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Stocks rose on Thursday to a near 11-month closing high as foreign inflows and a lower interest rate regime helped boost sentiment, but the lack of credit growth has raised concerns over earnings of listed companies, stockbrokers said.
The main stock index rose 0.37%, or 23.13 points, to 6,275.73, its highest close since 11 June. The day’s gain boosted the market capitalisation by Rs. 9.69 billion to Rs. 2.63 trillion ($ 20.14 billion), led by large caps.
“We see retail investors coming into the market due to the current lower interest rates and activating their inactive accounts,” a stockbroker said on condition of anonymity.
“But lower credit growth has raised questions over growth and earnings. Still the consumer spending is low and that is why we don’t see companies borrowing and expanding.”
Some traders are speculating about another reduction in the Central Bank’s key interest rates if credit growth remains sluggish.
http://www.ft.lk/2014/05/09/bourse-rise-to-near-11-month-closing-high/
The main stock index rose 0.37%, or 23.13 points, to 6,275.73, its highest close since 11 June. The day’s gain boosted the market capitalisation by Rs. 9.69 billion to Rs. 2.63 trillion ($ 20.14 billion), led by large caps.
“We see retail investors coming into the market due to the current lower interest rates and activating their inactive accounts,” a stockbroker said on condition of anonymity.
“But lower credit growth has raised questions over growth and earnings. Still the consumer spending is low and that is why we don’t see companies borrowing and expanding.”
Some traders are speculating about another reduction in the Central Bank’s key interest rates if credit growth remains sluggish.
http://www.ft.lk/2014/05/09/bourse-rise-to-near-11-month-closing-high/
