Shares recover from 10-day low in dull trade

Reuters: Shares snapped a three-session decline to end slightly firmer on Friday, as investors picked up beverage shares in thin volume, brokers said.

The Colombo stock index finished 0.26 percent higher at 6,572.70, edging up from its lowest close since 10 October hit in the previous session. But the bourse fell 0.9 percent for the week, recording its first weekly fall in six.

“Some retail activities in mid-cap shares helped the market to end higher. The retail activities gave some boost to investor sentiment,” First Capital Holdings PLC Senior Research Analyst Atchuthan Srirangan said.

“Foreign investors were net buyers for the day and that also helped the market to end up.” Shares of Ceylon Tobacco Company PLC ended 3 percent higher while Chevron Lubricants Lanka PLC closed 4.6 percent up and Nestle Lanka PLC finished 2.6 percent firmer.

Turnover was Rs. 568.1 million ($3.70 million), less than this year’s daily average of Rs. 938 million.

Foreign investors were net buyers of shares worth Rs. 51.9 million on Friday extending the year-to-date net foreign inflow to Rs. 19.1 billion worth of shares.