Subscribe

Shares hit over 3-week closing high in lean trade

2018-09-05 10:02:33
0
545

(Colombo) REUTERS: Sri Lankan shares rose for a fifth straight session yesterday and marked their highest close in more than three weeks, led by gains in banking and beverage stocks.


However, trading volume was low as investors stayed on the sidelines for want of fresh triggers. The day’s turnover stood at Rs.181.9 million  (US$1.12 million), the lowest since August 3 and less than a fifth of this year’s daily average.


The Colombo stock index ended 0.6 percent higher at 6,128, its highest close since Aug.13. It had gained 0.4 percent last week, its second straight weekly gain.
The index, however, was down 1.1 percent in August, having hit its lowest close since March 2017 on last Tuesday. The bourse is down 3.8 percent so far this year.

 

“Most investors are awaiting proper direction on economy and taxes,” said Dimantha Mathew, head of research at broker First Capital Holdings.


“The main concern is that foreign selling is still continuing and we don’t think this uptrend can continue for long.”


Foreign investors sold a net Rs.31.3 million of shares yesterday, extending their net outflow so far this year to Rs.4.2 billion worth of shares. AIA Insurance Lanka Plc jumped 82 percent, with around 1,700 shares changing hand, due to a share buyback, dealers said.


Ceylon Tobacco Company Plc shares closed 2.5 percent firmer while Dialog Axiata Plc gained 0.8 percent and Hemas Holdings Plc ended 0.5 percent higher.
Sri Lankan companies posted an average 4 percent earnings growth in the June quarter from a year earlier, helped by financials, beverages, telecommunications and power and energy sectors, CT CLSA Securities (PVT) Ltd said in a research note.

 


  Comments - 0

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Name is required

Email is required
Comment cannot be empty

Uber Eats launches insurance program for delivery partners in Sri Lanka

Friday, 15 February 2019 12:35
0
417

Uber Eats, announced a comprehensive insurance programme for delivery partners in Sri Lanka. Launche


British Council partners with GoSL on career guidance in schools

Friday, 15 February 2019 12:17
0
253

The British Council of Sri Lanka announced this week that it continues to strengthen its longstandin


OPPO celebrates Valentine’s Day with fans

Friday, 15 February 2019 11:36
0
266

OPPOSri Lanka celebrated this Valentine’s Day with an exciting promotion on Social media where


More News