Bourse up for fourth session; policy awaited

Saturday, 24 October 2015 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Shares rose for a fourth straight session and closed at their highest in nearly two weeks on Friday, but investors were cautious ahead of a key policy statement by the Government.

The main stock index ended 0.18%, or 12.64 points, firmer at 7,081.49, its highest close since 12 October.

Turnover was Rs. 1.08 billion ($ 7.66 million), in line with this year’s daily average of Rs. 1.1 billion.

“Most of the investors were on a wait-and-see mood,” said Dimantha Mathew, a research manager at First Capital Equities Ltd., adding that the market advanced on “some speculative buying” on illiquid shares.

“Investors are waiting for the policy statement and the budget.”

Foreign investors, who have been net sellers of Rs. 2.92 billion worth of equities so far this year, bought a net Rs. 4.25 million worth shares on Friday.

Prime Minister Ranil Wickremesinghe is expected announce the economic policy in the first week of November, outlining the government’s economic priorities ahead of the 2016 budget scheduled on 20 November, Finance Minister Ravi Karunanayake has said.

Analysts said a government move to implement a budget proposal of a retrospective tax targeting corporate has dented sentiment.

Shares of John Keells Holdings rose 0.29%, while Asian Hotels and Properties Plc increased 4.67%.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.