March 9, 2018 / 12:08 PM / in 2 months

Sri Lankan stocks rise for 2nd day on foreign investor buying

COLOMBO, March 9 (Reuters) - Sri Lankan shares rose for a second straight session on Friday as foreign investors bought into risky assets with some improvements in the communal violence-hit district of Kandy.

Police said on Thursday it had arrested the suspected leader and nine others suspects behind a wave of anti-Muslim attacks by Sinhalese Buddhist hardliners in the central highlands region this week.

“With the situation returning to normalcy we saw increased activities. We saw foreigners getting activated. Things are slightly improving and investors are waiting to see the real situation,” said Dimantha Mathew, head of research, First Capital Holdings, referring to inactive local investors.

The Colombo stock index ended 0.46 percent firmer at 6,551.19. Turnover was 868.9 million rupees ($5.59 million), less than this year’s daily average of around 950 million rupees.

Foreign investors bought a net 61.3 million rupees worth of shares on Friday, extending the year-to-date net foreign inflow to 6.1 billion rupees worth of equities so far this year.

Shares in Ceylinco Insurance Plc climbed 11.25 percent, Melstacorp Ltd rose 2.9 percent and Janashakthi Insurance Co Plc ended 7.7 percent firmer. ($1 = 155.4000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

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