Apr 20 (Reuters) Sri Lankan shares hit a more than six-month closing high on Thursday as retail investors too joined a market rally led by heavy foreign buying over the last 20 sessions.
Foreign investors net bought 697.5 million rupees worth
equities on Thursday, after buying a net 4.32 billion rupees
($28.42 million) worth of shares on Wednesday, the highest since
May 9, 2014, exchange data showed.
Foreign investors have bought equities worth a net 10.42
billion in 20 straight sessions, taking the year-to-date net
foreign inflow into equities to 12.9 billion rupees.
On Thursday, the Colombo stock index ended 0.9
percent firmer at 6,505.28, its highest close since Oct. 12.
The index has climbed 8.9 percent in the 15 sessions up to
Thursday, having risen for 14 outs of 15 sessions so far.
"Foreigners are buying in large quantities and we saw some
retail investors also buying stocks in a gradual manner," said
Hussain Gani, deputy CEO at Softlogic Stockbrokers.
"The bullish run will prevail if the central bank can
maintain the interest rate at the current level."
The central bank last month raised the key policy rates by
25 basis points.
Turnover stood at 1.44 billion rupees ($9.48 million), more
than this year's daily average of 863.7 million rupees.
Large cap Nestle Lanka PLC jumped 3.8 percent,
while top mobile phone operator Dialog Axiata closed 3.5 percent