Shares hit over 6-mth closing high on telecom, large-caps

11 August 2015 02:38 am - 0 - {{hitsCtrl.values.hits}}

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REUTERS: Shares erased early losses to close at a more than six-month high on hopes of political stability after the August 17 parliamentary elections and better corporate earnings in the April-June quarter, brokers said.

The main stock index edged up 0.1 percent, or 7.34 points, at 7,377.95 yesterday, its highest close since January 28.

The bourse has gained 6.6 percent in a month through yesterday.

“Market recovered from the morning decline with gains in telecom shares and distillers,” said Dimantha Mathew, a Research Manager at First Capital Equities (Pvt.) Ltd.

“With some selling pressure, there’ll be a bit of profit-taking here and there, but it may not last long.”

Distillers Company of Sri Lanka PLC gained 1.83 percent, while Dialog Axiata PLC rose 1.79 percent.

The index was however dragged down by losses in Nestle Lanka PLC, which fell 1.77 percent, and conglomerate John Keells Holdings PLC, which lost 0.78 percent.

The index has been gaining since July 7 on expectation strong corporate earnings and political stability after the election would boost returns,
analysts said.

Turnover stood at Rs.1.3 billion yesterday, more than this year’s daily average of Rs.1.11 billion.

Foreign investors, who sold a net Rs.12.4 million worth equities yesterday, have offloaded a net Rs.195.2 million worth of shares so far this year.

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Shares hit over 6-mth closing high on telecom, large-caps

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