Bourse recovers from 3-month low

Friday, 10 July 2015 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Sri Lankan shares edged higher on Thursday from their lowest in three months hit in the previous session, as investors picked up battered shares like market heavyweight John Keells Holdings Plc.

However, the gains were capped as political uncertainty ahead of the 17 August parliamentary elections weighed on sentiment. Foreign investors continued to exit risky assets for a seventh straight session.

The main stock index ended up 0.34% at 6,947.05, edging up from its lowest close since 10 April hit on Wednesday.

The day’s turnover stood at Rs. 1.04 billion ($ 7.78 million), near this year’s daily average of Rs. 1.06 billion.

The market saw a net foreign outflow of Rs. 577.4 million on Thursday, the highest since 17 June, extending net outflows for the past 31 sessions to Rs. 5.43 billion.

However, foreign investors have been net buyers of Rs. 513.3 million worth of shares so far this year.

“Foreigners will come only when the water is clear. They will not take a chance in uncertainty,” said Reshan Kurukulasuriya, chief operating officer of Richard Pieris Securities Ltd.

Shares in John Keells rose 2.11%, while Lion Brewery Plc rose 1.03%, pushing up the overall index.

President Maithripala Sirisena dissolved parliament on June 26 and scheduled elections for 17 August, in an effort to consolidate power and push through political reforms.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.