Blue chips help Bourse gain to 9-week high

Saturday, 7 October 2017 01:15 - - {{hitsCtrl.values.hits}}

Reuters - Sri Lankan shares rose for a sixth straight session on Friday and closed at their highest in nine weeks as blue chips gained.

The Colombo stock index ended 0.34% higher at 6,529.05, its highest close since Aug. 4. The bourse rose 1.4% for the week, recording its fourth straight weekly gain.

Turnover stood at Rs. 922 million ($6.02 million), in line with this year’s daily average of Rs. 923.4 million.

“The market is moving up steadily after breaching the psychological barrier of 6,500,” said Dimantha Mathew, head of research at First Capital Holdings.

“There was some profit-taking but the market is moving up on continued buying.”

Shares of Asiri Hospitals Plc gained 5.2% while Hatton National Bank Plc ended 1.1% higher and conglomerate John Keells Holdings Plc rose 0.2%.

Foreign investors, who bought a net Rs. 19.9 billion worth of equities so far this year, were net sellers of Rs. 82.3 million worth of shares on Friday. Sri Lanka’s markets were closed on Thursday for a Buddhist holiday.