(Reuters) - Sri Lankan stocks gained on Thursday, recovering from a six-week low in the previous session as investors bought into blue-chips and banks a day ahead of the 2015 budget announcement, while block deals helped boost the day's turnover, dealers said.
Analysts said investors were waiting for cues from the budget scheduled for Friday and a raft of quarterly earnings expected next week.
Sri Lanka's main stock index rose 0.4 percent, or 28.35 points, to 7,189.51, edging up from its lowest since Sept. 9 hit on Tuesday. Markets were closed on Wednesday for a holiday.
"It was a dull day, but block deals pushed the turnover. Many investors who have cash and shares are awaiting to see the outcome of the budget," said Dimantha Mathew, manager, research at First Capital Equities (pvt) Ltd.
"We don't expect much to happen tomorrow also."
Sri Lankan President Mahinda Rajapaksa is expected to present on Friday a populist election budget for 2015 that manages to contain borrowing thanks to an expected pick-up in the pace of economic growth.
The day's turnover was 2.29 billion rupees ($17.5 million), the highest since Oct. 10 and well above this year's daily average of 1.36 billion rupees.
Stockbrokers said block deals in National Development Bank , which rose 1.04 percent to 242.50 rupees, accounted for 54.2 percent of the day's turnover.
Foreign investors bought a net 260.7 million rupees worth of shares on Thursday, extending the year-to-date net foreign inflows to 10.56 billion rupees, exchange data showed.
The country's top conglomerate John Keells Holdings Plc , which led the overall gain of the index, rose 1.34 percent to 249.80 rupees.
Hatton National Bank Plc rose 1.6 percent to 190 rupees.
Stockbrokers said trading in local shares may be volatile due to the revised poll schedule and a possible bottoming out of interest rates.
Analysts said investors were waiting for cues from the budget scheduled for Friday and a raft of quarterly earnings expected next week.
Sri Lanka's main stock index rose 0.4 percent, or 28.35 points, to 7,189.51, edging up from its lowest since Sept. 9 hit on Tuesday. Markets were closed on Wednesday for a holiday.
"It was a dull day, but block deals pushed the turnover. Many investors who have cash and shares are awaiting to see the outcome of the budget," said Dimantha Mathew, manager, research at First Capital Equities (pvt) Ltd.
"We don't expect much to happen tomorrow also."
Sri Lankan President Mahinda Rajapaksa is expected to present on Friday a populist election budget for 2015 that manages to contain borrowing thanks to an expected pick-up in the pace of economic growth.
The day's turnover was 2.29 billion rupees ($17.5 million), the highest since Oct. 10 and well above this year's daily average of 1.36 billion rupees.
Stockbrokers said block deals in National Development Bank , which rose 1.04 percent to 242.50 rupees, accounted for 54.2 percent of the day's turnover.
Foreign investors bought a net 260.7 million rupees worth of shares on Thursday, extending the year-to-date net foreign inflows to 10.56 billion rupees, exchange data showed.
The country's top conglomerate John Keells Holdings Plc , which led the overall gain of the index, rose 1.34 percent to 249.80 rupees.
Hatton National Bank Plc rose 1.6 percent to 190 rupees.
Stockbrokers said trading in local shares may be volatile due to the revised poll schedule and a possible bottoming out of interest rates.
($1 = 130.7500 Sri Lankan rupee)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)
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