Shares hit over 10-week closing high on banks

REUTERS: Sri Lankan shares rose about 1 percent yesterday in heavy trade and posted their highest close in more than 10 weeks, with banks leading the gains, brokers said.

Turnover was Rs.1.43 billion (US$9.30 million), well above this year’s daily average of Rs.938.4 million. The Colombo stock index rose for a third straight session and ended 0.94 percent firmer at 6,621.56, its highest close since July 31.

“Interest on banks was high. Mid-cap and plantation shares were also on demand,” said Softlogic Stockbrokers deputy CEO Hussain Gani. Shares of Ceylon Cold Stores Plc ended 5.9 percent firmer, Hatton National Bank Plc rose 2.7 percent, DFCC Bank Plc ended up 6.1 percent and Sri Lanka Telecom Plc climbed 5.7 percent.

Foreign investors were net sellers of shares worth Rs.274 million yesterday, after having bought Rs.3.7 billion of equities in the 16 sessions through Tuesday. They have net bought Rs.20.2 billion worth of shares so far this year.