Shares end marginally higher; block deals boost turnover

Daily Mirror (Sri Lanka) - - NEWS -

Sri Lankan shares ended with mod­est gains yes­ter­day as lo­cal in­vestors picked up bev­er­age and trad­ing shares, while block deals boosted the turnover to more than a two-month high.

The Colombo stock in­dex ended 0.08 per­cent firmer at 6,377.38.

The Colombo stock in­dex fell 0.2 per­cent last week, its eighth straight weekly drop.

Top mo­bile phone op­er­a­tor Di­a­log Ax­i­ata af­ter mar­ket hours said that it ac­quired 80.34 per­cent of Colombo Trust Fi­nance for Rs.1.072 bil­lion.

Turnover was Rs.2.03 bil­lion, the high­est since June 23 and well above this year’s daily av­er­age of around Rs.863.5 mil­lion.

“It was a good day and even as the mar­ket ended nearly flat, there were a lot of cross­ings,” said First Cap­i­tal Hold­ings Head of Re­search Di­man­tha Mathew.

“The good sign is the buying in­ter­est from the lo­cal side that was lack­ing for a while was seen to­day even though the for­eign­ers were net sell­ers.”

Shares in Di­a­log Ax­i­ata PLC rose 0.9 per­cent and con­glom­er­ate John Keells Hold­ings PLC ended 0.06 per­cent firmer.

Shares of Singer Sri Lanka PLC rose 18.2 per­cent while Cey­lon Cold Stores PLC ended 3.2 per­cent firmer and Cey­lon To­bacco Co PLC gained 1 per­cent.

For­eign in­vestors net sold Rs.155.6 mil­lion worth of shares yes­ter­day. But they have been net buy­ers of Rs.27.7 bil­lion worth eq­ui­ties so far this year.

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