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Join date : 2014-03-16
Bourse gains for third session; look for cues from Budget
President Mahinda Rajapaksa, also the country’s Finance Minister, unveiled a Budget that sought to trim value-added tax and cut the deficit while providing a range of handouts, mainly for rural communities.
Sri Lanka’s main stock index edged up 0.11%, or 7.60 points, to 7,221.08, its highest since 17 October.
“No big changes as local retail investors are on the watch. They are looking for the proper direction from the budget,” said a stockbroker asking not to be named.
The day’s turnover was Rs. 986.4 million ($7.55 million), less than this year’s daily average of Rs. 1.36 billion.
Foreign investors sold a net Rs. 2.5 million worth of shares on Monday. They have bought a net Rs. 10.81 billion worth shares so far in the year, exchange data showed.
The gains were led by conglomerate John Keells Holdings Plc which rose 0.81% to Rs. 249.90, while Dialog Axiata Plc rose 1.67% to Rs. 12.20.
Shares in Commercial Bank of Ceylon Plc rose 0.69% to Rs. 159.80.
Stockbrokers said trading in local shares may be volatile in the near term due to the revised presidential poll schedule and a possible bottoming out of interest rates.
www.ft.lk