COLOMBO: Sri Lankan stocks edged up on Friday, rising off a one-week low with help from Dialog Axiata, but turnover slumped to a 7-week low as investors stayed away, discouraged after an IMF warning on the country’s macroeconomic indicators.
The International Monetary Fund warned this week of slower growth, high inflation and lower tax revenue risks. The main share index edged up 0.09 per cent, or 4.97 points, to end at 5,830.26, up from its lowest level since Feb.7.
“Most investors are waiting for direction with liquidity dried up and high interest rates,” a stockbroker said on condition of anonymity.
Even though yields in T-bills fell for the 10th straight week at an auction on Wednesday, with the 364-day T-bill rate down to a near one-year low of 11.10 per cent.