Sri Lankan stocks recover
Sri Lankan stocks recovered on Tuesday from the previous session's near-four-week closing low, a day after President Mahinda Rajapaksa won the final 2015 budget vote, contrary to speculation that he might lose it. Analysts expect the market to be volatile due to political uncertainty before a snap presidential poll on January 8. Rajapaksa, who is facing a split in his ruling coalition ahead of the poll, won the final vote on the 2015 budget with a strong majority.
Copyright Reuters, 2014
The main stock index, which rose 1.32 percent intra-day, ended 0.06 percent up at 7,239.36, recovering from its lowest close since October 28, hit on Monday. Stockbrokers said the market was volatile and late selling saw early gains being surrendered as investors were cautious due to the prevailing political uncertainty ahead of the elections.
Tuesday's turnover was 1.08 billion rupees ($8.24 million), exchange data showed, less than this year's daily average of 1.44 billion rupees. Foreign investors were net buyers of 5.2 million rupees, extending foreign buying for this year to 19.4 billion rupees, exchange data showed.