Bourse recovers from 6-week low; Budget eyed

Tuesday, 19 November 2013 00:36 - - {{hitsCtrl.values.hits}}

Reuters: Stocks rose on Monday from a six-week closing low hit in the previous session, led by market heavyweights such as John Keells Holdings, while investors awaited for directions from the 2014 Budget, which will be presented later this week. The main stock index closed up 0.23%, or 13.51 points, at 5,824.48. On Friday, it had closed at its lowest level since 2 October. President Mahinda Rajapaksa, who is also the Finance Minister, is to present the 2014 Budget proposals on Thursday. Shares in top conglomerate John Keells Holdings rose 1.95% to Rs. 214.50, while Ceylon Tobacco Company PLC gained 1.37% to Rs. 1,069.50. The Bourse has been sluggish due to concerns over a drop in September-quarter earnings. Many listed firms are expected to release their quarterly earnings this month. Foreign investors were net buyers of Rs. 76.54 million of shares on Monday, extending the year-to-date net foreign inflow to Rs. 22.61 billion.

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