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Sri Lankan shares rise, hover near 2-month closing high

COLOMBO, July 28 (Reuters) – Sri Lankan shares rose on Tuesday, hovering near their two-month closing high hit on Friday, as expectations of strong corporate earnings and political stability after the parliamentary polls next month lifted investor sentiment.

The main stock index ended firmer 0.19 percent, or 13.84 points, at 7,261.07. On Friday, it had closed at its highest since May 25.

Gains were led by large caps such as John Keells Holdings Plc amid block deals. John Keells rose 0.67 percent, Ceylon Tobacco Company Plc 1.72 percent and Distilleries Company of Sri Lanka Plc gained 0.35 percent.

Turnover was 1.1 billion rupees ($8.23 million), just above this year’s daily average of 1.07 billion rupees.

Foreign investors were net sellers of 212.8 million rupees worth of shares, extending the net foreign outflow so far this year to 549.3 million rupees.

Analysts expect local companies to post strong results for the April-June quarter.

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