Bourse closes at near 7-month high

Thursday, 13 August 2015 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Shares closed at their highest in nearly seven months on Wednesday as hopes of improved corporate earnings and political stability after the 17 August parliamentary election boosted sentiment, brokers said.

Some foreign investors however sold shares ahead of the key election, they said.

The main stock index ended 0.17% or 12.98 points higher at 7,471.90, its highest close since 16 January.

The index has risen nearly 8% since 8 July through Wednesday.

Foreign investors sold a net 683.9 million rupees worth equities on Wednesday. They have offloaded a net Rs. 1.17 billion worth of shares so far this year.

“Today, the... market started to slow down during the latter part of the day with some profit-taking,” said Dimantha Mathew, a research manager at First Capital Equities Ltd., adding dealers expected stock market activity to remain sluggish until the election.

Shares in Nestle Lanka Plc jumped 3.97% while Dialog Axiata Plc rose 2.59%.

Turnover stood at Rs. 2.12 billion ($ 15.84 million) on Wednesday, more than double this year’s daily average of Rs. 1.13 billion.