Stock market gains to 3-month high on foreign buying

Friday, 9 February 2018 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Shares rose to their highest close in three months on Thursday as foreign investors picked up blue chip stocks such as conglomerate John Keells Holdings Plc. The Colombo stock index ended 0.55% firmer at 6,542.90, its highest close since 10 November 2017.

Shares in Carson Cumberbatch Plc rose 6.9%, while conglomerate John Keells Holdings Plc ended 0.5% higher.

Ceylon Beverage Holdings Plc jumped 14.1% and Nestle Lanka Plc firmed 2%.“Foreign interest in blue chips like John Keells pushed the market up,” said Dimantha Mathew, head of research at First Capital Holdings.

Sri Lanka will hold a long-delayed local government election on 10 February amid worries about the future of the country’s coalition government.

The market turnover was Rs. 1.3 billion ($ 8.43 million), more than last year’s daily average of Rs. 915.3 million.

Foreign investors bought a net Rs. 392.8 million worth of shares on Thursday, extending the year-to-date net foreign inflow to Rs. 4.9 billion worth of equities.