Stocks recover

Wednesday, 14 August 2013 00:12 - - {{hitsCtrl.values.hits}}

Reuters: Stocks recovered on Tuesday from a near one-week low, led by beverage and hotel shares despite foreign outflows, though trading was thin as investors awaited cues on the rupee and interest rates. The main share index closed 0.21% or 12.63 points firmer at 6,142.87, moving up from Monday’s close, which was its lowest since 6 August. Analysts said investors were cautious and awaited further direction despite the Central Bank easing monetary policy as concerns over the weakening rupee and high lending rates dented sentiment. Turnover was Rs. 403 million ($ 3.06 million), well below this year’s daily average of about Rs. 917 million. Foreign investors were net sellers for the first time in the last six sessions. The Bourse saw an offshore outflow of Rs. 72 million. Foreign investors have been net buyers of Rs. 16.34 billion so far this year. Shares in Nestle Lanka PLC rose 0.24% to Rs. 2,255.50.

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