Stocks end lower; Budget, earnings awaited
Reuters: Stocks fell for the third session on Monday in moderate volume, led by profit-taking in blue-chips as investors awaited cues from the 2015 Budget and the September quarter earnings amid speculations over an early election.
Sri Lanka’s main stock index fell 0.29%, or 21.02 points, to 7,213.45, its lowest since 14 October.
“It’s profit-taking, but uncertainty is also weighing on the market,” a stockbroker said on condition of anonymity.
The day’s turnover was Rs. 863.1 million ($6.6 million), less than this year’s daily average of over Rs. 1.36 billion.
Rupee forwards slip on importer dollar demand
Reuters: The rupee forwards ended weaker on Monday due to importer dollar demand, while the spot rupee was not traded, with dealers saying the Central Bank prevented banks through moral suasion from trading the cash currency above 130.70. |
Foreign investors bought a net Rs. 8.4 million worth of shares on Monday, extending the year-to-date net foreign inflow to Rs. 10.14 billion, exchange data showed.
Blue chips such as John Keells Holdings fell 0.32% to Rs. 247.20, while large-cap illiquid Nestle Lanka ended 0.94% down to Rs. 2,080.20.
Traders said the market was waiting to see the performance in the September quarter earnings before a decision to buy the island nation’s risky assets.
Stockbrokers said trading in local shares may be volatile due to chances of an early presidential poll and a possible bottoming out of interest rates. The Government is also scheduled to present its 2015 Budget on Friday.
President Mahinda Rajapaksa could hold a snap election in January, nearly two years before he has to, a close ally said, amid signs his popularity is fading among people who criticise his party for abusing power.