May 29, 2014 / 11:21 AM / in 3 years

Sri Lanka stocks at 1-week closing high

COLOMBO, May 29 (Reuters) - Sri Lanka stocks closed at their highest in more than a week on Thursday led by telecom and financials while foreign inflows boosted sentiment with stockbrokers saying the outlook remained positive due to lower interest rates.

The main stock index ended 0.49 percent, or 31.01 points, up at 6,303.77, its highest close since May 20.

The bourse saw a net foreign inflow of 426.8 million rupees worth of shares on Thursday, extending the year-to-date net foreign inflow to 2.27 billion rupees.

The day’s turnover was at 810.8 million rupees ($6.22 million), less than this year’s daily average of 1.01 billion rupees.

Stockbrokers expect the market to gain in the near future due to lower interest rates after the central bank kept key rates at multi-year lows on Tuesday for the fourth straight month, as expected.

Shares of leading fixed-line phone operator Sri Lanka Telecom PLC rose 4.81 percent to 47.90 rupees a share, while biggest listed lender Commercial Bank of Ceylon PLC rose 2.86 percent to 129.60 rupees

Conglomerate John Keells Holdings PLC, which accounted for 38 percent of the day’s turnover on foreign buying, closed 0.43 percent firmer at 234 rupees a share. ($1 = 130.4000 Sri Lanka rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)

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