Stocks close at 1-week high on foreign buying

29 September 2017 10:26 am - 0     - {{hitsCtrl.values.hits}}


REUTERS: Sri Lankan shares closed at a one-week high yesterday, as investors bought banking stocks and continued foreign buying in the market underpinned positive sentiment, brokers said.
The Colombo stock index ended 0.2 percent up at 6,419.47, its highest close since Sept. 21.

Foreign investors bought a net Rs.110.5 million worth of shares yesterday extending the year-to-date net foreign inflow to Rs.17.8 billion worth of equities. Turnover stood at Rs.801 million, compared with this year’s daily average of about Rs.915.5 million. “The market is up on continued foreign buying with healthy turnover levels,” said Hussain Gani, Deputy CEO of Softlogic Stockbrokers, adding local retail investors also bought into the market. 

Shares of the biggest listed lender Commercial Bank of Ceylon Plc ended 0.6 percent higher, while Lion Brewery Plc rose 6.6 percent, and Melstacorp Ltd ended 1.4 percent firmer.

On Tuesday, the 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.



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