Market up

Sri Lanka’s stock market closed firmer on Wednesday, rising off a two-month low as investors picked up battered shares in thin turnover and volume amid forced selling worries.

Securities and Exchange Commission of Sri Lanka has ordered brokers to collect all debts and stop credit transactions by June 30. They have to cut their current debtors’ positions by at least 50 percent by March 31.

The island’s main share index closed 1.23 percent or 86.60 points firmer at 7,115.62. It hit a record closing high of 7,811.82 on Feb 14.

Foreign investors were net buyers of Rs 22.4 million worth of shares on Wednesday.

The bourse is still Asia’s best performer with a 7.23 percent gain in 2011 after bringing in the region’s top return with 96 percent last year. Turnover was Rs 904 million for the day.

Traded share volume was 33.5 million, against a five-day average of 43.7 million.

Reuters