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Stocks at 7-week low : Budget awaited

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31 October 2012 03:11 am - 0     - {{hitsCtrl.values.hits}}

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Sri Lankan stocks dipped yesterday to a more-than seven-week low as most investors waited on the sidelines ahead of the announcement of 2013 budget, while the rupee fell on importer dollar demand, dealers said.

The Colombo Stock Exchange’s main index fell 0.55 percent, or 30.26 points, to end at 5,520.62, its lowest since Sept. 7.

“At the moment, investors are looking for the direction with lack of liquidity,” said a stockbroker who declined to be identified. Analysts said investors were waiting for an indication of the market’s direction from the annual budget, scheduled for Nov. 8, and a raft of quarterly earnings due out from next week. Turnover was 307.8 million rupees ($2.37 million), a third of this year’s daily average of 925 million rupees.

Foreigners were net buyers of 12.6 million rupees worth of shares, extending the net foreign inflow so far this year to 33.73 billion rupees.

The rupee ended weaker at 130.15/25 to the dollar from Friday’s close of 129.75/95, dealers said.

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