Sri Lankan stocks hit more than 3-yr closing high

(Reuters) - Sri Lankan stocks hit a more than three-year closing high on Friday, led by select shares such as Chevron Lubricants Lanka Plc as low interest rates and continued foreign buying into risky assets buoyed sentiment, while low retail participation pushed the index sideways.

The main stock index rose 0.27 percent, or 19.43 points, to 7,218.68, its highest close since June 10, 2011, boosting market capitalisation by 8.2 billion rupees ($62.94 million) to 3.05 trillion rupees.

"Today the market was bit slow with low retail participation... They keep on investing while taking profits," said Reshan Wediwardana, a research analyst with First Capital Equities (pvt) Ltd.

Brokers said the market would continue its bull run with foreign buying, despite profit-taking in some counters by retail investors.

The index has gained 22.09 percent so far this year.

The bourse has been in an overbought region since July. The Relative Strength Index, a momentum indicator tracked by chartists, was at 87.190 on Friday, Thomson Reuters data showed.

Stocks are deemed "overbought" above the 70-mark, signalling a reversal in the near term.

Chevron Lubricants led gains with a rise of 4.01 percent, while Seylan Bank Plc rose 5.16 percent.

Market heavyweight John Keells Holdings Plc rose 0.19 percent to 259.50 rupees.

Exchange turnover was 1.83 billion rupees ($14.05 million), more than this year's daily average of 1.24 billion rupees.

Foreign investors were net buyers of shares worth 70.9 million rupees, extending the year-to-date net foreign inflow to 10.45 billion rupees. 

($1 = 130.2800 Sri Lankan rupee) 

(Reporting by Ranga Sirilal; Editing by Subhranshu Sahu)

Sri Lanka stocks close up 0.27-pct

Sep 12, 2014 (LBO) - Sri Lanka's stocks ended the week in a positive territory with the ASPI crossing 7,200 mark and S&P SL20 surpassing 4,000, brokers said.

The Colombo benchmark All Share Price Index closed 19.43 points higher at 7,218.68, up 0.27 percent. The S&P SL20 closed 2.45 points higher at 4,015.63, up 0.06 percent.

Turnover was 1.83 billion rupees, down from 5.59 billion rupees a day earlier with 109 stocks closed positive against 99 negative.

The aggregate value of all off-the-floor deals represented 3 percent of the turnover.

ODEL closed 2.00 rupees higher at 24.00 rupees, attracting most number of trades during the day.

Foreign investors bought 307.13 million rupees worth shares while selling 236.25 million rupees worth shares.

Chevron Lubricants Lanka closed 13.00 rupees higher at 337.00 rupees, contributing most to the index gain.

Commercial Bank of Ceylon closed 2.60 rupees lower at 161.30 rupees.