Sri Lankan shares end at more than 2-wk high ahead of budget

COLOMBO, Nov 7 (Reuters) – Sri Lankan shares closed at a more than two-week high led by large-cap beverages stocks while foreign investors picked up beaten down counters ahead of the national budget scheduled on Nov. 10.

The benchmark index of the Colombo Stock Exchange ended 0.15 percent firmer, or 9.80 points, at 6,444.97, its highest close since Oct. 21.

Turnover stood at 406.1 million rupees ($2.75 million), more than half this year’s daily average of 717.4 million.

Foreign investors bought battered stocks for a fourth straight session, picking up shares worth a net 188.9 million rupees. They have net sold 1.02 billion rupees worth of shares so far this year.

"It looks like wheels are slowly starting to move with the budget getting closer," said Reshan Kurukulasuriya, chief operating officer, Richard Pieris Securities (Pvt) Ltd.

Shares in Ceylon Cold Store Plc jumped 6.14 percent, while Nestle Lanka Plc rose 2.41 percent and Cargills (Ceylon) Plc rose 3.99 percent.

Conglomerate John Keells Holdings Plc rose 0.40 percent. The company on Friday reported an 8 percent rise in second quarter net profit.


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