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Sri Lankan shares hit highest close in over six weeks on foreign buying
April 4, 2017 / 11:45 AM / 8 months ago

Sri Lankan shares hit highest close in over six weeks on foreign buying

COLOMBO, April 4 (Reuters) - Sri Lankan shares hit their highest closing in more than six weeks on Tuesday, as foreign buying boosted sentiment while block deals lifted the day’s turnover, stockbrokers said.

The Colombo stock index ended 1.1 percent firmer at 6,146.69, its highest close since Feb. 17. The index rose 1.1 percent last week, posting its first weekly gain in six.

“Foreign buying and foreign interest on blue chips pushing the market up and we hope the trend will continue,” said Atchuthan Srirangan, senior research analyst, First Capital Equities (Pvt) Ltd.

Foreign investors net bought shares worth 140.8 million rupees ($928,148) on Tuesday, raising the year-to-date net foreign inflow to 5.84 billion rupees in equities.

Turnover stood at 1.4 billion rupees, well above this year’s daily average of 749.4 million rupees.

Shares of conglomerate John Keells Holdings Plc gained 2.14 percent, while Ceylon Cold Store Plc jumped 4.77 percent.

Ceylon Tobacco Company Plc climbed 1.73 percent, Hemas Holding Plc rose 3.18 percent and the biggest-listed lender Commercial Bank of Ceylon Plc gained 1.98 percent.

$1 = 151.7000 Sri Lankan rupees Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sherry Jacob-Phillips

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