Bourse up to 1-week high; large-cap shares lead

Saturday, 21 February 2015 02:47 -     - {{hitsCtrl.values.hits}}

Reuters: Stocks edged up on Friday to hit one-week highs, led by large-cap shares such as Nestle Lanka Plc despite foreign investors exiting some risky assets. The main stock index gained 0.12%, or 8.74 points, to 7,314.91, its highest close since 13 February. Turnover was at Rs. 1.1 billion ($ 8.28 million), less than this year’s daily average of Rs. 1.45 rupees. “The market will remain stable and investors are awaiting to see a clear direction who will win the next election and they are awaiting to see political stability,” a stockbroker said on condition of anonymity. The parliamentary election is expected to be held after 23 April and new President Maithripala Sirisena’s coalition Government is still uncertain if it would contest under the same coalition or separately. Shares in Nestle Lanka Plc, which on Thursday posted an 11.7% increase in its total comprehensive income for the December quarter, rose 2.32%. Foreign investors were net sellers for the third straight session on Friday. They sold net Rs. 57.3 million worth of shares on Friday extending the net foreign outflow for the last three straight sessions to Rs. 315.1 million. But they have been net buyers of Rs. 1.26 billion worth of shares so far this year. The Bourse saw net foreign inflows of Rs. 22.07 billion in 2014.