Sri Lankan stocks recover from over 2-wk closing low on FII buying

COLOMBO, Sept 1 (Reuters) – Sri Lankan shares rose marginally on Thursday in lean trade, recovering from a more than two-week closing low in the previous session, helped by foreign buying and gains in financials.

The benchmark Colombo stock index rose 0.19 percent to close at 6,540.29.

"It’s a buyers’ market. There was not a lot of selling," said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd.

"We have seen a divided approach from the investors, while some investors want to wait and see whether the market will come down. Others are collecting slowly, as the market is expected to go up in the medium term."

The Central Bank left key policy interest rates unchanged on Tuesday, as expected, saying previous tightening measures are being gradually transmitted to the economy.

Turnover stood at Rs588 million ($4.05 million), less than this year’s daily average of Rs754.3 million.

Foreign investors bought a net Rs78.9 million worth of shares on Thursday, but they have been net sellers of shares to the tune of Rs3.59 billion so far this year.

Shares in conglomerate John Keells Holdings Plc rose 0.66 percent, while those in Commercial Leasing & Finance Plc increased 2.70 percent. Shares in Hatton National Bank Plc rose 1.33 percent.

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