Bourse rebounds to 6-week high on blue chips

Wednesday, 2 April 2014 00:19 - - {{hitsCtrl.values.hits}}

Reuters: Stocks rose to six-week highs on Tuesday, led by blue chips, but trading was light as investors remained on the sidelines awaiting directions after the United Nations announced it would probe alleged war crimes by the country. The main stock index ended 0.56%, or 33.52 points, firmer at 6,001.83, its highest since 19 February. The index also breached the psychological barrier of 6,000 points. The day’s turnover was Rs. 341.5 million, well below this year’s daily average of Rs. 897.99 million. The UN on Thursday launched an inquiry into war crimes allegedly committed by both Sri Lankan State forces and Tamil rebels during the conflict that ended in 2009, saying the Government had failed to investigate properly. Analysts said the outcome of the resolution was expected, but investor sentiment has been dented over concerns it could hurt the country’s economy. Several potential buyers of risky assets are awaiting a clear direction. The Bourse suffered Rs. 2.77 billion of foreign outflow on Friday, a day after the resolution was passed. But brokers said the foreign selling was not due to the resolution and the relevant foreign fund has been on the selling side since February. On Tuesday, the Bourse saw a net foreign inflow of Rs. 181.6 million ($ 1.4 million) worth of shares, but foreign investors have been net sellers of Rs. 6.67 billion so far this year. Shares in John Keells Holdings Plc gained 2.33% to Rs. 232.30, while Ceylon Tobacco Co rose 1.8% to Rs. 1,075.

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