Sri Lanka shares snap 4-session losing streak

COLOMBO, Nov 4 (Reuters) – Sri Lankan stocks edged up on Wednesday, reversing a four-session losing streak, led by blue chips but volume was thin as investors awaited a key government policy statement.

The main stock index ended 0.05 percent higher at 7,003.57, edging up from its lowest close since July 13 hit in the previous session.

The day’s turnover was 547.9 million rupees ($3.88 million), around half of this year’s daily average of 1.1 billion rupees.

Prime Minister Ranil Wickremesinghe is expected to announce the country’s medium-term economic policy framework on Nov. 5, outlining the government’s economic priorities ahead of the 2016 budget scheduled for Nov. 20.

"Investor confidence is not that great. Everybody is waiting for the prime minister’s statement tomorrow," said Dimantha Mathew, a research manager at First Capital Equities (Pvt) Ltd.

Analysts said investors are also waiting for the budget scheduled for Nov. 20.

Shares in Dialog Axiata Plc rose 2.70 percent while conglomerate John Keells Holdings Plc gained 1.07 percent.

However, foreign investors were net sellers of 63.9 million rupees worth of shares on Wednesday, extending the year-to-date net outflow to 3.73 billion rupees worth of equities.
 

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