Bourse gains to six-week closing high; JKH leads

Friday, 20 December 2013 00:01 - - {{hitsCtrl.values.hits}}

REUTERS: Sri Lankan stocks jumped to their six-week closing high on Thursday, led by John Keells Holdings after the Government approved a mixed-development project of the market heavyweight, stockbrokers said. The main stock index gained 0.95%, or 55.24 points, to 5,867, its highest close since 7 November. Shares in Keells gained 1.43% at Rs. 220.50. Sri Lanka on Tuesday approved Keells’ $850 million Water Front project that will also include casino to woo high-end tourists. “The approval and the fall in interest rates have helped boost sentiment,” a stockbroker said. Analysts said the market could witness a rally in the near future as the possibility of retail investors returning to risky assets is increasing due to falling interest rates. Yields in 91-day and 182-day treasury bills dropped 12 basis points and 29 bps, respectively, at a weekly auction on Wednesday, while 364-day T-bill yield fell 62 bps. All T-bill yields fell to more than two-year lows. Foreign investors sold a net Rs. 14.4 million worth of shares on Thursday, but the bourse has witnessed a net foreign inflows of Rs. 22.54 billion so far this year. The day’s turnover was Rs. 567.4 million ($ 4.34 million), lower than this year’s daily average of Rs. 835.6 million.

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