Bourse at 2-week high ahead of Budget, earnings

Thursday, 8 November 2012 01:17 - - {{hitsCtrl.values.hits}}

Stocks crept up to a two-week high on Wednesday, led by index heavyweight John Keells Holdings, which is expected to report quarterly results this week. The market also awaited the release of the 2013 Budget on Thursday and if the Government planned measures to support the economy.

The Colombo Stock Exchange’s main index rose 0.26%, or 14.28 points, to end at 5,570.87, its highest level since 25 October.

Shares of John Keells Holdings PLC gained 0.24% to Rs. 213.20.

“All are waiting to see the Budget,” said a stockbroker, who declined to be identified. “We have seen some foreign buying and hope it will pick up slowly now.”

Turnover was Rs. 250.6 million ($ 1.92 million), less than a quarter of this year’s daily average of Rs. 911 rupees. Foreigners bought a net Rs. 40.1 million worth of shares, extending the net foreign inflow this year to 34.6 billion.

The rupee weakened to 130.85/95 to the dollar from Tuesday’s close of 130.65/75 on importer dollar demand, dealers said.