Colombo shares end mixed amidst high scale volatility

Colombo bourse closed mixed on Tuesday after a choppy trading session, on the back of some market heavyweights gaining a little shine, analysts said. The banking sector continued to be in the limelight with sturdy earnings shown in the quarter, they said, adding that the uptrend in the first few trading hours which saw the Benchmark All Share Index eventually reach 7268 points, gradually showed a decline towards the end of the day. The index bounced back and forth closing at 7,234.92, losing 0.13 per cent. The S&P index gained 0.17 per cent to close at 4,108.29 on a Rs. 1.8 million turnover. Analysts said that the volatile trading on the bourse reflects investors’ reluctance to make any significant moves ahead of the impending election. Fitch Ratings changed its view on the Telecom industry from ‘Stable’ to ‘Negative’ due to the one-off and recurring taxes imposed on the Sri Lankan Telecom sector companies. Foreigners remained net buyers and some analysts say that they are taking advantage of the current local ambiguity to go long on stronger companies. (DEC)