Stocks recover from six-week low; Rupee down

Wednesday, 24 October 2012 01:22 - - {{hitsCtrl.values.hits}}

Reuters: Stocks recovered from six-week lows with top fixed line operator Sri Lanka Telecom jumping seven per cent in thin trade on Tuesday, dealers said.

The Colombo Stock Exchange’s main index edged 0.05 per cent or 2.88 points up at 5,556.77, from its lowest close since 7 September

“The market moved on some block deals while many were waiting to see the direction, especially ahead of the Budget,” said a stockbroker on condition of anonymity.

The Budget is to be unveiled next month.

Dealers said investors shrugged off a Central Bank decision to keep the key policy rates steady.

The day’s turnover was Rs. 972.6 million ($ 7.50 million), slightly above this year’s daily average of Rs. 938 million.

The market saw a net foreign inflow of Rs. 139 million, extending the net inflow to Rs. 33.69 billion so far this year.

The rupee ended weaker at 129.95/130.05 to the dollar compared to Monday’s close of 129.75/80, on seasonal importer demand for dollars, dealers said.