Bourse rebound from near 4-week low; financial stocks lead
Wednesday, 15 October 2014 01:16
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Reuters: Stocks recovered on Tuesday from a near four-week closing low hit in the previous session, led by shares of financial companies and stockbrokers expect the gaining trend to continue, interspersed by profit-taking from time to time.
The main stock index gained 0.3%, or 21.25 points, at 7,205.47, recovering from its lowest close since 17 September. It hit a near 3-1/2 year closing high on 3 October.
“The market is still on a gaining momentum due to lower interest rates, but we expect slight volatility due to profit taking from time to time,” a stockbroker said on condition of anonymity.
The index fell more than 2% on Monday, led by bank shares despite foreign buying. DFCC Bank Plc gained 2.46% at Rs. 220.70, while Lanka Orix Leasing Company Plc rose 0.94% to Rs. 86. The day’s turnover was Rs. 1.6 billion ($ 12.25 million), more than this year’s daily average of more than Rs. 1.36 billion.
Foreign investors sold Rs. 112.1 million worth of shares on Tuesday. But the Bourse has recorded net foreign inflow of Rs. 9.34 billion year-to-date, exchange data showed.
