Friday, 30 August 2013 03:08
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Reuters: Stocks rebounded strongly on Thursday from a near five-month low, led by John Keells Holdings as investors started buying into the country’s top conglomerate after an over 10% fall in the previous session.
John Keells jumped 3.1% to Rs. 214.60 after its 10.2% fall on Wednesday following the announcement of a $ 299.14 million rights and warrant issue.
“Keells was bit oversold yesterday. So investors started buying,” a stockbroker said. Foreign investors were net buyers of Rs. 112.5 million worth of shares, extending net inflows so far this year to Rs. 18.45 billion worth of shares.
Turnover was Rs. 511.4 million, well below this year’s daily average of about Rs. 910 million.
The main share index gained 1.25%, or 71.86 points, to 5,825.06, from its lowest close since early April hit in the previous day.
Analysts said investors were concerned about further falls in the rupee, which hit an all-time low on Wednesday amid panic buying by importers. It recovered on Thursday.
