Stocks recover on foreign buying

07 Dec 2012 - {{hitsCtrl.values.hits}}

Sri Lankan stocks gained more than 1 percent yesterday to hit a two-week high, recovering from a three-month low, as foreign investors bought blue chips.

The Colombo Stock Exchange’s main index rose 1.2 percent, or 64.12 points to 5,387.33, its highest close since Nov. 26. “The market is upbeat on foreign buying in blue chips,” said a stock broker.

Foreign investors bought a net 120.2 million rupees worth of shares, extending the net foreign inflow this year to 36.42 billion rupees. The day’s turnover was 877.1 million rupees ($6.82 million) shy of this year’s daily average of 898.5 million rupees. The rupee closed weaker at 128.75/85 to the dollar compared with Wednesday’s close of 128.50/70 on importer dollar demand, dealers said.

(Source : REUTERS)

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Stocks recover on foreign buying

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