COLOMBO Oct 7 Sri Lankan stocks edged up on
Friday, after two successive sessions of losses, but the trading
volume slumped to a near three-week low as investors awaited
direction from the budget and corporate earnings.
The benchmark index of the Colombo Stock Exchange
finished up 0.23 percent at 6,582.34.
"Investors are still positive and the outlook is bullish.
Thin volume is because market interest rates are rising on tight
liquidity," said Dimantha Mathew, head of research, First
Capital Equities (Pvt) Ltd.
"Going forward, better earnings in construction sector and
select blue-chips will boost sentiment."
Turnover was 387.3 million rupees ($2.65 million), its
lowest since Sept. 19, and around half of this year's daily
average of around 755 million rupees.
Stockbrokers have said the market might see lower-trading
volumes as many investors await direction from the budget,
scheduled for Nov. 10, and the government's long-term economic
Foreign investors bought a net 55.9 million rupees worth of
shares on Friday, but have sold a net 2.85 billion rupees worth
of equities so far this year.
Shares in top lender Commercial Bank of Ceylon
gained 1.4 percent, while the leading mobile operator Dialog
Axiata ended up 0.9 percent.
($1 = 146.2500 Sri Lankan rupees)
(Reporting by Shihar Aneez; Editing by Sherry Jacob-Phillips)