Â Bourse rebounds
Reuters: Stocks ended up on Tuesday, hovering near 3Â˝-year high hit last week as investors picked up banking shares, while continued foreign buying, low interest rates and better earnings expectations kept investor appetite for risky assets intact.
Sri Lankaâ€™s main stock index closed 0.13%, or 9.34 points, up at 7,412.72, near its highest closing level since 31 May 2011 hit on Friday.
Shares in Commercial Leasing & Finance Plc, which led the overall gain, rose 4.55% to Rs. 4.60.
Shares in top mobile phone operator Dialog Axiata Plc, which reported a 15.6% jump in third-quarter net profit last week, rose 0.81% to Rs. 12.50.
Shares in Overseas Realty (Ceylon) Plc rose 3.97% to Rs. 28.80.
Conglomerate John Keells Holdings (JKH) Plc fell 0.35% to Rs. 258, while Lanka ORIX Leasing Co Plc (LOLC) fell 2.27% to Rs. 86.
â€śGains in Commercial Leasing and Overseas Realty offset negative pressure from JKH and LOLC, which helped the overall index. Market turnover continued to fall although net foreign inflow strengthened mainly due to a significant decline in foreign sales,â€ť First Capital Equities Ltd. said in a note to investors.
Foreign investors bought a net Rs. 684.4 million ($5.23 million) worth of shares, extending the net foreign inflow so far this year to Rs. 16.56 billion, exchange data showed.
Tuesdayâ€™s turnover was Rs. 1.64 billion, more than this yearâ€™s daily average of Rs. 1.40 billion.
Analysts expect trading to be choppy in the near term due to the revised presidential poll schedule in January and a possible bottoming out of interest rates.
The Central Bank has kept key policy rates steady for a ninth straight month, saying private sector credit growth was picking up and long-term lending rates were adjusting downwards.