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manusath-derana

Sri Lankan shares hit over 10-wk closing high on banks

October, 13, 2017

Reuters - Sri Lankan shares rose about 1 percent on Thursday in heavy trade and posted their highest close in more than 10 weeks, with banks leading the gains, brokers said.

Turnover was 1.43 billion rupees ($9.30 million), well above this year’s daily average of 938.4 million rupees.

The Colombo stock index rose for a third straight session and ended 0.94 percent firmer at 6,621.56, its highest close since July 31.

“Interest on banks was high. Mid-cap and plantation shares were also on demand,” said Softlogic Stockbrokers deputy CEO Hussain Gani.

Shares of Ceylon Cold Stores Plc ended 5.9 percent firmer, Hatton National Bank Plc rose 2.7 percent, DFCC Bank Plc ended up 6.1 percent and Sri Lanka Telecom Plc climbed 5.7 percent.

Foreign investors were net sellers of shares worth 274 million rupees on Thursday, after having bought 3.7 billion rupees of equities in the 16 sessions through Tuesday. They have net bought 20.2 billion rupees worth of shares so far this year.