Sri Lankan stocks recover from over 2-wk closing low on foreign buying

Reuters: Sri Lankan shares rose marginally on Thursday in lean trade, recovering from a more than two-week closing low in the previous session, helped by foreign buying and gains in financials.

The benchmark Colombo stock index rose 0.19 percent to close at 6,540.29.

"It's a buyers' market. There was not a lot of selling," said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd.

"We have seen a divided approach from the investors while some investors wants to wait and see whether the market will come down. Others are collecting slowly, as on the medium term, market is expected to go up."

The central bank left the key policy interest rates unchanged on Tuesday, as expected, saying previous tightening measures are being gradually transmitted to the economy.

Turnover stood at 588 million rupees ($4.05 million), less than this year's daily average of 754.3 million rupees.

Foreign investors bought a net 78.9 million rupees worth of shares on Thursday but they have been net sellers of shares to the tune of 3.59 billion rupees so far this year.

Shares in conglomerate John Keells Holdings Plc rose 0.66 percent, while those in Commercial Leasing & Finance Plc rose 2.70 percent. Shares in Hatton National Bank Plc rose 1.33 percent.

 ($1 = 145.3000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan)

Sri Lankan stocks post over 2-wk closing low on profit-taking

Reuters: Sri Lankan shares edged down on Wednesday to post over two-week closing lows as investors sold large caps to book profits while retail investor participation rose a day after the central bank held its key policy rates steady.

The central bank left the key policy interest rates unchanged on Tuesday, as expected, saying previous tightening measures are being gradually transmitted to the economy.

The benchmark Colombo stock index ended 0.21 percent weaker at 6,528.21, its lowest close since Aug. 12. For the month, it gained 2.1 percent, the second straight monthly rise.

"Today was an active day, we saw retail investors, institutions and foreigners were active. We saw some profit taking coming in," said Yohan Samarakkody, head of research, SC Securities (Pvt) Ltd.

Turnover stood at 1.1 billion rupees ($7.57 million), more than this year's daily average of 755.4 million rupees.

Foreign investors bought a net 266.4 million rupees worth of shares, extending the net foreign inflow so far this month to 979.9 million rupees worth of equities.

However, they have been net sellers of 3.67 billion rupees worth of shares so far this year.

Shares in Ceylon Tobacco Company Plc fell 3.6 percent, while those in Nestle Lanka Plc dropped 1.30 percent. 

($1 = 145.3000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)