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Sri Lankan shares hit highest close in over six weeks on foreign buying


Tue Apr 4, 2017

Sri Lankan shares hit their highest closing in more than six weeks on Tuesday, as foreign buying boosted sentiment while block deals lifted the day’s turnover, stockbrokers said.

The Colombo stock index ended 1.1 percent firmer at 6,146.69, its highest close since Feb. 17. The index rose 1.1 percent last week, posting its first weekly gain in six.

“Foreign buying and foreign interest on blue chips pushing the market up and we hope the trend will continue,” said Atchuthan Srirangan, senior research analyst, First Capital Equities (Pvt) Ltd.

Foreign investors net bought shares worth 140.8 million rupees ($928,148) on Tuesday, raising the year-to-date net foreign inflow to 5.84 billion rupees in equities.

Turnover stood at 1.4 billion rupees, well above this year’s daily average of 749.4 million rupees.

Shares of conglomerate John Keells Holdings Plc gained 2.14 percent, while Ceylon Cold Store Plc jumped 4.77 percent.

Ceylon Tobacco Company Plc climbed 1.73 percent, Hemas Holding Plc rose 3.18 percent and the biggest-listed lender Commercial Bank of Ceylon Plc gained 1.98 percent.

($1 = 151.7000 Sri Lankan rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sherry Jacob-Phillips)

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka in government securities – treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management,  retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory.

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.