Home / Financial Services/ Shares post over 7-wk closing high in high turnover

Shares post over 7-wk closing high in high turnover


Comments / {{hitsCtrl.values.hits}} Views / Wednesday, 4 October 2017 00:00


Reuters: Shares rose for the fourth straight session on Tuesday and closed at their highest level in more than seven weeks, with banks leading the gains.

Turnover hit a two-week high due to buying across the board, while foreign investors continued to purchase Sri Lankan equities.

The Colombo stock index ended 0.36% higher at 6,494.22, its highest close since 10 August.

The index gained 0.2% last week, in its third straight weekly gain.

Turnover stood at Rs. 1.3 billion ($ 8.49 million), its highest since 20 September and well above this year’s daily average of Rs. 915.1 million.

Strong buying interest continued to be seen along with foreign buying, said Dimantha Mathew, head of research at First Capital Holdings.

“Investors were buying blue chips and there were all sorts of buying. We expect the overall positive sentiment in the market to continue for a few more days,” he said.

Analysts said the market shrugged off a statement by the International Monetary Fund on Friday that Sri Lanka’s central bank should be ready to tighten monetary policy to contain inflation and credit growth.

Foreign investors bought a net Rs. 9.6 million worth of shares on Tuesday, extending the year-to-date net foreign inflow to Rs. 18 billion worth of equities.

Shares of Commercial Bank of Ceylon Plc, the country’s biggest listed lender, rose 1.6%, Hatton National Bank Plc gained 2.1% and Cargills (Ceylon) Plc ended 3.8% firmer.

Sampath Bank Plc rose 3.2% and conglomerate John Keells Holdings Plc ended up 0.6%.


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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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

Tamil actor Kamal Haasan stars in new role as political leader

Saturday, 24 February 2018

Srinivasan Kamal Haasan is one of India’s foremost film actors. Known popularly as Kamal, the talented and versatile thespian has not only excelled as an actor onscreen, but has successfully engaged in other cinematic spheres too. The multi-faceted


Yameen’s economic offensive to counter political adversity ahead of presidential poll

Saturday, 24 February 2018

The embattled Maldivian President Abdulla Yameen, who is facing intense political opposition both in and out of the country, hopes to win the September, 2018 presidential election using a combination of political belligerence and a strong economic pr


In the end, there was nothing

Saturday, 24 February 2018

Much more than a storm in a tea cup! To a non-discerning person, it all seemed like the final battle of the counter revolution. President Sirisena was up in smoke trying to oust Prime Minister Ranil Wickremesinghe for no articulated reason. He asked


Shouldn’t Govt. prevent parliamentary system from decay and destruction?

Friday, 23 February 2018

The wrong people teach us the best lessons. As a clever nation, we had always used our ballot and chased the wrong people


Columnists More