Sri Lankan shares rose for a fourth straight session on Friday and posted their highest close in two weeks as investors bought banking and diversified stocks, stockbrokers said. But a lack of supportive news amid concerns over political uncertainty capped the upside, analysts said. The Colombo stock index ended 0.32 percent higher at 6,138.08, its highest close since June 29. It rose 0.5 percent this week, its first weekly gain in eight weeks.
"Market sustained its momentum. Local investors have got activated and they are buying on valuations," said Hussain Gani, deputy CEO, Softlogic Stockbrokers. Turnover stood at 626 million rupees ($3.92 million), less than this year's daily average of 900.5 million rupees. The benchmark stock index hit its lowest close since March 30, 2017 on July 4, and has declined for 19 sessions in 26 through Friday. A downward revision in economic growth estimate by the central bank has hit sentiment, analysts said.
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