Bourse dips

Wednesday, 20 November 2013 07:13 - - {{hitsCtrl.values.hits}}

Reuters: Stocks fell to a seven-week closing low on Tuesday led by large-cap Ceylon Tobacco Company PLC as investors awaited directions from the 2014 Budget, which will be presented later this week. The main stock index closed 0.26%, or 15.33 points, weaker at 5,809.15, its lowest level since 2 October. President Mahinda Rajapaksa, who is also the country’s Finance Minister, is to present the 2014 Budget proposals on Thursday. Shares in Ceylon Tobacco Company PLC fell 0.89% to Rs. 1,060, but trading volume was very thin. “The market is expecting an increase in taxes because Government revenue is lower,” a stockbroker said on condition of anonymity. The Bourse has been sluggish due to concerns over a drop in September-quarter earnings. Many listed firms are expected to release their quarterly earnings this month. The day’s turnover was Rs. 603.24 million ($4.60 million), lower than this year’s daily average of Rs. 857.2 million. Foreign investors were net buyers of Rs. 264.5 million of shares on Tuesday, extending the year-to-date net foreign inflow to Rs. 22.88 billion worth of shares.

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