Bourse ends at 2-week high; blue-chips lead

Saturday, 20 December 2014 00:30 - - {{hitsCtrl.values.hits}}

Reuters: Stocks ended at their highest in two weeks on Friday led by blue-chips, amid political worries ahead of the 8 January presidential poll, stockbrokers said. The main stock index ended 0.31% firmer at 7,252.60, a level last touched on 4 December. It had hit a near three-week low on Wednesday. Stockbrokers said the gains were not sustainable because there was no fundamental reason for the market to rise. The day’s turnover stood at Rs. 660.8 million ($ 5.04 million), stock exchange data showed, less than half of this year’s daily average of Rs. 1.41 billion. The Bourse saw a net foreign inflow of Rs. 14.4 million this session, extending net inflows so far this year to Rs. 21.7 billion, exchange data showed. Market heavyweight John Keells Holdings gained 1.74% to Rs. 251.30, while top fixed-line phone operator Sri Lanka Telecom rose 2.59% to Rs. 51.50. Trading is expected to be sluggish due to political uncertainty ahead of the presidential polls next month, with the index seen falling through December-end. Political analysts see a tight race between President Mahinda Rajapaksa and his former health minister Maithripala Sirisena, the consensus candidate of a united opposition. Sirisena in his policy announcement on Friday said he would eliminate rampant corruption and reduce prices of essential goods and fuel by cutting taxes. Eleven legislators from Rajapaksa’s United People’s Freedom Alliance, including Sirisena, defected after he announced snap elections last month. Two opposition legislators have defected to Rajapaksa’s party. Speculation over more defections also weighed on sentiment, analysts said.

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