Nov 3 (Reuters) - Sri Lankan stocks rose for an eighth straight session on Monday to close at a more than three-week high, led by banks and diversified shares, with foreign buying in risky assets and hopes of better corporate earnings boosting sentiment.
Sri Lanka's main stock index ended up 0.36 percent, or 26.34 points, at 7,353.15, its highest close since Oct. 9.
"We are seeing moderate investor interest in all segments. They are waiting to see the outcome of earnings," said Dimantha Mathew, manager, research at First Capital Equities (pvt) Ltd.
Monday's turnover was 1.68 billion rupees ($12.8 million), well above this year's daily average of 1.38 billion rupees.
Net foreign inflows were 477.4 million rupees, extending the year-to-date inflows to 15.25 billion rupees, exchange data showed.
Top listed lender Commercial Bank of Ceylon Plc led the gains with a rise of 2.29 percent to 169.60 rupees, while diversified conglomerate Hemas Holdings Plc jumped 5 percent to 73.50 rupees.
Analysts expect trading to be choppy in the near-term due to the revised presidential poll schedule in January and a possible bottoming out of interest rates.
The country's central bank has kept key policy rates steady for a ninth straight months, saying private sector credit growth was picking up and long-term lending rates were adjusting downwards.
President Mahinda Rajapaksa will seek an early re-election in January, seeking to pre-empt any decline in support after nearly nine years in power.
Sri Lanka's main stock index ended up 0.36 percent, or 26.34 points, at 7,353.15, its highest close since Oct. 9.
"We are seeing moderate investor interest in all segments. They are waiting to see the outcome of earnings," said Dimantha Mathew, manager, research at First Capital Equities (pvt) Ltd.
Monday's turnover was 1.68 billion rupees ($12.8 million), well above this year's daily average of 1.38 billion rupees.
Net foreign inflows were 477.4 million rupees, extending the year-to-date inflows to 15.25 billion rupees, exchange data showed.
Top listed lender Commercial Bank of Ceylon Plc led the gains with a rise of 2.29 percent to 169.60 rupees, while diversified conglomerate Hemas Holdings Plc jumped 5 percent to 73.50 rupees.
Analysts expect trading to be choppy in the near-term due to the revised presidential poll schedule in January and a possible bottoming out of interest rates.
The country's central bank has kept key policy rates steady for a ninth straight months, saying private sector credit growth was picking up and long-term lending rates were adjusting downwards.
President Mahinda Rajapaksa will seek an early re-election in January, seeking to pre-empt any decline in support after nearly nine years in power.
(1 US dollar = 130.8000 Sri Lankan rupee)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)
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