Bourse up on foreign buying

Friday, 2 September 2016 00:01 -     - {{hitsCtrl.values.hits}}

Reuters - Shares rose marginally on Thursday in lean trade, recovering from a more than two-week closing low in the previous session, helped by foreign buying and gains in financials.

The benchmark Colombo stock index rose 0.19 percent to close at 6,540.29.

“It’s a buyers’ market. There was not a lot of selling,” Head of research at First Capital Equities (Pvt) Ltd Dimantha Mathew said.

“We have seen a divided approach from the investors while some investors wants to wait and see whether the market will come down. Others are collecting slowly, as on the medium term, market is expected to go up,” he said.

The Central Bank left the key policy interest rates unchanged on Tuesday, as expected, saying previous tightening measures are being gradually transmitted to the economy.

Turnover stood at 588 million rupees ($4.05 million), less than this year’s daily average of 754.3 million rupees.

Foreign investors bought a net 78.9 million rupees worth of shares on Thursday but they have been net sellers of shares to the tune of 3.59 billion rupees so far this year.

Shares in conglomerate John Keells Holdings Plc rose 0.66 percent, while those in Commercial Leasing & Finance PLC  rose 2.70 percent. Shares in Hatton National Bank PLC rose 1.33 percent.