Sri Lankan stocks have risen to new highs, passing the 4,500 points mark as institutional investors bought blue chips while retailers took profit from over-priced shares and re-invested in cheaper ones.
The All Share Price Index closed at 4,561.33, up 65.09 points. The Milanka Index of more liquid stocks rose 0.87 percent (44.79 points) to close at 5,182.16. According to stock exchange provisional figures, turnover was 3.3 billion rupees, according to stock exchange provisional figures.
Sources said retailer and institutional activity pushed the indices to an all-time high. Encouraging net foreign inflow was also witnessed. Foreign buying was 908 million rupees and selling 769 million rupees. The market historical PER (price-to-earnings ratio) rose to 22.5 times with Friday’s rise in the indices.