Shares up 1% as foreign buying hits near 3-yr high


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REUTERS: Sri Lankan shares rose more than one percent to end at a six-month high yesterday as foreign investors increased the pace of stock purchases, with the net single-day inflow hitting its highest in nearly three years.
Foreign investors net bought shares worth Rs.4.32 billion, led by buying in top lender Commercial Bank of Ceylon yesterday, the highest since May 9, 2014, exchange data showed.
Commercial Bank of Ceylon jumped 3.2 percent and accounted for about 84 percent of the day’s turnover.
Overseas investors have bought equities worth a net 9.72 billion in 19 straight sessions, taking the year-to-date net foreign inflow into equities to 
Rs.12.22 billion.

The Colombo stock index ended 1.01 percent firmer at 6,446.80, its highest close since October 21. The market his risen in 13 sessions out of 14.
The index has climbed 7.9 percent in the 14 sessions up to yesterday.
“Renewed foreign buying interest is coming in. But still, we do not see local investors, except for a few retail investors,” said Acuity Stockbrokers CEO Prashan Fernando.
Sri Lanka is in the process of raising up to US $ 1.5 billion through sovereign bonds in the near future.
Turnover stood at Rs.5.17 billion, the highest since December 8 and more than three times this year’s daily average of Rs.863.7 million.
Conglomerate John Keells Holdings PLC rose 1.1 percent, while private listed lender Sampath Bank posted 3.7 percent growth on the day.

 



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