Stocks hold steady

Reuters: Stocks ended flat on Wednesday as the gains driven by manufacturing shares were offset by losses mainly in beverage companies.

The Colombo stock index ended 0.12 points weaker at 6,419.47.

Shares of Ceylon Tobacco Company Plc fell 2.9%, while biggest listed lender Commercial Bank of Ceylon Plc ended 1.01% down.

Richard Pieris Plc rose 14.4% and Sri Lanka Telecom Plc ended 2.1% firmer.

Turnover stood at Rs. 738.3 million ($ 4.82 million), compared with this year’s daily average of about Rs. 916 million. Analysts said block deals boosted the day’s turnover.

“Block deals on blue chips are continuing,” said Dimantha Mathew, head of research at First Capital Holdings.

“The retail interest on the plantation sector continued, but that does not reflect in the overall index as the contribution is very low.”

Foreign investors bought a net Rs. 86.9 million worth of shares on Wednesday extending the year-to-date net foreign inflow to Rs. 17.7 billion worth of equities.

On Tuesday, the Sri Lankan Central Bank held its key rates steady, saying past steps were keeping inflation and credit growth under control, as policymakers focus on supporting an economy hit by extreme weather.