COLOMBO, March 29 Sri Lankan shares rose for a
second straight session on Wednesday, posting their highest
close in nearly one week, helped by foreign investor buying and
quarter-end window dressing, stockbrokers said.
The Colombo stock index closed 0.61 percent firmer at
6,021.54, its highest close since March 21.
It had closed at its lowest since March 15, 2016 on Monday
after the central bank tightened its monetary policy on Friday
by 25 basis points to contain high inflationary expectations.
Stockbrokers said rising interest rates have kept most
investors on the sidelines. Yields on treasury bills rose 6-16
basis points at a weekly auction on Wednesday.
"Today, it was largely retail trade with some foreign
trades," said Hussain Gani, deputy CEO at Softlogic
Foreign investors net bought shares worth 88.5 million
rupees ($582,811.99) on Wednesday, raising the year-to-date net
foreign inflow to 4.38 billion rupees in equities.
Turnover stood at 388.5 million rupees, more than half of
this year's daily average of 710.6 million rupees.
As of Tuesday's close, the index had lost 2 percent since
March 7 when the IMF called for monetary policy tightening if
credit growth or inflation do not abate.
Shares of conglomerate John Keells Holdings Plc
jumped 1.56 percent, while Melstacorp Plc rose 1.84
($1 = 151.8500 Sri Lankan rupees)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by