Shares end at one-month closing high

REUTERS: Sri Lankan shares rose for a second straight session yesterday and posted its highest close in a month, helped by gains in large-cap beverage shares, while investors awaited directions on the macro economy.

The benchmark Colombo stock index ended up 0.18 percent, or 11.31 points, at 6,428.77, its highest close since June 21. The bourse rose 0.09 percent during the week recording a third weekly gain.
“Investors seem to be picking their stocks. Bargain hunting has been happening,” said Dimantha Mathew, head of research, First Capital Equities (Pvt) Ltd.

“Slowly, the interest is growing in the market, but with a note of caution, until the policy statement is out.”

Analysts said investors are waiting for a direction on the country’s economic policies, which is expected to be announced by Prime Minister Ranil Wickremesinghe next month.
The investor sentiment also got a boost after Sri Lanka raised $1.5 billion in its first sale of dual-tranche eurobonds last week.