Stocks end steady near three-month high

Saturday, 24 February 2018 00:00 - - {{hitsCtrl.values.hits}}

(Reuters) - Shares ended steady on Friday, near a more than three-month high hit early in the week, as investors picked up diversified shares.

Investor sentiment got a boost after two key parties decided to remain in the ruling coalition, allaying fears of a Government collapse.

The Colombo Stock Index ended 0.06 percent firmer at 6,575.39, near its highest close since 6 November 2017 hit on Wednesday. The index rose 0.18 percent during the week.

“We are seeing new buying coming into the market with the things settling down on the political front,” First Capital Holdings Head of Research Dimantha Mathew said.

“The profit-taking we saw yesterday did not continue and the buying was more than the selling which is a good sign.”

Turnover stood at Rs. 813.6 million ($5.25 million), less than this year’s daily average of Rs. 867.9 million.

Foreign investors sold a net Rs. 16.9 million worth of shares, but they have been net buyers of Rs. 6.4 billion worth of equities so far this year.

Shares in Melstacrop PLC rose 3.8 percent and conglomerate John Keells Holdings PLC ended 0.6 percent higher. Dialog Axiata PLC gained 0.7 percent.