Sri Lankan shares hit over five-week high

Sri Lankan shares gained for a fifth straight session on Wednesday to hit a more than five-week closing high as foreign investors bought into blue-chips, boosting sentiment. Foreign investors bought a net 556.6 million rupees ($3.64 million) worth of shares, extending the year-to-date net foreign inflow to 17.7 billion rupees. The Colombo stock index ended up 0.39 percent at 6,452.91, its highest close since August 14.
"We have seen major transactions in blue chips which drive the market these days," said Dimantha Mathew, head of research at First Capital Holdings. "Foreigners are active and they are taking positions while the locals are a bit silent. But we can see them also slowly returning to market with high foreign activities." Shares of Dialog Axiata Plc rose 4.3 percent, while the biggest listed lender Commercial Bank of Ceylon Plc ended 2.9 percent firmer.Melstacrop Ltd rose 3.4 percent, while conglomerate John Keells Holdings Plc gained 0.2 percent. Turnover stood at 1.6 billion rupees, well above this year's daily average of around 926.2 million rupees.