Stock market edges up on foreign investor buying

Friday, 3 March 2017 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Shares closed marginally higher on Thursday after posting a near three-week closing low in the previous session, as foreign investors bought recently battered stocks while concerns about rising interest rates continued to hurt investor sentiment.

The Colombo stock index ended up 0.09% at 6,127.11, after closing at its lowest since 9 February on Wednesday.

Foreign investors were net buyers of Rs. 292.6 million ($ 1.94 million) worth of shares, extending the year-to-date net foreign inflow to Rs. 892.2 million worth of equities.

Turnover was Rs. 783.9 million, more than this year’s daily average of Rs. 666.6 million.

“Market continues to move sideways but today we have seen some institutional and foreign buying,” said Dimantha Mathew, head of research at First Capital Equities Ltd.

Sri Lanka Telecom Plc ended 3.87% higher after reporting a group net profit of Rs. 289 million for the December quarter, compared with a net loss of Rs. 157 million a year earlier.

Trans Asia Hotels Plc jumped 8.12%, while Commercial Leasing & Finance Plc rose 3.45%.

Yields on treasury bills have risen to a more than four-year high since October, while the Central Bank has kept key policy rates on hold.