Sri Lankan stocks yesterday rose 1.2 percent to their highest close since June 20, which dealers said stemmed largely from foreign buying of heavyweight John Keells Holdings.

The Colombo Stock Exchange’s main index gained 60.26 points to 5,073.10. For 2012, the market has fallen 16.5 percent.

Yesterday’s trading was the first since Treasury Secretary P.B. Jayasundera on Friday said a new chief for the country’s Securities and Exchange Commission will be appointed this week.

Shares in conglomerate John Keells, which has interests in transport, hotels and other businesses, rose 1.13 percent to Rs.197.40.

The day’s turnover of Rs.454.3 million ($3.44 million) was less than a third of this year’s daily average of Rs.854.6 million.

Foreign investors bought a net Rs.42.5 million worth of shares, increasing the net foreign inflow this year to Rs.28.37 billion.

The rupee was trading 132.45/55 against the dollar at 1030 GMT, from Friday’s close of 132.25/30, on importer demand for greenback, dealers said.

(Source : REUTERS)