Bourse edges up; earnings, budget in focus

Reuters: Shares closed marginally higher on Tuesday in lacklustre trade as investors awaited cues from the September-quarter corporate results and the National Budget scheduled to be presented next week.

The Colombo stock index closed 0.15% higher at 6,617.36, after two straight losing sessions.

“It was a sluggish day with investors awaiting for direction from earnings and the Budget,” said Prashan Fernando, CEO at Acuity Stockbrokers.

Finance Minister Mangala Samaraweera will present the 2018 Budget on 9 November.

Top lender Commercial Bank of Ceylon Plc gained 1.8%, while Hatton National Bank rose 2.0%. Ceylon Tobacco Co Plc climbed 1.5%. Foreign investors bought shares net worth Rs. 166.7 million ($1.1 million), extending the year-to-date net inflows to Rs. 20 billion in equities.

The session’s turnover was Rs. 732.5 million, compared with this year’s average daily turnover of Rs. 942.3 million.