Stocks edge higher; rupee down

Stocks inched higher on Friday led by telecom shares, but trading volumes were thin as most investors stayed on the sidelines.

The Colombo Stock Exchange’s main index rose 0.43 per cent, or 24.21 points, to 5,649.53 with No. 1 mobile phone operator Dialog Axiata and top fixed-line phone operator Sri Lanka Telecom gaining 1.2 per cent and 3.73 per cent respectively.

“The market should go up in the coming week as investors could not find the quantity they wanted. I think sellers are waiting for better prices,” one stockbroker said.The day’s turnover was Rs. 306 million ($ 2.38 million), less than a third of this year’s daily average of Rs. 945 million.

The market saw a net foreign inflow of Rs. 4 million, extending the net offshore inflow to Rs. 33.51 billion so far this year.

The rupee ended weaker at 129.10/20 to a US dollar compared to Thursday’s close of 128.90/95, on importer demand for the dollars, dealers said.