COLOMBO, April 7 Sri Lankan shares rose for a
ninth straight session on Friday to close at their highest in
nearly four months helped by positive sentiment over continued
foreign buying in blue chip stocks.
The Colombo stock index ended 0.69 percent firmer at
6,292.94, its highest close since Dec. 14. The index rose 3.8
percent during the week, posting its second weekly gain in
The index has climbed 5.32 percent in the last nine sessions
"Foreign, institutional, and high-net worth investors are
buying shares. That helped to move the market. Retailers are
still on the sideline," said Yohan Samarakkody, head of
research, SC Securities.
"The underline fundamentals have not changed as yet. The
economic outlook is gloomy with high interest rates. But all
that negativity have factored in. With the market reaching an
oversold level, it became attractive to investors who have the
holding capacity and they are capitalising that situation."
Foreign investors net bought shares worth 1.01 billion
rupees ($6.66 million) on Friday, raising the year-to-date net
foreign inflow to 7.34 billion rupees in equities. They have net
bought 4.85 billion worth equities in the past 14 sessions.
Turnover stood at 2.04 billion rupees, its highest since
March 28 and well above this year's daily average of 764.4
Shares of Ceylon Cold Stores Plc surged 5.85
percent, Ceylon Tobacco Company Plc gained 0.89
percent, while conglomerate John Keells Holdings Plc
climbed 0.68 percent.
($1 = 151.7000 Sri Lankan rupees)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sherry