Home / Front Page/ Stock market hits over 3-month closing high on retail buying

Stock market hits over 3-month closing high on retail buying

Comments / {{hitsCtrl.values.hits}} Views / Saturday, 10 February 2018 00:00


Reuters - Shares rose for a second straight session on Friday and hit their highest close in more than three months, helped by retail buying in blue-chip stocks.

The Colombo stock index ended 0.45% firmer at 6,572.29, its highest close since 8 November. The bourse rose 0.8% during the week recording its third straight weekly gain.

“Retail buying helped boost the market,” Acuity Stockbrokers CEO Prashan Fernando said.

Foreign buying in Softlogic Holdings by a middle eastern fund and speculation over Swarnamahal Finance Services PLC, which is facing financial difficulties, getting a business partner to continue the business, helped retail interest, he added.

Softlogic Holdings PLC rose 6.5%, Janashakthi Insurance Company PLC ended 0.98% weaker, and Swarnamahal Financial Service PLC ended steady.

Shares in large-caps Bukit Dhara PLC jumped 22.7% and Carson Cumberbatch PLC ended 6.5% higher.

The long-delayed local government election is to be held today amid worries about the future of the ruling coalition government.

The market turnover stood at Rs. 451.7 million ($2.93 million), well below last year’s daily average of Rs. 915.3 million.

Foreign investors bought a net 90.7 million rupees worth of shares on Friday, extending the year-to-date net foreign inflow to 5.0 billion rupees worth of equities.

Share This Article

Facebook Twitter


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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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