Bourse edges up on foreign buying

Friday, 21 March 2014 04:38 - - {{hitsCtrl.values.hits}}

Reuters: Shares edged up in thin trade on Thursday led by blue-chips and on foreign buying, but an impending UN resolution on the country’s human rights record later this month dented sentiment. The main stock index ended up 0.04%, or 2.51 points, at 5,914.56. Foreign investors were net buyers for the first time in five sessions, buying a net Rs. 52.1 million worth of shares on Thursday. Net outflows stood at Rs. 4.1 billion so far in 2014, and clocked Rs. 22.88 billion in 2013. The day’s turnover was Rs. 263.3 million ($ 2.02 million), well below a third of this year’s daily average of about Rs. 907.4 million. Analysts said investor sentiment has been dented on concerns over the UN resolution, which could have an impact on the country’s economy. Many potential buyers in risky assets are staying on the sidelines awaiting clear direction. Shares in biggest listed lender Commercial Bank of Ceylon PLC gained 1.03%, while top conglomerate John Keells Holdings edged up 0.05%. Earlier this month, Sri Lanka questioned the independence of the human rights office of the United Nations after the United States asked it to investigate violations by the Sri Lanka Government related to the civil war. A vote on the resolution is scheduled for the next week.

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