Sri Lankan shares end higher; investors pick diversified stocks
COLOMBO, Jan 27 (Reuters) – Sri Lankan stocks ended firmer on Friday, moving further away from a near 10-month low, as investors picked up beaten down shares, including beverages and diversified counters.
Political instability and a rise in interest rates however capped gains, brokers said.
The Colombo stock index ended 0.12 percent higher at 6,137.70, further moving away from its lowest close since April 4 hit on Wednesday. The index however fell 0.52 percent on week, its second straight weekly fall.
Market heavyweight John Keells Holdings Plc rose 1.52 percent, a day after it posted a 32 percent rise in December-quarter profit.
Shares in Sri Lanka Telecom Plc rose 2.04 percent.
"There was a bit of bounceback because the market has fallen sharply and there is no specific reason as the situation has not changed for the market to move up," said Dimantha Mathew, head of research, First Capital Equities (Pvt) Ltd.
Foreign investors net bought 7.28 million rupees (about $48,533) worth of equities on Friday, but they have net sold 1.64 billion rupees worth shares so far this year.
Turnover stood at 554.2 million rupees.