May 7, 2014 / 11:50 AM / in 4 years

Sri Lankan shares rise to over 3-mth closing high

COLOMBO, May 7 (Reuters) - Sri Lankan stocks rose on Wednesday to hit a more than three- month closing high, led by shares of large cap companies traded in high volumes, while foreign inflows and a lower interest rate regime helped boost sentiment, dealers said.

The main stock index rose 0.43 percent, or 26.47 points, to 6,252.60, its highest close since Jan. 24.

The day’s turnover was 1 billion rupees ($7.66 million), more than this year’s daily average of 969.3 million rupees.

Offshore investors were net buyers of 270.6 million rupees worth of stocks on Wednesday, but they have been net sellers worth 6.94 billion rupees so far this year.

Shares in large cap Bukit Darah PLC rose 1.47 percent to 612.8 rupees, while Ceylon Tobacco Company PLC rose 1.51 percent to 1,099.4 rupees.

The market gained 4.28 percent in April as some retail investors started buying risky assets across the board as the central bank kept policy rates steady at multi-year lows for the third straight month. ($1 = 130.5950 Sri Lanka Rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anupama Dwivedi)

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