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Sri Lankan shares close at 11-mth high; foreign buying boosts sentiment
April 28, 2017 / 12:10 PM / 5 months ago

Sri Lankan shares close at 11-mth high; foreign buying boosts sentiment

COLOMBO, April 28 (Reuters) - Sri Lankan shares closed at a more than 11-month high in heavy trading on Friday as foreign buying for 26 sessions in a row took net inflows into equities to 13.9 billion rupees ($91.39 million) and boosted sentiment.

Foreign investors bought shares worth 708.2 million rupees on a net basis in the session, bringing the year-to-date net equity inflows to 16.4 billion rupees.

The Colombo stock index gained 0.59 percent at 6,610.46, its highest close since May 20. The index added 1.1 percent this week, marking its fifth winning week.

A vote on Thursday in the European Parliament in favour of Sri Lanka gaining a trade concession also brought cheer to the market, traders said.

“Continuous foreign buying and the European Parliament vote helped boost retail investor sentiment. Retail investors bought some shares related to garments,” Prashan Fernando, CEO at Acuity Stockbrokers said.

“We believe the market will gain in the next week too.”

The index has climbed 10.6 percent in the 21 sessions through Friday, having risen for 18 sessions in that period.

Turnover stood at 1.97 billion rupees, more than double of this year’s daily average of 908 million rupees.

Market heavyweight John Keells Holdings gained 1 percent, while garment manufacturers Hayleys Fabric Plc and Teejay Lanka Plc rose 1.8 percent and 2 percent, respectively.

$1 = 152.1000 Sri Lankan rupees Reporting by Shihar Aneez; Editing by Amrutha Gayathri

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