Bourse gains to seven week high

Wednesday, 16 October 2013 00:29 - - {{hitsCtrl.values.hits}}

REUTERS: Sri Lankan stocks hit their highest level in more than seven weeks on Tuesday led by foreign buying in conglomerate John Keells Holdings PLC, which boosted turnover to a four-month high amid little impact after a surprise Central Bank policy rate cut. The main share index edged up 0.16%, or 9.36 points, to 5,961.98, its highest since 22 August. Foreign investors, who mainly bought Keells shares, were net buyers of Rs. 695.76 million ($ 5.32 million) worth of shares, extending the net buying so far this year to Rs. 22.17 billion. John Keells Holdings, both voting and rights, accounted for 84% of the day’s Rs. 2.5 billion ($ 19.10 million) turnover, the highest since 20 June and around thrice the 2013 daily average of Rs. 868 million. John Keells Holdings voting rose 1.17% to Rs. 217.50 rupees a share. John Keells Holdings rights, which started trading on Tuesday, ended at Rs. 64.80 after opening at Rs. 40. Before the markets opened, the Central Bank cut key policy interest rates to spur economic growth, just three weeks after the International Monetary Fund advised it to hold rates steady. Stockbrokers, however, said the rate cut had no impact on the bourse on Tuesday, but expected to give an impetus to a sluggish stock exchange.

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