Sri Lankan shares edge up to end 5-day losing streak
COLOMBO, Dec 11 (Reuters) – Sri Lankan shares edged up on Friday to end a five-session losing streak as investors picked up battered banking and beverage shares, brokers said.
The main stock index ended up 0.12 percent at 6,832.35, edging up from its lowest close since March 31 hit in the previous session.
The index fell to a more-than-eight-month low on Thursday as investors turned cautious going into the holiday season and ahead of an interest rate decision by the U.S. Federal Reserve.
"Market is up on some foreign trades and some big-cap buying in thin volumes, while block deals boosted the turnover. Market is dull ahead of holidays in the latter part of the month," said a stockbroker, asking not to be named.
"You might see some kind of selling with the Fed decision."
Turnover stood at 1.54 billion rupees ($10.75 million), much above this year’s daily average of 1.1 billion rupees.
Foreign investors sold a net 294 million rupees worth of shares on Friday, extending the year-to-date net foreign outflow to 3.76 billion rupees worth of equities.
Shares in Nestle Lanka Plc rose 5.76 percent, while Commercial Leasing & Finance Plc rose 7.69 percent and National Development Bank Plc rose 0.79 percent.