Sri Lankan stocks gained on Monday on buying in select counters and foreign interest, but most blue chips stayed flat with investors waiting out a period of uncertainty ahead of April 2 elections. The key Colombo all-share index ended up 2.67 percent, or 32.45 points, at 1,248.50.
Carson Cumberbatch and Co Ltd and The Bukit Darah Co Ltd- both illiquid stocks with interests in palm oil plantations pushed the market higher.
Carson gained 20.4 percent, or 1,520 rupees, to 8,970 rupees, while Bukit Darah rose 74.89 percent, or 620.50 rupees, to 1,449 rupees, both on small volumes.
But the Milanka index, which tracks the largest and most liquid stocks, closed virtually flat, reflecting investors continuing reluctance to buy ahead of the election.
"There was a little bit of stock-picking in the market and some foreign interest helped so the market is holding, but there has been very little retail activity," said one broker.
Total market turnover was 91.1 million rupees, about 20 million of which was foreign buying.
National Development Bank Ltd dipped 0.17 percent, or 0.25 rupees, to 150 rupees, while Commercial Bank of Ceylon Ltd edged up 0.67 percent, or one rupee, to 150 rupees.
Sri Lanka Telecom Ltd, the largest stock by market capitalisation, held flat at 17.50 rupees.