Stocks end steady; policy clarity awaited

Reuters: Shares ended little changed on Wednesday as gains in diversified shares helped offset losses in banking stocks, with many investors waiting for more clarity on policy direction, brokers said.

The main stock index ended 0.01%, or 0.48 points, weaker at 7,085.45, falling for the third straight session.

“The market is holding on as investors are awaiting to see the policy direction,” said Dimantha Mathew, a research manager at First Capital Equities Ltd.

Prime Minister Ranil Wickremesinghe is to make a statement next month to outline the policies of the new Government.

Foreign investors were net buyers of Rs. 47.03 million ($334,495) worth of shares on Wednesday, but foreign investors were net sellers of Rs. 3.03 billion worth of shares so far this year.

Turnover was Rs. 636.1 million, compared with this year’s daily average of 1.12 billion.

Losses in Commercial Bank of Ceylon Plc, Commercial Leasing & Finance Plc and Ceylon Tobacco Co Plc offset gains in conglomerate John Keells Holdings Plc and Ceylon Cold Stores Plc.