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Sri Lankan stocks close at more than 1-wk high
September 29, 2017 / 11:08 AM / 18 days ago

Sri Lankan stocks close at more than 1-wk high

COLOMBO, Sept 29 (Reuters) - Sri Lankan shares edged higher for a second straight session and closed at a more than one-week high on Friday as investors bought beverage and manufacturing shares while continued foreign buying in the market underpinned positive sentiment, brokers said.

The Colombo stock index ended 0.07 percent up at 6,438.24, its highest close since Sept. 21.

The bourse rose 0.2 percent for the week, marking its third straight weekly gain.

Foreign investors bought a net 188 million rupees ($1.23 million) worth of shares on Friday extending the year-to-date net foreign inflow to 18 billion rupees worth of equities.

Turnover stood at 782.3 million rupees, compared with this year’s daily average of about 914.8 million rupees.

“We were expecting margin calls to come in being the month end, but we did not see that,” said Dimantha Mathew, head of research at First Capital Holdings.

“Domestic investor participation was high and they were looking to buy blue chips while foreigners were also active.”

Shares of Lion Brewery Plc gained 5.2 percent, while Sampath Bank Plc advanced 1.8 percent and Richard Pieris Plc rose 3.8 percent.

On Tuesday, the Sri Lankan central bank held its key rates steady, saying past steps were keeping inflation and credit growth under control, as policymakers focus on supporting an economy hit by extreme weather.

$1 = 153.0000 Sri Lankan rupees Reporting by Ranga Sirilal and Shihar Aneez; Editing by Amrutha Gayathri

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