Wednesday, November 7, 2012

Bourse up on JKH ahead of earnings

Reuters: Stocks edged up on Tuesday on thin volumes, but many investors remained on the sidelines in anticipation of next year’s Budget proposals.

 The Colombo Stock Exchange’s main index rose 0.31 per cent, or 17.28 points, to end at 5,556.59, its highest since 25 October.

 Shares in market heavyweight John Keells Holdings PLC, which is expected to release its September quarterly earnings this week, rose 0.24 per cent to Rs. 212.10.

Mobile phone operator Dialog Axiata, which posted a 273 per cent rise in net profit for the September quarter, rose 3.61 per cent to Rs. 8.60.

“A very quiet day ahead of the budget and foreign participation was low with the US elections,” said a stockbroker who declined to be identified.

 The Government presents the 2013 Budget on Thursday, while several companies are to release quarterly results from this week.

 Turnover was Rs. 231.2 million ($ 1.77 million), less than a quarter of this year’s daily average of Rs. 914 million. Foreigners bought a net Rs. 16 million worth of shares, extending the net foreign inflow this year to 34.5 billion.

 The rupee weakened to 130.65/75 to the dollar from Monday’s close of 130.43/50 on seasonal importer dollar demand, dealers said.

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