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Sri Lankan stocks at one-week high; foreign trade boosts turnover

COLOMBO, Oct 2 (Reuters) – Sri Lankan shares gained on Friday to close at a one-week high with strong foreign trade in risky assets boosting turnover though analysts said the index could move sideways until the government’s budget in mid-November.

The main stock index ended up 0.35 percent at 7,105.54, its highest close since Sept. 25.

Foreign investors accounted for 62.5 percent of turnover, though they were net sellers of 32.3 million rupees ($228,834.57) worth of shares. The net foreign outflow this year is 2.88 billion rupees.

"Some strong foreign interest has helped boost sentiment," Danushka Samarasinghe, research head at Softlogic stockbrokers said.

"But the market will be slow because investors are waiting for the government policies in the budget."

Blue-chip shares such as Ceylon Tobacco Company gained 1.50 percent, led the index gain.

Turnover was 1.35 billion rupees ($9.56 million), compared with this year’s daily average of 1.12 billion.

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