Thu, 18 Aug 2022 Today's Paper

Shares climb to near 7-week high; net foreign inflow for this year tops Rs.2bn

9 January 2018 12:17 am - 0     - {{hitsCtrl.values.hits}}

A A A

REUTERS:  Sri Lankan shares rose yesterday to a near seven-week high as blue-chip shares such as John Keells Holdings PLC gained, while foreign investors continued to buy the island nation’s risky assets.


The Colombo Stock Index ended 0.4 percent firmer at 6,540.51, its highest close since November 10.


The bourse rose 2.3 percent last week, in its second straight weekly gain.


Foreign buying accounted for 61.2 percent of the day’s turnover of Rs.1.7 billion. Foreign investors net bought shares worth Rs.33.9 million yesterday, extending the net foreign inflow in this year to Rs.2.0 billion.


They had net bought Rs.18.5 billion worth equities in 2017 and Rs.633.5 million in 2016. “The buying interest is continuing as investors are quite bullish,” said First Capital Holdings Head of Research Dimantha Mathew.

“There was a lot of foreign trading and investors are buying blue-chip shares like John Keells. We expect the market to settle at 6,600 levels and there could be some profit-taking at those levels.”


Shares in conglomerate John Keells Holdings PLC rose 3.1 percent, Nestle Lanka PLC gained 3.5 percent and Lion Brewery PLC climbed 4.6 percent.
Analysts said the positive trend will continue due to declining market interest rates.


Treasury bill rates fell 188 basis points to 216 basis points between March and end-December 2017, mainly driven by foreign buying in treasury bonds, resulting in declining market interest rates.


The country’s 2018 economic growth trajectory is likely to help boost market sentiment, analysts said.


Sri Lanka’s economic growth in 2018 is forecast at 5-5.5 percent, against an anticipated four-year low of less than 4 percent last year, Central Bank Governor Indrajit Coomaraswamy said on Wednesday.


The Central Bank kept its benchmark interest rates unchanged last week, saying inflation and private sector credit growth have cooled to manageable levels as policy makers focus on supporting a slowing economy.

 

 

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


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.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Tamil Parties Must Urge Full Implementation of 13A

Last week’s article was about the guerilla war fought by the Janatha Vimukt

Govt. re-recommends COVID-19 regulations: Medics, legal experts warn of vaccine expiry dates and injuries

The public has once again been advised to wear masks to prevent the spread of

8-year-old grave sexual abuse victim gets justice after 18 years

In Palawela Udaniriella, an 8-year-old girl became the victim of Grave Sexual

Covid makes a comeback!

These questions have been buzzing in our heads over the past few weeks as hea