Bourse steady in thin trade ahead of Christmas holiday

Wednesday, 25 December 2013 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: Sri Lankan stocks closed broadly flat in thin trade on Tuesday, as gains in diversified shares were offset by losses in oil palm stocks. Turnover slumped to the lowest since 11 December as investors stayed away from the market ahead of Christmas holiday on Wednesday. The day’s turnover was Rs. 246.4 million ($ 1.88 million), less than a third of this year’s daily average of Rs. 831.7 million. The main stock index edged down 0.01%, or 0.49 points, to 5,845.93, marking its third day of falls. On Thursday, it had closed at its highest level since 7 November. Oil palm stock Indo Malay fell 7.41% to Rs. 1,250, while conglomerate Aitken Spence gained 1%. Foreign investors bought a net Rs. 100 million worth of shares on Tuesday, bringing the net foreign inflow to Rs. 22.43 billion so far this year. Analysts expect the market to rally early in the New Year as the possibility of retail investors returning to risky assets is increasing due to falling interest rates. Yields in 91-day and 182-day T-bills dropped 19 basis points and 34 basis points respectively, while the yield in the 364-day T-bill fell 24 basis points. Yields in all three T-bills were at their lowest levels since November 2011 at a weekly auction on Tuesday.

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