Shares close slightly higher in dull trade

Reuters: Sri Lankan stocks ended marginally higher on Monday in lacklustre trading as bargain-hunting investors picked up battered shares, but political instability and a rise in interest rates capped gains, brokers said.

The Colombo stock index ended 0.1% higher at 6,140.54. It hit a near 10-month closing low on Wednesday, and lost 0.5% last week, its second straight weekly decline.

Biggest listed lender Commercial bank of Ceylon Plc rose 2.2% while Colombo Cold Stores Plc rose 1.3%. “We saw some bargain-hunting, but there were no big trades,” said Dimantha Mathew, Head of Research at First Capital Equities Ltd.

Foreign investors net bought Rs. 5.95 million worth of equities on Monday, but they have net sold Rs. 1.63 billion worth of shares so far this year.

Turnover stood at Rs. 179.3 million, its lowest since 18 January.