COLOMBO May 2 Sri Lankan shares rose to a more
than three-month high on Friday in high turnover as investors
bought large caps as sentiment was boosted by low interest
A lower interest rate regime helped the market, with
turnover hitting a three-week high, though foreign investors
sold the island nation's risky assets.
The country's main stock index rose 0.4 percent, or
24.77 points, to 6,248.44, its highest close since Jan. 29.
The market gained 4.28 percent in April as some retail
investors started buying risky assets in the face of low
"Investors are positive over the low interest rates," said a
Lower interest rates have helped the market gain in the past
few weeks and we have seen activity across the board,
Last week the central bank kept policy rates steady at
The day's turnover was 1.31 billion rupees ($10.03 million),
its highest since April 9 and more than this year's daily
average of 961 million rupees.
Shares of Expolanka Holdings Plc rose 3.88 percent
to 10.70 rupees, while Carson Cumberbatch Plc rose
8.03 percent to 405.10 rupees. Ceylon Tobacco Co
advanced 0.98 percent to 1,110.00 rupees.
The Sri Lankan parliament on last week approved two
projects for luxury resorts, worth up to $1,250 million, by John
Keells, that will include hotels and shopping malls, and by
Australian gaming tycoon James Packer's Crown Ltd.
Shares in Keells fell 0.42 percent to 237 rupees. Vallibel
One, which ended 4.71 percent at 20.00 rupees, got
parliamentary approval on April 24 to invest $300 million in an
integrated luxury tourist resort in the island nation's proposed
exclusive gaming zone.
Offshore investors were net sellers of 217 million rupees
worth of stocks on Friday, extending the net foreign selling so
far this year to 7.41 billion rupees.
($1 = 130.6400 Sri Lanka Rupees)
(Reporting by Ranga Sirilal)