Reuters – May 25 Sri Lankan shares snapped three straight sessions of losses on Wednesday to edge up from a 3-week closing low despite foreign investor outflows, as investors picked up telecom and diversified shares.
The benchmark stock index rose 0.2 percent, or 12.91 points, to 6,583.49, edging up from its lowest close since May 4 hit on Tuesday. It fell 1.12 percent last week, its first weekly fall in seven weeks.
“Market ended in the green zone, but the foreign selling is worrying,” said Yohan Samarakkody, head of research, SC Securities (Pvt) Ltd.
Foreign investors net sold 446.4 million rupees ($3.05 million) worth of shares on Wednesday, extending the year to date net foreign outflow to 4.71 billion rupees worth of shares.
Shares in Dialog Axiata Plc rose 0.89 percent while Hemas Holdings Plc rose 2.58 percent, pushing up the overall index.
Top conglomerate John Keells Holdings, which on Tuesday announced a share subdivision, gained 0.2 percent. After the market closed, Keells posted a 13 percent fall in March quarter earnings.
Turnover stood at 952.2 million rupees ($6.52 million), more than this year’s daily average of around 797.8 million rupees.