(Reuters) - Sri Lankan shares closed nearly unchanged on Friday as investors stayed away ahead of a holiday-shortened week, with net buying by foreign investors boosting turnover, dealers said.
The key Sri Lankan index ended up 0.03 percent, or 1.77 points higher, at 6,901.06 on Friday, hovering near its lowest close since March 31 hit on Thursday.
"Most of the investors stayed away due to political uncertainty and ahead of the holidays," said Reshan Wediwardana, research analyst at First Capital Equities (Pvt) Ltd.
He said buying by foreign investors in Dialog Axiata Plc boosted turnover, but the stock closed steady on Friday.
Foreign investors were net buyers of 236.4 million rupees ($1.78 million) worth of shares on Friday, extending the net foreign inflow so far this year to 3.62 billion rupees.
The day's turnover was 605.3 million rupees ($4.55 million), roughly half of this year's daily average of 1.11 billion rupees.
The market will be closed on April 13 and April 14 for the traditional Sinhala-Tamil new year holiday.
The index had lost 6.6 percent last month, its biggest monthly drop since October 2012, as investors sold their holdings to settle margin trades amid concerns about political stability and a rise in interest rates.
The increased borrowing has put pressure on government finances and pushed up yields on treasury bills by between 82 and 99 basis points (bps) since Jan. 7.
($1 = 132.9000 Sri Lankan rupees)
The key Sri Lankan index ended up 0.03 percent, or 1.77 points higher, at 6,901.06 on Friday, hovering near its lowest close since March 31 hit on Thursday.
"Most of the investors stayed away due to political uncertainty and ahead of the holidays," said Reshan Wediwardana, research analyst at First Capital Equities (Pvt) Ltd.
He said buying by foreign investors in Dialog Axiata Plc boosted turnover, but the stock closed steady on Friday.
Foreign investors were net buyers of 236.4 million rupees ($1.78 million) worth of shares on Friday, extending the net foreign inflow so far this year to 3.62 billion rupees.
The day's turnover was 605.3 million rupees ($4.55 million), roughly half of this year's daily average of 1.11 billion rupees.
The market will be closed on April 13 and April 14 for the traditional Sinhala-Tamil new year holiday.
The index had lost 6.6 percent last month, its biggest monthly drop since October 2012, as investors sold their holdings to settle margin trades amid concerns about political stability and a rise in interest rates.
The increased borrowing has put pressure on government finances and pushed up yields on treasury bills by between 82 and 99 basis points (bps) since Jan. 7.
($1 = 132.9000 Sri Lankan rupees)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)
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