Bourse gains for third session; look for cues from Budget

Tuesday, 28 October 2014 02:09 - - {{hitsCtrl.values.hits}}

Reuters: Stocks rose for the third straight session on Monday to a more than one-week high, erasing losses earlier in the day on buying in diversified and banking stocks as investors waited for clarity from last Friday’s 2015 Budget announcement and cues from company earnings. President Mahinda Rajapaksa, also the country’s Finance Minister, unveiled a Budget that sought to trim value-added tax and cut the deficit while providing a range of handouts, mainly for rural communities. Sri Lanka’s main stock index edged up 0.11%, or 7.60 points, to 7,221.08, its highest since 17 October. “No big changes as local retail investors are on the watch. They are looking for the proper direction from the budget,” said a stockbroker asking not to be named. The day’s turnover was Rs. 986.4 million ($7.55 million), less than this year’s daily average of Rs. 1.36 billion. Foreign investors sold a net Rs. 2.5 million worth of shares on Monday. They have bought a net Rs. 10.81 billion worth shares so far in the year, exchange data showed. The gains were led by conglomerate John Keells Holdings Plc which rose 0.81% to Rs. 249.90, while Dialog Axiata Plc rose 1.67% to Rs. 12.20. Shares in Commercial Bank of Ceylon Plc rose 0.69% to Rs. 159.80. Stockbrokers said trading in local shares may be volatile in the near term due to the revised presidential poll schedule and a possible bottoming out of interest rates.

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