Stocks rise, led by JKH, banks; rupee firmer

Reuters: Stocks rose for a second straight day on Friday thanks to continued foreign buying in market heavyweight John Keells Holdings, which hit a 29-month high while local investors bought banking shares.

The main share index ended 0.27% higher at 5,704.53. John Keells Holdings gained Rs. 0.59% to Rs. 240. Shares in National Development Bank rose 1.20% to Rs. 159.90, while biggest listed lender Commercial Bank of Ceylon rose 1.45% to Rs. 112.

Foreign investors were net buyers of Rs. 335.5 million ($ 2.66 million) worth of shares, extending year-to-date foreign inflows to Rs. 3.76 billion. Turnover was Rs. 729.9 million, well below this year’s daily average of Rs. 1.04 billion. The rupee ended firmer at 126.10/20 to the dollar from Thursday’s close of 126.25/35, due to exporter dollar conversions, dealers said.