Sri Lankan shares ended slightly higher on Wednesday as investors sought bargains in bluechips but concerns over recent budget tax proposals weighed on sentiment. The Colombo stock index ended up 0.15 percent at 6,241.10, ending three sessions of losses. The index hit a near-eight-month low on Tuesday on concerns that the proposed hike in various taxes and fees would reduce disposable income and challenge consumption-led growth, analysts said.
"Market is up on bargain-hunting by foreigners but it's not a major factor at the moment unless the trend is going to continue," said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd. Turnover stood at 579.6 million rupees ($3.89 million), much less than this year's daily average of 694.6 million rupees. Foreign investors bought a net 48.1 million rupees worth of shares on Wednesday.
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