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Sri Lanka shares rise, but rates are growing

Sri Lanka shares rose on Wednesday, continues to rebound from a closure earlier in the 10-month week, while investors picked up chips, but worries about rising interest rates weighed on the Market sentiment.

The Colombo stock index closed 0.1 percent firmer at 6,096.39. The index reached its lowest since March 2016 on Monday.

"Investors are looking for bargain prices," said Reshan Kurukulasuriya, COO of Richard Pieris Securities (Pvt) Ltd., John Keells shares adding Plc Holdings.

Sri Lanka's shares, which have been falling since October, have been affected by political uncertainty stemming from a ruling by ruling coalition parties to challenge local elections separately and concerns about raising rates The interest of the market.

The central bank maintained its key rates Tuesday for the sixth consecutive month, but noted possible "remedial measures" in the coming months in sign of further tightening could be on the cards to calm inflationary pressures and preserve a fragile rupee.

Treasury bill yields increased by 02.08 basis points to a weekly auction on Tuesday, with a maximum of four years.

Market turnover was 506.8 million rupees ($ 3.37 million), lower than this year's average of 616.5 million rupees.

Foreign investors have been net sellers of 1.03 crore shares so far this year, bought 152.3 crore shares on Wednesday.

John Keells shares rose 1.3 percent, Dialog Axiata Plc rose 2.9 percent and Sri Lanka Telecom Plc rose 2 percent.

 
 

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