Sri Lankan shares post 10-month high

Sri Lankan shares rose on Friday in high turnover and closed at their highest in 10 months, as investors took positions two weeks ahead of presidential polls, analysts said.

The benchmark stock index ended 0.7% firmer at 6,032.08, its highest close since Jan. 4. The index rose 1.6% for the week in its fourth weekly gain, but is down 0.34% for the year.

Financial and telecom stocks were among the top gainers, with Ceylon Tobacco Company Plc jumping 4.6%, while Distilleries Company of Sri Lanka rose 2.9%, Hemas Holdings Plc finished up 0.62% and Sri Lanka Telecom Plc ended 1.9% firmer.

The rupee ended 0.03% weaker at 181.10/25 per dollar, compared with Thursday's close of 181.05/30. The currency is up 0.83% so far this year.

Foreign investors were net sellers of riskier assets for the seventh straight session on Thursday.

They sold net 123.5 million rupees ($681,944) worth of shares, extending the year-to-date net foreign selling to 4.44 billion rupees of equities, according to index data.

Equity market turnover was 1.79 billion rupees ($9.88 million), nearly three times of this year's daily average of about 667.6 million rupees. Last year's daily average was 834.0 million rupees.