Stock market ends firmer on foreign buying

Wednesday, 11 October 2017 00:00 - - {{hitsCtrl.values.hits}}

Reuters - Sri Lankan shares ended marginally higher on Tuesday in heavy trade, near a nine-week closing high hit last week, as foreign buying boosted investor sentiment, brokers said.

Foreign investors bought a net Rs. 499.3 million ($3.25 million) worth of equities on Tuesday, extending their year-to-date net foreign inflow to Rs. 20.6 billion worth of shares.

Turnover stood at Rs. 2.2 billion, more than double this year’s daily average of Rs. 930.5 million.

The Colombo stock index ended 0.12% firmer at 6,523.68, near its highest close since Aug. 4 hit on Friday. The index had risen 1.4% last week, recording its fourth straight weekly gain.

“Foreign buying helped to keep the market positive. There was a lot of foreign buying in banks,” said Hussain Gani, deputy CEO at Softlogic Stockbrokers. Shares of biggest listed lender Commercial Bank of Ceylon Plc ended 1.9% up, while Hatton National Bank Plc rose 2.4% and Sampath Bank Plc ended 2.5% firmer.