Stock market ends higher ahead of polls

Saturday, 15 August 2015 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Shares ended firmer on Friday on hopes that political stability after the 17 August parliamentary elections would help boost investor sentiment, brokers said.

The main stock index ended up 0.26% at 7,462.34, hovering near its highest close since 16 January hit on Wednesday.

The day’s turnover stood at Rs. 1.25 billion ($ 9.34 million) on Friday, slightly higher than this year’s daily average of Rs. 1.13 billion.

Foreign investors were net buyers for the first time in 11 sessions. They bought a net Rs. 113.3 million worth of equities on Friday. But they have offloaded a net Rs. 1.09 billion worth of shares so far this year.

“We were expecting market to be slow today as well, but it didn’t happen. Everybody is in a positive mood on expectation of a stable government after the election,” said Dimantha Mathew, a research manager at First Capital Equities Ltd.

Shares in Commercial Bank of Ceylon Plc rose 1.63 percent, while Lanka IOC Plc jumped 9.28%, pushing the index higher.

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.