Stock market recovers

Wednesday, 28 August 2013 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Stocks recovered from their lowest level in more than four months on Tuesday as investors picked up large cap shares such as Ceylon Tobacco Company Plc and Nestle Lanka Plc, but foreign outflows continued for the fourth day. The main share index ended up 0.47%, or 27.69 points, at 5,923.34, edging up from its lowest close since 22 April. However, analysts said investors were cautious over a fall in the rupee and a weak earnings outlook. The local currency hit a one-year low on Tuesday due to importer dollar demand and renewed selling of government bonds by foreign investors. Shares in Ceylon Tobacco Company Plc rose 8.98% to Rs. 1,207.50, while Nestle Lanka Plc ended 6.95% up at Rs. 2,176.40. Foreign investors were net sellers for a fourth straight session, selling Rs. 96.3 million ($ 725,600) worth of shares, extending net outflows to Rs. 360 million in the last four sessions. However, they have been net buyers of Rs. 18.16 billion worth of shares so far this year. The turnover was Rs. 503.2 million, well below this year’s daily average of about Rs. 913.9 million.

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