Sri Lankan stocks edged up slightly on Monday, erasing early losses in sluggish trade as investors were cautious due to the political uncertainty ahead of the January 8 presidential poll. The main stock index rose 0.04 percent, or 2.55 points, to close at 7,241.47. Turnover was 611 million rupees ($4.7 million) on Monday, exchange data showed, the lowest since July 28 and well below this year's daily average of 1.44 billion rupees.
Foreign investors were net buyers of 164.9 million rupees worth of shares on Monday, extending purchases during the year to 21.92 billion rupees, the data showed. "Investor interest is deteriorating, the market is volatile in low trade, as many are awaiting to see the direction as the election nears," said Dimantha Mathew manager, research at First Capital Equities (pvt) Ltd. Analysts said many investors were staying away ahead of the elections and the festive season. Dialog Axiata Plc led the gains, ending up 3.85 percent, while Ceylon Tobacco Co Plc rose 0.95 percent.
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