Stock market gains after eight sessions of falls in thin trade

Reuters: Shares edged up yesterday, snapping eight straight sessions of falls and moving away from a more than eight-month closing low hit in the previous session, while turnover was low in holiday-thinned trade as investors stayed away from markets ahead of the Christmas weekend.

The Colombo stock index ended 0.11 percent firmer at 6,216.56 after posting its lowest close since April 6 in the previous session. It shed 2 percent in the eight sessions through Thursday, and declined 0.8 percent this week.

Turnover was near a four-week low at Rs. 124.9 million ($835,451.51), around a sixth of this year’s daily average of Rs. 738 million.

“We may see some window dressings next week, which might help the index move up,” Senior Research Analyst at First Capital Equities (Pvt) Ltd Atchuthan Srirangan said.

Sri Lankan markets will be closed on Monday for a bank holiday in lieu of Christmas on Sunday.

Foreign investors, who have been net buyers of Rs. 621.5 million of equities, sold a net Rs. 4.2 million of shares yesterday.

Cargills (Ceylon) PLC and top conglomerate John Keells Holdings PLC accounted for 59 percent of the day’s turnover.

Cargills shares gained 2.9 percent, while Hatton National Bank PLC rose 1.1 percent to boost the overall index. John Keells, however, fell 0.14 percent.