October 24, 2017 / 11:49 AM / in a month

Sri Lankan shares hit 1-wk closing high; beverages shares lead

COLOMBO, Oct 24 (Reuters) - Sri Lankan stocks touched a one-week closing high on Tuesday, as investors picked up shares of beverages and telecom companies, brokers said.

The Colombo stock index finished 0.3 percent firmer at 6,590.50, its highest close since Oct. 16.

Shares of Ceylon Cold Store Plc climbed 4.1 percent, while Hatton National Bank Plc rose 0.3 percent and Ceylon Brewery Plc ended 13.8 percent firmer.

“Market looks positive and we can see some big investors looking for opportunities to buy, and that’s the reason we see mergers and acquisitions these days, which have pushed the turnover levels,” said Reshan Kurukulasuriya, chief operating officer of Richard Pieris Securities (Pvt) Ltd.

“Retail investors are waiting to see the direction from the corporate results and budget.”

Finance Minister Mangala Samaraweera will present the 2018 budget on Nov. 9.

Turnover stood at 743.5 million rupees ($4.84 million), below this year’s daily average of 937.4 million rupees.

Foreign investors net bought shares worth 275.4 million rupees on Tuesday, extending the year-to-date net foreign inflow to 19.4 billion rupees worth equities. ($1 = 153.7500 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)

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