Stocks edge up from 3-week low in thin volume

Thursday, 29 May 2014 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Stocks edged up on Wednesday led by financials in thin trade trading volume, and stockbrokers said the outlook remained positive due to lower interest rates. The main stock index ended 0.08%, or 5.32 points, up at 6,272.76, edging up from its lowest close since 7 May hit on Tuesday. The day’s turnover was at Rs. 451.16 million ($ 3.46 million), well below this year’s daily average of Rs. 1.01 billion. The Bourse saw a net foreign outflow for the first time in six sessions. Foreign investors sold a net Rs. 27.3 million worth of shares on Wednesday. But they are net buyers of Rs. 1.84 billion so far this year. Stockbrokers expect the market to gain in the near future due to lower interest rates after the Central Bank kept key rates at multi-year lows on Tuesday for the fourth straight month, as expected. Shares of Ceylinco Insurance PLC rose 3.94% to Rs. 1,351 rupees a share, while Bukit Darah PLC rose 2.2% to Rs. 650.

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