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Sri Lanka stocks at 4-month high on retail trade Sept 03 (Reuters) Sri Lankan stocks jumped 1.4 percent on Monday to hit a near four-month high on renewed retail investor sentiment after the appointment of a new regulator head, seen as capable of coming up with market-friendly policies that may revive the market. Nalaka Godahewa took over as the chief of the Securities and Exchange Commission on Wednesday. The Colombo Stock Exchange's main index gained 1.37 percent, or 70.84 points, to 5,250.99, its highest close since May 9. The rise helped boost market capitalisation by 27 billion rupees. The market has fallen 13.56 percent this year. "The welcome run for the new SEC chairman continued with mostly local retail trades," said a stock broker who declined to be identified. Turnover was 981.7 million Sri Lanka rupees ($7.42 million), higher than this year's daily average of 864.7 million rupees. The bourse saw a net foreign outflow for the first time in the last five sessions, with offshore investors selling a net 23.4 million rupees worth of shares. The rupee closed flat at 132.25/30 against the dollar as importer demand for the US unit was offset by exporter dollar sales, dealers said. Read More:: Reuters (Source)
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