Stocks gain on financials; earnings woes weigh

Saturday, 30 November 2013 08:28 - - {{hitsCtrl.values.hits}}

Reuters: Stocks rose in thin trade on Friday, led by banking shares, but worries over December quarter earnings outlook dented investor sentiment after the previous quarter earnings pointed to a sluggish earning growth, brokers said. The main stock index rose for a second straight session, gaining 0.40%, or 22.89 points, to 5,775.09, its highest close since 25 November. The market hit a 10-week low on Wednesday. “Many investors are waiting to see the direction, and low turnover was due to not much of retail activities,” a stockbroker said asking not to be named. Shares in biggest listed lender Commercial Bank of Ceylon rose 0.87% to Rs. 116 a share. Diversified holding firm Finlays Colombo PLC, which led the gain on Friday, jumped 25% with only one share being traded. The day’s turnover was Rs. 254.1 million ($ 1.94 million), well below this year’s daily average turnover of Rs. 845.2 million. Foreign investors were net buyers for the first time in five sessions, buying Rs. 36.3 million worth of shares. The Bourse has enjoyed a year-to-date net inflow to Rs. 22.54 billion.

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