Bourse at more-than-1-week high on lower rates

Friday, 27 June 2014 03:26 - - {{hitsCtrl.values.hits}}

Reuters: Stocks rose for the third straight session in low-volume trade on Thursday to hit their highest in more than a week, led by banking and financial shares as lower interest rates and continued foreign buying helped boost investor sentiment. The main stock index rose 0.1%, or 6.61 points, to close at 6,328.16, its highest since 17 June. Analysts said the market would move sideways in the short term with lesser risk due to lower interest rates. Yields on Treasury bills edged down further on Wednesday at a weekly auction. However, analysts said investors are concerned over the recent ethnic violence and possible implications of a Government Spokesman saying Sri Lanka bought Iran crude via third parties. , Shares in biggest listed lender Commercial Bank of Ceylon PLC rose 1.63% to Rs. 137.2. The Bourse saw a net foreign inflow of Rs. 46.3 million ($ 355,600) worth of stocks on Thursday, extending net foreign inflow so far this year to Rs. 6.02 billion. Turnover was Rs. 484.95 million, its lowest since 3 June and well below this year’s daily average of Rs. 992.6 million. The market has been on a rising trend since late February due to continued foreign buying and lower interest rates.

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