Home / Front Page/ Stock market closes at 11-month high; foreign buying boosts sentiment

Stock market closes at 11-month high; foreign buying boosts sentiment


Comments / {{hitsCtrl.values.hits}} Views / Saturday, 29 April 2017 00:02


3

 

Reuters - Shares closed at a more than 11-month high in heavy trading on Friday as foreign buying for 26 sessions in a row took net inflows into equities to Rs. 13.9 billion ($91.39 million) and boosted sentiment.

Foreign investors bought shares worth Rs. 708.2 million on a net basis in the session, bringing the year-to-date net equity inflows to Rs. 16.4 billion.

The Colombo stock index gained 0.59 percent at 6,610.46, its highest close since 20 May. The index added 1.1 percent this week, marking its fifth winning week. A vote on Thursday in the European Parliament in favour of Sri Lanka gaining a trade concession also brought cheer to the market, traders said.

“Continuous foreign buying and the European Parliament vote helped boost retail investor sentiment. Retail investors bought some shares related to garments,” Acuity Stockbrokers CEO Prashan Fernando said.

“We believe the market will gain in the next week too.”

The index has climbed 10.6 percent in the 21 sessions through Friday, having risen for 18 sessions in that period.

Turnover stood at Rs. 1.97 billion, more than double of this year’s daily average of Rs. 908 million.

Market heavyweight John Keells Holdings gained 1 percent, while garment manufacturers Hayleys Fabric PLC and Teejay Lanka PLC rose 1.8 percent and 2 percent, respectively.


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Reaching global quality standards through Deming Award

Wednesday, 21 November 2018

The importance of quality in the contemporary competitive business environment cannot be over-emphasised. Total Quality Management (TQM)is a company-wide, all pervasive management philosophy, which organisations globally, in many business sectors hav


Ramsar accreditation of Colombo Wetlands: Rebranding Colombo as a Wetland City

Wednesday, 21 November 2018

Colombo, once known to be “kolonthota,” has always been identified as a wetland complex at the heart of the Kelani river delta. Today this city is increasingly drying up, with around 20 sq km left as wetlands which continue to be threatened every


Coup Sri Lanka: some winners, mostly losers

Wednesday, 21 November 2018

As a president proves shockingly stubborn, a nation waits with baited breath as to what His Excellency the loose cannon on a rocky slope will do next. Two Prime Ministers and the fates of their respective parliamentary groups hang in the balance lik


Rising dollar and bank NPA, brothers in arms?

Wednesday, 21 November 2018

The rising Non-Performing Advances (NPA/NPAs) is a matter of concern to the entire financial industry. It is a nightmare. The weekend papers have published some articles based on interviews journalists conducted with respective bank CEOs and also bas


Columnists More