Bourse gains to over 5-week closing high on foreign buying

Thursday, 21 September 2017 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Shares gained for a fifth straight session on Wednesday to hit a more than five-week closing high as foreign investors bought into blue-chips, boosting sentiment.

Foreign investors bought a net Rs. 556.6 million ($ 3.64 million) worth of shares, extending the year-to-date net foreign inflow to Rs. 17.7 billion. The Colombo stock index ended up 0.39% at 6,452.91, its highest close since 14 August.

“We have seen major transactions in blue chips which drive the market these days,” said Dimantha Mathew, head of research at First Capital Holdings.

“Foreigners are active and they are taking positions while the locals are a bit silent. But we can see them also slowly returning to the market with high foreign activities.”

Shares of Dialog Axiata Plc rose 4.3%, while the biggest listed lender Commercial Bank of Ceylon Plc ended 2.9% firmer.

Melstacrop Ltd. rose 3.4%, while conglomerate John Keells Holdings Plc gained 0.2%. Turnover stood at Rs. 1.6 billion, well above this year’s daily average of around Rs. 926.2 million.

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