Stock market gains for 4th session

Reuters: Shares rose for a fourth straight session on Friday and posted their highest close in more than 10 weeks, as investors bought beverage and diversified stocks, brokers said.

The Colombo stock index ended 0.16% firmer at 6,632.30, its highest close since 31 July. It rose 1.6% this week in its fifth straight weekly gain.

“This week we have seen a big rally and today we saw some profit-taking, but the market ended firmer on the continued bullish trend,” said Atchuthan Srirangan, a Senior Research Analyst with First Capital Holdings PLC.

Shares of Ceylon Cold Stores Plc ended 3.2% firmer, Lion Brewery (Ceylon) Plc rose 6.0% and John Keells Holdings Plc ended up 0.2%.

Turnover was Rs. 688.4 million ($4.48 million), less than this year’s daily average of Rs. 937 million.

Foreign investors were net sellers of shares worth Rs. 8.8 million on Friday, after having bought Rs. 3.7 billion of equities in the 16 sessions through Tuesday. They have net bought Rs. 20.2 billion worth of shares so far this year.