Bourse dips over Budget blues!

Saturday, 23 November 2013 08:56 - - {{hitsCtrl.values.hits}}

Reuters: Stocks fell to a more than seven-week closing low on Friday, led by financials a day after the Government proposed to extend a 2% nation-building tax to them with effect from January and as investors awaited more 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. The main stock index closed down 0.16%, or 9.13 points, at 5,792.72, its lowest close since 1 October. Analysts and stockbrokers said they were awaiting clarifications on budget proposals. The banking sector index fell 0.3%, led by the biggest listed lender Commercial Bank of Ceylon, which lost 1.3%. The day’s turnover was Rs. 306.6 million ($ 2.34 million), well below this year’s daily average of around Rs. 853.3 million. Foreign investors were net buyers of Rs. 5 million worth shares, extending the net foreign inflow so far this year to Rs. 22.59 billion.

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