Oct 27 (Reuters) - Sri Lankan stocks rose for the third straight session on Monday to a more than one-week high, erasing losses earlier in the day on buying in diversified and banking stocks as investors waited for clarity from last Friday's 2015 budget announcement and cues from company earnings.
President Mahinda 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.
Sri Lanka's main stock index edged up 0.11 percent, or 7.60 points, to 7,221.08, its highest since Oct.17.
"No big changes as local retail investors are on the watch. They are looking for the proper direction from the budget," said a stockbroker asking not to be named.
The day's turnover was 986.4 million Sri Lankan rupees ($7.55 million), less than this year's daily average of 1.36 billion rupees.
Foreign investors sold a net 2.5 million rupees worth of shares on Monday. They have bought a net 10.81 billion rupees worth shares so far in the year, exchange data showed.
The gains were led by conglomerate John Keells Holdings Plc which rose 0.81 percent to 249.90 rupees, while Dialog Axiata Plc rose 1.67 percent to 12.20 rupees.
Shares in Commercial Bank of Ceylon Plc rose 0.69 percent to 159.80 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 = 130.7000 Sri Lankan rupee)
President Mahinda 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.
Sri Lanka's main stock index edged up 0.11 percent, or 7.60 points, to 7,221.08, its highest since Oct.17.
"No big changes as local retail investors are on the watch. They are looking for the proper direction from the budget," said a stockbroker asking not to be named.
The day's turnover was 986.4 million Sri Lankan rupees ($7.55 million), less than this year's daily average of 1.36 billion rupees.
Foreign investors sold a net 2.5 million rupees worth of shares on Monday. They have bought a net 10.81 billion rupees worth shares so far in the year, exchange data showed.
The gains were led by conglomerate John Keells Holdings Plc which rose 0.81 percent to 249.90 rupees, while Dialog Axiata Plc rose 1.67 percent to 12.20 rupees.
Shares in Commercial Bank of Ceylon Plc rose 0.69 percent to 159.80 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 = 130.7000 Sri Lankan rupee)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)
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