Stocks edge up from 2-week low in thin trade

3 March 2018 12:12 am - 0     - {{hitsCtrl.values.hits}}

A A A

 

Sri Lankan shares inched slightly higher yesterday from a two-week closing low, but foreign selling amid political uncertainty weighed on trade, stockbrokers said.
The Colombo stock index ended 0.08 percent firmer at 6,557.02, edging up from its lowest close since February 14 hit on Wednesday. Sri Lankan markets were closed for a holiday on Thursday. The index fell 0.28 percent this week.


Turnover stood at Rs.449.5 million yesterday, well below this year’s daily average of Rs.959.5 million.


Stockbrokers said the absence of some fund managers who are attending an investor forum in Singapore hit the turnover.


“We expect the market to rebound next week after the investor forum,” said First Capital Equities CEO Jaliya Wijeratne.


Prime Minister Ranil Wickremesinghe, securities regulators and exchange officials are attending the investor forum to attract foreign investments into the island nation’s risky market, analysts said.


Foreign investors sold a net Rs.139.3 million worth of shares, but they have been net buyers of Rs.5.9 billion worth of equities so far this year.

Shares of Ceylinco Insurance PLC rose 6.9 percent, while conglomerate John Keells Holdings PLC firmed 1.8 percent and Dialog Axiata PLC gained 1.5 percent.
Shares hit a more than three-week high last week after two key parties in the ruling coalition decided to remain in the coalition, allaying fears of a government collapse.


President Maithripala Sirisena reshuffled his cabinet on Sunday, appointing his prime minister as the law and order minister, after the governing coalition suffered a series of defeats in local elections earlier this month.


However, the changes failed to boost the market as the cabinet reshuffle was not enough to address the election defeats, analysts said. REUTERS

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




ANYTHING FOR MONEY

Some unregulated online lenders are remotely taking control of phones of thos

Frontline cops charge negligence by high-ups worsened police cluster

The police have done an invaluable service in the frontlines to combat the CO

US Vice President-Elect Kamala Harris’s Key Sri Lankan Tamil Aide

An overwhelming feeling of relief has descended upon the world-not merely th

The virus may be spreading much faster than official data suggest

The daily case reports from the Epidemiology Unit are the only data we have t

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.