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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Shares end at more than 5-month high

Shares end at more than 5-month high

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1Shares end at more than 5-month high Empty Shares end at more than 5-month high Mon Aug 03, 2015 9:08 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Sri Lankan shares ended at their highest in more than five months yesterday, as investors picked up risky assets on expectations of strong corporate earnings and political stability after the Aug. 17 parliamentary polls. 

The main stock index ended up 0.25 percent at 7,332.05, its highest since Feb. 13. Turnover was at Rs.1.78 billion ($13.33 million), more than this year’s daily average of Rs.1.09 billion. 

“The market ended the holiday-shortened week on a positive note with local investors topping the turnover charts. Institutional and high net worth activity was seen,” TKS Securities said in a note to investors. 

Gains were led by large-caps. Ceylon Tobacco Company Plc rose 0.98 percent after it reported a 16.6 percent rise in net profit for April-June, while Ceylon Cold Stores Plc gained 14.10 percent and Nestle Lanka Plc rose 0.53 percent. 

Foreign investors, who have bought a net Rs.955.9 million worth of shares so far this year, were net sellers of Rs.444.8 million yesterday. Analysts expect local companies to post strong results for the April-June quarter. Expectations of political stability after the Aug. 17 parliament elections also helped sentiment, they said.
Courtesy: Daily Mirror 31 July 2015

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