COLOMBO, Dec 30 (Reuters) - Sri Lankan stocks gained for a third straight session on Monday, hitting a near eight-week high, as foreign investors bought blue-chip shares.
The main stock index gained 0.38 percent, or 22.54 points, to 5,899.20, its highest close since Nov. 6. The index is poised for a yearly gain this year after recording annual losses for the last two years.
It has given a return of 1.98 percent so far this year measured in terms of U.S. dollars.
Blue-chips such as market heavyweight John Keells Holdings and Commercial bank of Ceylon helped the overall index to end firmer. John Keells rose 2.44 percent, while Commercial bank of Ceylon gained 1 percent.
Foreign investors bought a net 177 million rupees ($1.35 million) worth of shares on Monday, bringing the net foreign inflow to 22.67 billion rupees so far this year.
The day's turnover was 515.3 million rupees, less than this year's daily average of around 830 million rupees.
Analysts said many investors were not in the market due to a holiday mood, while large institutional funds were waiting for the new year to resume active trading.
They expect the market to rally early in the new year as the possibility of retail investors returning to risky assets is increasing due to falling interest rates, with yields on treasury bills dropping to their lowest since November 2011 at last week's auction..
($1 = 130.7500 Sri Lanka rupees)
(Reporting by Shihar Aneez; Editing by Anand Basu)
(shihar.aneez@thomsonreuters.com)(+94-11-232-5540)
(Reuters Messaging:shihar.aneez.thomsonreuters.com@reuters.net
twitter.com/shiharaneez)
http://www.xe.com/news/2013/12/30/3743157.htm?c=1&t=
The main stock index gained 0.38 percent, or 22.54 points, to 5,899.20, its highest close since Nov. 6. The index is poised for a yearly gain this year after recording annual losses for the last two years.
It has given a return of 1.98 percent so far this year measured in terms of U.S. dollars.
Blue-chips such as market heavyweight John Keells Holdings and Commercial bank of Ceylon helped the overall index to end firmer. John Keells rose 2.44 percent, while Commercial bank of Ceylon gained 1 percent.
Foreign investors bought a net 177 million rupees ($1.35 million) worth of shares on Monday, bringing the net foreign inflow to 22.67 billion rupees so far this year.
The day's turnover was 515.3 million rupees, less than this year's daily average of around 830 million rupees.
Analysts said many investors were not in the market due to a holiday mood, while large institutional funds were waiting for the new year to resume active trading.
They expect the market to rally early in the new year as the possibility of retail investors returning to risky assets is increasing due to falling interest rates, with yields on treasury bills dropping to their lowest since November 2011 at last week's auction..
($1 = 130.7500 Sri Lanka rupees)
(Reporting by Shihar Aneez; Editing by Anand Basu)
(shihar.aneez@thomsonreuters.com)(+94-11-232-5540)
(Reuters Messaging:shihar.aneez.thomsonreuters.com@reuters.net
twitter.com/shiharaneez)
http://www.xe.com/news/2013/12/30/3743157.htm?c=1&t=
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