Bourse ends higher, erasing early losses

Friday, 21 November 2014 01:06 - - {{hitsCtrl.values.hits}}

Reuters: Stocks erased earlier losses and ended firmer on Thursday, led by diversified and food and beverage shares. Continued foreign buying, low interest rates and hopes of better corporate earnings also helped boost investor sentiment, traders said. The main stock index rose 0.07%, or 5.23 points, to 7,530.33. “Profit-taking was there in the morning but the bourse ended positive with some bargain hunters grabbing the opportunity towards the latter part of the day,” said Dimantha Mathew, Manager Research at First Capital Equities Ltd. Analysts said they expect the market to be volatile before the next rally. Investors were waiting to see the direction of the market after President Mahinda Rajapaksa declared a snap election in January, aiming for an unprecedented third term, analysts said. The Central Bank of Sri Lanka kept key policy rates steady at record lows for a 10th straight month, and said stable inflation and steady credit expansion should help the economy grow by around 8% over this year and next. Turnover was Rs. 1.69 billion ($12.91 million), exchange data showed, more than this year’s daily average of Rs. 1.44 billion. Foreign investors were net buyers of Rs. 365.9 million worth of shares, extending net foreign buying so far this year to Rs. 18.94 billion, exchange data showed. Shares in Nestle Lanka Plc rose 4.82% to Rs. 2,236, leading overall gains, while conglomerate John Keells Holdings Plc rose 0.55% to Rs. 254.50.

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