Stock market gains for 10th straight session as foreign buying continues

Wednesday, 12 April 2017 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Shares rose for the tenth straight session on Tuesday to close at their highest in nearly four months, helped by positive sentiment over continued foreign buying in blue chip stocks.

The market has seen fund inflows for 15 straight sessions through Tuesday, with foreign investors buying net 4.9 billion worth of equities in the same period.

They net bought shares worth Rs. 49 million ($323,163) on Tuesday, raising the year-to-date net foreign inflow into equities to Rs. 7.39 billion.

The Colombo stock index ended 0.2% firmer at 6,305.54, its highest close since 9 December. The index rose 3.8% last week, posting its second weekly gain in seven.

The index has climbed 5.53% in the last ten sessions through Tuesday.

“It was a dull day as most of the investors are on holiday ahead of the new year,” said Atchuthan Srirangan, a senior research analyst with First Capital Holdings PLC.

“Foreign investors are active and the market is up.”

Sri Lanka will celebrate its traditional new year this week and the markets will be closed on Thursday and Friday.

However, turnover stood at Rs. 281.6 million, its lowest since 21 March and well below this year’s daily average of Rs. 757.3 million.

Shares of conglomerate John Keells Holdings Plc rose 1%, while Lanka ORIX leasing Company Plc rose 1.16%.