Reuters: Sri Lankan shares recovered from a near eight-week low hit in the previous session to close higher on Wednesday, snapping a three-session losing streak, as some investors bought beaten-down stocks, brokers said.
The main stock index ended 0.83 percent higher, or 58.79 points, at 7,183.25, edging up from its lowest close since July 16 hit on Tuesday.
Turnover stood at 646.9 million rupees ($4.66 million), less than this year's daily average of 1.14 billion rupees.
"The index was on a continued, albeit volatile upward momentum throughout the day. Both turnover and volume improved considerably while foreign participation saw a marginal improvement with net foreign inflow," First Capital Equities (Pvt) Ltd said in a note to investors.
On Tuesday, the bourse hit a near eight-week low as investors waited for economic policies from the newly-formed government. A weaker rupee curbed investor risk appetite and rising market interest rates also hit sentiment.
On Wednesday, the central bank rejected all bids at a treasury bill auction after rates hit a seven-month high in the previous week.
Foreign investors bought a net 263.4 million rupees worth shares on Wednesday, but they have sold a net 3.19 million rupees worth of equities so far this year.
Shares in Lion Brewery Plc rose 2.67 percent while Distilleries Company of Sri Lanka Plc rose 1.57 percent.
Shares in Ceylon Tobacco Company Plc rose 0.80 percent. ($1 = 138.8000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)
The main stock index ended 0.83 percent higher, or 58.79 points, at 7,183.25, edging up from its lowest close since July 16 hit on Tuesday.
Turnover stood at 646.9 million rupees ($4.66 million), less than this year's daily average of 1.14 billion rupees.
"The index was on a continued, albeit volatile upward momentum throughout the day. Both turnover and volume improved considerably while foreign participation saw a marginal improvement with net foreign inflow," First Capital Equities (Pvt) Ltd said in a note to investors.
On Tuesday, the bourse hit a near eight-week low as investors waited for economic policies from the newly-formed government. A weaker rupee curbed investor risk appetite and rising market interest rates also hit sentiment.
On Wednesday, the central bank rejected all bids at a treasury bill auction after rates hit a seven-month high in the previous week.
Foreign investors bought a net 263.4 million rupees worth shares on Wednesday, but they have sold a net 3.19 million rupees worth of equities so far this year.
Shares in Lion Brewery Plc rose 2.67 percent while Distilleries Company of Sri Lanka Plc rose 1.57 percent.
Shares in Ceylon Tobacco Company Plc rose 0.80 percent. ($1 = 138.8000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)
