Sri Lanka stocks hit three-month high; Spence boosts turnover

Colombo Stock Exchange

Sri Lankan stocks closed at a three-month high on Tuesday with turnover hitting a two-month high on block deals in conglomerate Aitken Spence PLC.

The Colombo Stock Exchange’s main index gained 0.58 percent, or 29.55 points, to 5,102.65. The market has fallen 16 percent so far this year.

Tuesday’s turnover was 3.07 billion rupees ($23.17 million), the highest since June 26 and well above this year’s daily average of 868.6 million rupees.

Shares in conglomerate Aitken Spence, which has interests in hotels, transport and other businesses, rose 0.45 percent to 111.50 rupees. It accounted for 82.75 percent of turnover.

Foreign investors bought a net 16.5 million rupees worth of shares, increasing the net foreign inflow this year to 28.39 billion rupees.

Dealers said that retail participation is likely to rise with government hopes of appointing a market-friendly official as the head of the Securities and Exchange Commission. Treasury Secretary P.B. Jayasundera said on Friday a new regulator would be appointed this week.

The rupee was trading 132.25/30 against the dollar at 1047 GMT, up from Monday’s close of 132.45/60 on state bank dollar sales, dealers said. ($1 = 132.5000 Sri Lanka rupees)


Source: Reuters