Sri Lankan shares hit 3-week closing high as blue chips gain

Retail Holdings NV

18/09/2017 12:16

COLOMBO, Sept 18 (Reuters) - Sri Lankan shares rose for a 
third straight session on Monday and ended at a three-week 
closing high as investors picked up diversified and telecom 
shares, brokers said. 
    The Colombo stock index  .CSE  ended 0.12 percent firmer at 
6,409.65, its highest close since Aug.28.  
    The bourse rose 0.4 percent last week, ending an eight-week 
long losing streak. 
    "We are yet to see the bullish trend, but it is slowly 
coming into the market with some foreign buying," said Dimantha 
Mathew, head of research, First Capital Holdings. 
    "The Locals are a bit more conservative and are looking at 
only blue chips yet." 
    Shares of conglomerate John Keells Holdings Plc  JKH.CM  
gain 1.2 percent while Sri Lanka Telecom Plc  SLTL.CM  ended 4.6 
percent firmer, Melstacorp Ltd  MELS.CM  rose 1.7 percent and 
Dialog Axiata Plc  DIAL.CM  ended 0.9 percent higher. 
    Foreign investors net bought 97.7 billion rupees worth of 
shares on Monday, extending the year-to-date net foreign inflow 
to 17 billion rupees worth of equities. 
    Turnover stood at 459.2 million rupees, half of this year's 
daily average of around 918.3 million rupees.  
    According to traders, recent block deals also helped boost 
the market sentiment.  
    On Wednesday after market hours, diversified conglomerate 
Hayleys Plc  HAYL.CM  said it had agreed to purchase 61.73 
percent of Singer Sri Lanka Plc  SINS.CM  for 10.9 billion 
rupees from Retail Holdings (Sri Lanka) BV a subsidiary of 
Retail Holdings NV  RHDGF.PK .  urn:newsml:reuters.com:*:nL4N1LU3R3 
    Hayleys in a corporate disclosure said on Friday that 
Hayleys Plc and its subsidiaries purchased 231.9 million shares 
or 61.73 percent of Singer Sri Lanka Plc at a price of 47 rupees 
per share. 
    Last week, top mobile phone operator Dialog Axiata Plc said 
that it acquired 80.34 percent of Colombo Trust Finance Plc 
 CAFL.CM  for 1.072 billion rupees ($7 million).  urn:newsml:reuters.com:*:nL4N1LT3FJ 
($1 = 152.9500 Sri Lankan rupees) 
 
 (Reporting by Ranga Sirilal; Editing by Vyas Mohan) 
 ((ranga.sirilal@thomsonreuters.com; +94-11-232-5540; Reuters 
Messaging: ranga.sirilal.thomsonreuters.com@reuters.net; 
www.twitter.com/rangaba)) 
 
Keywords: SRI LANKA STOCKS/