Sri Lanka shares up as investors snap up battered stocks; Keells leads

COLOMBO, Aug 27 (Reuters) – Sri Lankan shares ended firmer on Thursday as investors bought in some select battered shares such as conglomerate John Keells Holdings Plc after recent falls, but foreign outflows from the island nation’s risky assets continued.

The main stock index ended up 0.46 percent, or 33.04 points, at 7,273.14 on Thursday, further moving away from its lowest close since July 23 hit on Tuesday.

The index had lost 3.2 percent in the two sessions through Tuesday as foreign investors sold off risky assets on fears of a China-led global economic slowdown, and on selling by retail investors for month-end settlements.

"The market is recovering after a sharp fall due to global worries," said Harsha Fernando CEO at SC securities in Colombo.

Foreign investors were net sellers of 456.6 million rupees ($3.40 million) worth of shares on Thursday, extending the year to date net foreign outflow to 3.2 billion rupees.

Turnover stood at 1.44 billion rupees, more than this year’s daily average of 1.17 billion rupees.

Shares in John Keells rose 1.66 percent, while Dialog Axiata Plc advanced 1.79 percent.

 

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