Shares hit four-month closing high; John Keells leads

REUTERS: Sri Lankan shares rose for a fourth session of gains yesterday to hit their highest close in four months, led by conglomerate John Keells Holdings Plc , while foreign investors’ selling dented the sentiment. The benchmark stock index rose 0.65 percent to 6,637.74, its highest closing level since Jan. 11. “Today, Keells moved the market but foreign outflow is giving out a negative sentiment. It looks like a foreigner is exiting from Keells,” said Dimantha Mathew, head of research, First Capital Equities (Pvt) Ltd.

Foreign investors were net sellers of Rs. 445.3 million ($3.06 million) worth of shares yesterday, extending the net selling so far this year to Rs.3.3 billion worth of equities. John Keells Holdings Plc, which saw a net foreign selling of 2.7 million shares yesterday, ended up 2.2 percent. Shares in Hatton National Bank Plc rose as much as 2.82 percent. The turnover stood at Rs.1.04 billion, well above this year’s daily average of around Rs.778.2 million. The index gained 1.2 percent last week, its fifth straight weekly rise. The 14-day relative strength index ended at 80.541 yesterday, compared with Monday’s 78.277, Thomson Reuters data showed.