Bourse near 3-week high

Saturday, 7 December 2013 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: Sri Lankan stocks rose on Friday to a near three-week high close, led by foreign buying in Nestle Lanka PLC, ahead of the monetary policy rate decision early next week. The main stock index rose 0.51%, or 29.66 points, to 5,810.24, its highest since 18 November. Analysts said investors were waiting for the policy rate decision on Monday for direction and earnings after dented confidence following tax hikes announced for the 2014 Budget. The day’s turnover was Rs. 779.8 million ($ 5.96 million), less than this year’s daily average turnover of Rs. 847.3 million. Nestle Lanka PLC shares jumped 15.38% to Rs. 2,249.90. Analysts said foreigners increased their holdings in Nestle by 74,072 shares on Friday. Foreign investors were net buyers of Rs. 126.5 million worth of shares, extending year-to-date net inflows to Rs. 22.87 billion.

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