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Sri Lanka Equity Forum » Stock Market News » Sri Lanka shares end firmer; PM's statement seen boosting stocks

Sri Lanka shares end firmer; PM's statement seen boosting stocks

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Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Reuters: Sri Lankan stocks ended firmer on Thursday led by blue chips, and stockbrokers expect the market to react positively to the prime minister's medium-term economic policy statement, which focused on raising revenue through reforms.

The main stock index ended 0.2 percent higher at 7,017.39.

The day's turnover was 779.8 million rupees ($5.51 million), less than the year's daily average of 1.1 billion rupees.

Prime Minister Wickremesinghe, outlining the government's economic priorities ahead of the 2016 budget announcement, said the government would minimise tax holidays and aim to garner more revenues from the rich through direct taxes, a move that could be praised by the International Monetary Fund.

"All in all, it looks positive. This is what people have been waiting for," said Dimantha Mathew, a research manager at First Capital Equities (Pvt) Ltd, adding that he expected the market to react positively to the prime minister's statement.

The next trigger for the markets would be the budget scheduled for Nov. 20, analysts said.

Shares in Hemas Holdings Plc rose 3.13 percent while conglomerate John Keells Holdings Plc gained 1.40 percent.

Foreign investors, who have been net sellers of 3.71 billion rupees worth of equities so far this year, bought a net 16.5 million rupees worth shares on Thursday. 

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