May 28, 2014 / 11:21 AM / in 4 years

Sri Lanka stocks edge up from 3-week low in thin volume

COLOMBO, May 28 (Reuters) - Sri Lanka stocks edged up on Wednesday led by financials in thin trade trading volume, and stockbrokers said the outlook remained positive due to lower interest rates.

The main stock index ended 0.08 percent, or 5.32 points, up at 6,272.76, edging up from its lowest close since May 7 hit on Tuesday.

The day’s turnover was at 451.16 million rupees ($3.46 million), well below this year’s daily average of 1.01 billion rupees.

The bourse saw a net foreign outflow for the first time in six sessions. Foreign investors sold a net 27.3 million rupees worth of shares on Wednesday. But they are net buyers of 1.84 billion rupees so far this year.

Stockbrokers expect the market to gain in the near future due to lower interest rates after the central bank kept key rates at multi-year lows on Tuesday for the fourth straight month, as expected.

Shares of Ceylinco Insurance PLC rose 3.94 percent to 1351 rupees a share, while Bukit Darah PLC rose 2.2 percent to 650 rupees. ($1 = 130.4000 Sri Lanka Rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Jeremy Laurence)

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