Shares hit near 7-mth closing high on foreign buying

REUTERS:  Sri Lankan shares closed at a near seven-month high in heavy trading yesterday as foreign buying for 25 sessions in a row took net inflows into equities to Rs.13.1 billion ($86.1 million) and 
boosted sentiment.
Foreign investors bought shares worth Rs.810 million on a net basis in the session, bringing the year-to-date net equity inflows to Rs.14.7 billion.
The Colombo stock index gained 0.85 percent at 6,571.65, its highest close since Oct.7. The index has climbed 10 percent in the 20 sessions through yesterday, having risen for 17 sessions in that period.

It added 2.1 percent last week, marking its fourth week of gains. “Foreign buying is now spreading to some other counters from John Keells.  Foreigners see value in these stocks and local investors have been waiting for investor confidence,” said Hussain Gani, deputy CEO at Softlogic Stockbrokers. Turnover stood at Rs.1.84 billion, more than double of this year’s daily average of Rs.894.2 million. Market heavyweight John Keells Holdings gained 1.8 percent, while top lender Commercial Bank of Ceylon rose 1.9 percent.