(Reuters) - Sri Lankan stocks edged higher on Monday, led by banking shares, but profit-taking in blue-chips and foreign selling in risky assets kept the gains in check.
Stockbrokers expect the rising streak to continue due to lower interest rates and growth optimism.
The main stock index ended up 0.06 percent, or 4.45 points, at 7,238.16, hovering near a more than three-year high close hit on Tuesday.
Foreign outflows were at 1.89 billion rupees, the worst performance since Aug. 19. However, foreign investors have been net buyers of 8.75 billion rupees in stocks this year.
"There might be some profit-taking. But investors don't have any alternative to park their money due to low interest rates. So the market will continue its upward momentum with some profit-taking," said Reshan Wediwardana, research analyst at First Capital Equities (Pvt) Ltd.
The day's turnover was 3.46 billion rupees ($26.5 million), the highest since Sept. 11 and well above this year's daily average of over 1.29 billion rupees. Stockbrokers cited block deals for the day's turnover boost.
People's Leasing & Finance Plc rose 3.65 percent to 19.90 rupees. But profit-taking in Aitken Spence and Co Plc and market heavyweight John Keells Holdings Plc weighed on the index.
Aitken Spence fell 1.8 percent to 109.30 rupees, while Keells edged down 0.08 percent to 251 rupees.
($1 = 130.4000 Sri Lankan rupee) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)
Stockbrokers expect the rising streak to continue due to lower interest rates and growth optimism.
The main stock index ended up 0.06 percent, or 4.45 points, at 7,238.16, hovering near a more than three-year high close hit on Tuesday.
Foreign outflows were at 1.89 billion rupees, the worst performance since Aug. 19. However, foreign investors have been net buyers of 8.75 billion rupees in stocks this year.
"There might be some profit-taking. But investors don't have any alternative to park their money due to low interest rates. So the market will continue its upward momentum with some profit-taking," said Reshan Wediwardana, research analyst at First Capital Equities (Pvt) Ltd.
The day's turnover was 3.46 billion rupees ($26.5 million), the highest since Sept. 11 and well above this year's daily average of over 1.29 billion rupees. Stockbrokers cited block deals for the day's turnover boost.
People's Leasing & Finance Plc rose 3.65 percent to 19.90 rupees. But profit-taking in Aitken Spence and Co Plc and market heavyweight John Keells Holdings Plc weighed on the index.
Aitken Spence fell 1.8 percent to 109.30 rupees, while Keells edged down 0.08 percent to 251 rupees.
($1 = 130.4000 Sri Lankan rupee) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)
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