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Sri Lankan shares hit near 3-month closing high on foreign buying
April 5, 2017 / 11:57 AM / 6 months ago

Sri Lankan shares hit near 3-month closing high on foreign buying

COLOMBO, April 5 (Reuters) - Sri Lankan shares rose on Wednesday to their highest close in nearly three months led by blue chips such as John Keells Holdings Plc, as continued foreign buying boosted sentiment.

The Colombo stock index ended 0.84 percent firmer at 6,198.32, its highest close since Jan. 16. The index rose 1.1 percent last week, posting its first weekly gain in six.

“Foreigners see value in some select blue chips now. Now, we see there is a demand for stocks mainly because foreign investors are buying them gradually,” said Prashan Fernando, CEO, Acuity Stockbrokers.

Foreign investors net bought shares worth 231.6 million rupees ($1.53 million) on Wednesday, raising the year-to-date net foreign inflow to 6.07 billion rupees in equities. They have net bought 3.58 billion worth equities in the past 12 sessions.

Turnover stood at 640.7 million rupees, less than this year’s daily average of 747.7 million rupees.

Shares of conglomerate John Keells Holdings Plc gained 2 percent, while Hatton National Bank Plc climbed 0.2 percent.

$1 = 151.5500 Sri Lankan rupees Reporting by Shihar Aneez; Editing by Sherry Jacob-Phillips

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