May 24, 2017 / 12:13 PM / 3 years ago

Sri Lankan shares rise as foreign investors buy blue chips

COLOMBO, May 24 (Reuters) - Sri Lankan shares edged up from a one-week low on Wednesday as foreign investors bought shares in blue chips such as John Keells Holdings PLC, with turnover hitting a 5-week high.

The Colombo stock index ended 0.32 percent firmer at 6,711.67, from its lowest close since May 15 hit on Tuesday.

The index rose 0.83 percent last week and has climbed 11 percent since March 31 through Friday.

Turnover stood at 3.56 billion rupees ($23.33 million), its highest since April 19 and well above this year’s daily average of 886.5 million rupees.

Foreign investors net bought shares worth 879.4 million rupees, extending their year-to-date net inflows to 19.4 billion rupees.

“Continuous foreign participation improved market sentiment and we see that local participation is also improving which is a good sign,” said Hussain Gani, deputy CEO at Softlogic Stockbrokers.

Shares in Hemas Holdings Plc jumped 5.40 percent, while the biggest listed lender, Commercial Bank of Ceylon Plc , climbed 1.47 percent and conglomerate John Keells Holdings Plc was up 1.19 percent. ($1 = 152.6000 Sri Lankan rupees) (Reporting by Ranga Sirilal; Editing by Biju Dwarakanath)

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