Stock market gains; post 8th straight weekly gain

Saturday, 20 May 2017 00:22 - - {{hitsCtrl.values.hits}}

Reuters - Shares ended higher on Friday, posting the eighth straight gain on week and hitting their highest closing level in more than 16 months, led by blue chips such as John Keells Holdings PLC.

The Colombo stock index ended 0.47% firmer at 6,729.66, its highest close since 7 January, 2016.

It rose 0.83% during the week, and has climbed 11% since 31 March.

Turnover stood at Rs. 618.02 million ($4.06 million), less than this year’s daily average of Rs. 893.4 million.

“The market is up on significant buying interest in John Keells. There was some buying interest in some finance companies too,” First Capital Holdings PLC Head of Research Dimantha Mathew said.

“We expect profit-taking next week as the market needs some breather.”

Foreign investors net-bought shares worth Rs. 728,954, extending the year-to-date net foreign inflows to Rs. 18.02 billion.

Shares in Nanda Investment PLC rose 24.89% to hit a record closing high, while conglomerate John Keells Holdings PLC climbed 1.51% and Browns Investment PLC was up 15.79%.