Sri Lankan stocks hit their highest level in more than seven weeks on Tuesday led by foreign buying in conglomerate John Keells Holdings PLC, which boosted turnover to a four-month high amid little impact after a surprise central bank policy rate cut. The main share index edged up 0.16 percent, or 9.36 points, to 5,961.98, its highest since August 22.
Foreign investors, who mainly bought Keells shares, were net buyers of 695.76 million rupees ($5.32 million) worth of shares, extending the net buying so far this year to 22.17 billion rupees. John Keells Holdings, both voting and rights , accounted for 84 percent of the day's 2.5 billion rupees ($19.10 million) turnover, the highest since June 20 and around thrice the 2013 daily average of 868 million rupees.
John Keells Holdings voting rose 1.17 percent to 217.50 rupees a share. John Keells Holdings rights, which started trading on Tuesday, ended at 64.80 rupees after opening at 40 rupees. Before the markets opened, the central bank cut key policy interest rates to spur economic growth, just three weeks after the International Monetary Fund advised it to hold rates steady. Stockbrokers, however, said the rate cut had no impact on the bourse on Tuesday, but expected to give an impetus to a sluggish stock exchange.
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