Stock market ends higher; investors pick diversified stocks

Reuters: Stocks ended firmer on Friday, moving further away from a near 10-month low, as investors picked up beaten down shares, including beverages and diversified counters.

Political instability and a rise in interest rates however capped gains, brokers said.

The Colombo stock index ended 0.12 percent higher at 6,137.70, further moving away from its lowest close since April 4 hit on Wednesday. The index however fell 0.52 percent on week, its second straight weekly fall.

Market heavyweight John Keells Holdings PLC rose 1.52 percent, a day after it posted a 32 percent rise in December-quarter profit.

Shares in Sri Lanka Telecom PLC rose 2.04 percent.

“There was a bit of bounceback because the market has fallen sharply and there is no specific reason as the situation has not changed for the market to move up,” First Capital Equities (Pvt) Ltd Head of Research Dimantha Mathew said.

Foreign investors net bought Rs. 7.28 million (about $48,533) worth of equities on Friday, but they have net sold shares worth Rs. 1.64 billion so far this year.

Turnover stood at Rs. 554.2 million.