Wednesday, 26 March 2014 00:56
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Reuters:Sri Lankan stocks hit their two-weeks high Tuesday led by large-cap shares, but trading volumes continued to be low ahead of an impending U.N. resolution on the country’s human rights record.
The main stock index closed up 0.52%, or 30.55 points, at 5,952.78 - its highest since March 10.
Tuesday’s turnover was 416.4 million rupees ($3.19 million), less than half of this year’s daily average of 861.1 million rupees.
“Most investors are waiting to assess the impact of the resolution,” a stockbroker said on condition of anonymity.
Sri Lanka’s 2.47 trillion rupee bourse saw a net foreign outflow of 32.4 million rupees worth shares, extending the net selling so far this year to 4.13 billion rupees.
It had recorded a 22.88 billion rupee inflow in 2013.
Ceylon Tobacco Co Plc’s stock jumped 6.4% to 1,097.90 rupees, with only 673 shares traded.
The prospect of a resolution that could hurt the country’s economy has dented investor sentiment, analysts said.
Several potential buyers of risky assets are awaiting a clear direction. Sri Lanka has questioned the independence of the United Nations human rights office after the United States asked it to investigate violations by the government related to the civil war. A vote on the resolution is scheduled for later this week.
