Stock market remains on the up; foreign buying persists

Friday, 17 January 2014 00:11 - - {{hitsCtrl.values.hits}}

Reuters: Stocks rose for a sixth straight session to a near five-month high on Thursday, led by market heavyweight John Keells Holdings PLC, as falling interest rates helped retail investor sentiment and foreign investors bought risky assets on a net basis. The main stock index gained 0.83%, or 50.59 points, to end at 6,166.98, its highest close since 19 August. It has gained 3.73% in the last six sessions and is in an overbought market. Shares in conglomerate John Keells Holdings rose 3.98% to Rs. 240.20. Analysts said the Central Bank’s interest rate cut on 2 January and the recent fall in T-bill yields had boosted sentiment and helped sustain gains. The yield on 91-day T-bills fell at a weekly auction on Monday to its lowest since January 2007, the date the Central Bank made data available. Yields on 182-day and 364-day T-bills are at their lowest since 15 October 2010. The index has risen 4.30% so far this year after a 4.8% gain in 2013. It fell in 2012 and 2011. The day’s turnover was Rs. 1.87 billion ($ 14.31 million), surpassing last year’s daily average of about Rs. 828.4 million. Foreign investors were net buyers of Rs. 552.9 million worth of shares on Thursday, extending the year-to-date net inflow to Rs. 719.1 million. Offshore investors bought a net Rs. 22.88 billion worth of stocks last year.

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