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Sri Lankan shares climb on foreign buying, post 3rd week of gains

ATCHUTHAN SRIRANGAN, ASSISTANT  MANAGER – RESEARCH AT FIRST CAPITAL HOLDINGS PLC, SPEAKS TO REUTERS

September 10, 2018

COLOMBO, Sept 7 (Reuters) – Sri Lankan shares ended slightly firmer on Friday, boosted by foreign buying, and posted their third straight week of gains.

The Colombo stock index ended 0.09 percent firmer at 6,117.89. The bourse rose 0.6 percent during the week.

The day’s turnover was 274 million rupees ($1.69 million), about a third of this year’s daily average of 796.7 million rupees.

“Investors are awaiting the national budget,” said Atchuthan Srirangan, assistant manager – research, First Capital Holdings Plc.

The government is set to unveil its 2019 national budget in November.

Foreign investors bought a net 29.4 million rupees of shares on Friday, recording the first session of net foreign buying in nine. But they have been net sellers of 4.3 billion rupees worth of shares so far this year.

Shares of AIA Insurance Lanka Plc rose 4.8 percent, Sri Lanka Telecom Plc climbed 3.2 percent and Asiri Hospitals Plc closed 3.9 percent higher.