Shares edge up on foreign buying

REUTERS: Sri Lankan shares edged up yesterday on foreign buying in market heavyweight John Keells Holdings while investors awaited for direction from September-quarter earnings and the national budget scheduled to be presented next week.

Foreign investors bought shares net worth Rs.275.5 million, extending the year-to-date net inflows to Rs.20.52 billion in equities. The Colombo stock index closed 0.1 percent higher at 6,624.2, its highest close since October 26.

Shares in Capital Trust rose 3.1 percent while John Keells gained 0.6 percent.

“Foreign investors were interested in shares like John Keells and Lion Brewery. Retail investors were interested in plantation shares,” said Softlogic Stockbrokers Deputy CEO Hussain Gani.

“We believe the budget will be a business-friendly one, which will encourage more investments.”
Finance Minister Mangala Samaraweera will present the 2018 budget on November 9.

The session’s turnover was Rs.999.7 million, higher than this year’s average daily turnover of Rs.942.6 million.