Bourse back at over 3-year high on blue-chips; seen rising

Thursday, 2 October 2014 00:29 - - {{hitsCtrl.values.hits}}

Reuters: Stocks rose on Wednesday, hitting their highest in more than three years, led by blue-chips such as John Keells Holdings and Dialog Axiata Plc, while lower interest rates and growth optimism boosted sentiment. The main stock index . ended up 0.56%, or 40.94 points, at 7,293.08, its highest close since 7 June 2011. “We expect another rally in October due to low interest rates and good earnings in the September quarter,” said Reshan Wediwardana, a Research Analyst at First Capital Equities Ltd. Analysts said local investors have no alternatives, but to buy stocks in the lower interest rates regime. The day’s turnover was Rs. 2.65 billion ($20.3 million), more than this year’s daily average of over Rs. 1.32 billion. Foreign investors were net buyers of Rs. 75 million on Wednesday after selling a net Rs. 4.4 billion worth of stocks in the previous three sessions. The Bourse has seen a net foreign inflows of Rs. 7.04 billion so far this year. Market heavyweight John Keells Holdings Plc, which led the market gain, rose 0.79% to Rs. 255.70, while Dialog Axiata Plc DIAL.CM gained 4.35% to Rs. 12. The Central Bank on Wednesday rejected all bids at a weekly Treasury bill auction. The Treasury bills are already at multi-year low.

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