(Reuters) - Sri Lankan stocks ended a tad firmer at a more-than-one-week high on Tuesday, gaining for a fourth straight session with foreign buying boosting sentiment.
Sri Lanka's main stock index ended up 0.08 percent, or 6.04 points, to 7,227.12, its highest close since Oct. 17.
"Market is going slow these days with low retail participation," said Reshan Wediwardana, research analyst at First Capital Equities (Pvt) Ltd.
The market saw a net foreign inflow of 934.7 million rupees on Tuesday, extending the year-to-date net foreign inflow to 11.75 billion rupees worth of shares, exchange data showed.
Analysts said the poor retail participation was due to the lower-than-expected stimulus in the budget, while the market awaited further clarity on the 2015 budget announced by President Mahinda Rajapaksa last Friday.
Rajapaksa, also the country's finance minister, unveiled a budget that sought to trim value-added tax and cut the deficit while providing a range of handouts, mainly for rural communities.
The day's turnover was 1.66 billion rupees ($12.69 million), more than this year's daily average of 1.36 billion rupees.
The gains were led by thin-volume trade in Ceylon Tobacco Company Plc, which rose 1.13 percent to 1,150 rupees.
Shares in leading mobile operator Dialog Axiata Plc rose 0.82 percent to 12.30 rupees.
Stockbrokers said trading in local shares may be volatile in the near term due to the revised presidential poll schedule and a possible bottoming out of interest rates.
Sri Lanka's main stock index ended up 0.08 percent, or 6.04 points, to 7,227.12, its highest close since Oct. 17.
"Market is going slow these days with low retail participation," said Reshan Wediwardana, research analyst at First Capital Equities (Pvt) Ltd.
The market saw a net foreign inflow of 934.7 million rupees on Tuesday, extending the year-to-date net foreign inflow to 11.75 billion rupees worth of shares, exchange data showed.
Analysts said the poor retail participation was due to the lower-than-expected stimulus in the budget, while the market awaited further clarity on the 2015 budget announced by President Mahinda Rajapaksa last Friday.
Rajapaksa, also the country's finance minister, unveiled a budget that sought to trim value-added tax and cut the deficit while providing a range of handouts, mainly for rural communities.
The day's turnover was 1.66 billion rupees ($12.69 million), more than this year's daily average of 1.36 billion rupees.
The gains were led by thin-volume trade in Ceylon Tobacco Company Plc, which rose 1.13 percent to 1,150 rupees.
Shares in leading mobile operator Dialog Axiata Plc rose 0.82 percent to 12.30 rupees.
Stockbrokers said trading in local shares may be volatile in the near term due to the revised presidential poll schedule and a possible bottoming out of interest rates.
(1 US dollar = 130.8500 Sri Lankan rupee)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)
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