Dec 30 (Reuters) - Sri Lankan stocks ended steady on Tuesday as gains in telecoms were offset by losses in construction shares, with active participation by foreign and institutional investors, stockbrokers said.
Turnover was moderate and sentiment was negative as political uncertainty ahead of the Jan. 8 presidential poll capped the gains.
The main stock index ended up 0.05 percent at 7,291.33.
"Buying by some foreign and institutional buying helped the market," a stockbroker said. "We expect the market to be sideways until we see some clear direction on the political front after the elections."
Turnover stood at 677.7 million rupees ($5.17 million), less than half of this year's daily average of 1.42 billion rupees, stock exchange data showed.
Net foreign inflows into stocks were 163.5 million rupees, extending net inflows to 22.05 billion rupees so far this year, exchange data showed.
Analysts said defections ahead of the election have hurt sentiment.
Since President Mahinda Rajapaksa announced snap elections last month, 23 legislators including former health minister Mithripala Sirisena, who is challenging Rajapaksa's bid for a third term, have defected. Two opposition legislators have joined the ruling party.
Political analysts see a tight race between Rajapaksa and Sirisena, whose New Democratic Front has promised to eliminate corruption and reduce prices of essential goods and fuel by cutting taxes. Rajapaksa has promised good governance and media freedom if he wins.,
Top fixed-line phone operator Sri Lanka Telecom gained 1.01 percent to 50.00 rupees, while top mobile phone operator Dialog Axiata rose 0.75 percent to 13.40 rupees. Construction firm Access Engineering fell 4.04 percent to 33.20 rupees.
Turnover was moderate and sentiment was negative as political uncertainty ahead of the Jan. 8 presidential poll capped the gains.
The main stock index ended up 0.05 percent at 7,291.33.
"Buying by some foreign and institutional buying helped the market," a stockbroker said. "We expect the market to be sideways until we see some clear direction on the political front after the elections."
Turnover stood at 677.7 million rupees ($5.17 million), less than half of this year's daily average of 1.42 billion rupees, stock exchange data showed.
Net foreign inflows into stocks were 163.5 million rupees, extending net inflows to 22.05 billion rupees so far this year, exchange data showed.
Analysts said defections ahead of the election have hurt sentiment.
Since President Mahinda Rajapaksa announced snap elections last month, 23 legislators including former health minister Mithripala Sirisena, who is challenging Rajapaksa's bid for a third term, have defected. Two opposition legislators have joined the ruling party.
Political analysts see a tight race between Rajapaksa and Sirisena, whose New Democratic Front has promised to eliminate corruption and reduce prices of essential goods and fuel by cutting taxes. Rajapaksa has promised good governance and media freedom if he wins.,
Top fixed-line phone operator Sri Lanka Telecom gained 1.01 percent to 50.00 rupees, while top mobile phone operator Dialog Axiata rose 0.75 percent to 13.40 rupees. Construction firm Access Engineering fell 4.04 percent to 33.20 rupees.
($1 = 131.1000 Sri Lankan rupees)
(Reporting by Shihar Aneez; Editing by Sunil Nair)
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