Stocks at 1-week closing high

Friday, 30 May 2014 00:31 - - {{hitsCtrl.values.hits}}

Reuters: Stocks closed at their highest in more than a week on Thursday led by telecom and financials while foreign inflows boosted sentiment, with stockbrokers saying the outlook remained positive due to lower interest rates. The main stock index ended 0.49%, or 31.01 points, up at 6,303.77, its highest close since 20 May. The Bourse saw a net foreign inflow of Rs. 426.8 million worth of shares on Thursday, extending the year-to-date net foreign inflow to Rs. 2.27 billion. The day’s turnover was at Rs. 810.8 million ($ 6.22 million), less than this year’s daily average of Rs. 1.01 billion. Stockbrokers expect the market to gain in the near future due to lower interest rates after the Central Bank kept key rates at multi-year lows on Tuesday for the fourth straight month, as expected. Shares of leading fixed-line phone operator Sri Lanka Telecom PLC rose 4.81% to Rs. 47.90 a share, while biggest listed lender Commercial Bank of Ceylon PLC rose 2.86% to Rs. 129.60. Conglomerate John Keells Holdings PLC, which accounted for 38% of the day’s turnover on foreign buying, closed 0.43% firmer at Rs. 234 a share.

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