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WorldPosted at: Mar 24 2017 6:27PM


Sri Lankan shares edge up from 1-yr low on foreign buying

COLOMBO, Mar 24 (Reuters) Sri Lankan shares edged up on Friday from a more than one-year closing low as foreign investors picked up battered shares in a market that had already factored in a monetary policy tightening by the central bank, dealers said.
The central bank raised its benchmark interest rates by 25 basis points on Friday for the first time in eight months to contain high inflationary expectations and a possible acceleration of demand side inflationary pressures.
The Colombo stock index closed 0.3 percent up at 5,996.28, edging up from its lowest close since March 15, 2016 hit on Thursday. The index breached a key psychological barrier of 6,000 on Wednesday.
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