Sri Lankan shares rose for a third straight session on Thursday to post their near seven-week closing high, as retail investors bought beaten-down stocks, though continued foreign outflows on worries over macroeconomic stability weighed on sentiment. Foreign investors offloaded a net 197.4 million rupees ($1.36 million) worth of equities, their sixth straight session of selling, and extending the year-to-date outflows to 3.24 billion rupees.
The benchmark stock index ended 1.06 percent, or 65.08 points, higher at 6,230.19, its highest close since February 19. "It has been mainly retail buying. Retail investor interest has been a bit high on fallen shares. They feel this is the best price (at which) they can enter into the market," a stockbroker said, asking not to be named. Turnover was 804.04 million rupees, just above this year's daily average of 791.1 million rupees.