Sri Lankan shares hit a more than one week closing high on Monday as investors picked up battered blue chips such as John Keells Holdings Plc and Dialog Axiata Plc, brokers said. The Colombo stock index ended 0.73 percent firmer at 6,138.73, its highest close since February 2. The index hit its lowest closing level since March on February 6.
"Bargain hunting in blue chips drove the market, but rest of the market, retailers and high net-worth investors are on the sidelines," said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd. "The only positive news we heard is the Fitch rating revision, but still investors are waiting to see the direction." On Thursday, Fitch Ratings affirmed Sri Lanka's Long-Term Foreign- and Local Currency Issuer Default Ratings (IDR) at 'B+' and revised the outlook to 'stable' from 'negative'.
Shares of John Keells Holdings Plc rose 1.64 percent, while Dialog Axiata Plc jumped 3.77 percent and the biggest listed lender, Commercial Bank of Ceylon Plc climbed 1.36 percent. Turnover stood at 785.1 million rupees ($5.21 million), more than this year's daily average of 625.8 million rupees. Foreign investors net bought 332.6 million rupees worth of equities on Monday. They have net sold 371.2 million rupees worth of shares so far this year.
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