tuesday, 24 February 2015 00:40 - - {{hitsCtrl.values.hits}}

Reuters: Stocks ended slightly firmer on Monday at a more than one-week high, led by large-caps such as Ceylon Tobacco Co Plc due to foreign inflows, but political uncertainty capped the gains, dealers said. The main stock index rose 0.16%, or 11.40 points, to 7,326.31, its highest close since 13 February. Shares in Ceylon Tobacco Co. Plc rose 2.32%. Turnover was Rs. 1.01 billion ($ 7.6 million), well below this year’s daily average of Rs. 1.43 billion. “Investors still don’t have 100% confidence because of political uncertainty and buying is very low despite billion-rupee turnover today.” Parliamentary election is expected after 23 April and there is still uncertainty around whether new President Maithripala Sirisena’s coalition would contest together or separately. Foreign investors were net buyers of Rs. 98.3 million worth of shares on Monday, ending three straight sessions of net outflows and extending the year-to-date net foreign inflows to Rs. 1.36 billion. The Bourse saw net foreign inflows of Rs. 22.07 billion in 2014.

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