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Sri Lanka stocks at 2-wk high; Foreign inflow hits 1-yr high
March 7, 2013 / 12:20 PM / 5 years ago

Sri Lanka stocks at 2-wk high; Foreign inflow hits 1-yr high

COLOMBO, March 7 (Reuters) - Share purchases in Sri Lankan insurer Asian Alliance Insurance PLC boosted stocks to a two-week high on Thursday, with foreign inflows coming close to a one-year high.

Asian Alliance Insurance, which gained 3.54 percent on the day, said in a corporate disclosure that buyers from the Netherlands and Germany had bought a 19 percent stake each from Softlogic Holdings PLC.

Each bought over 7.1 million shares at 128 rupees.

“This type of investment will boost foreign investor confidence in Sri Lanka,” Prashan Fernando, CEO of Acuity Stockbrokers in Colombo, told Reuters.

The deals helped boost the day’s net foreign inflow to 2.18 billion rupees ($17.13 million), its highest since March 19, last year. The year-to-date foreign inflows stand at 2.53 billion rupees.

The main share index rose 0.29 percent or 16.66 points to 5,680.02, its highest Dec. 22.

The day’s turnover was 2.54 billion rupees, more than double of the daily average of 1.05 billion rupees this year.

The rupee ended firmer at 127.05/15 to the dollar from Wednesday’s close of 127.25/308. ($1 = 127.2500 Sri Lanka rupees) (Reporting by Shihar Aneez and Ranga Sirilal; Editing by Ron Popeski)

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