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Nov 17 (Reuters) - Sri Lankan stocks rose for a fifth straight session on Monday to 43-month highs, led by beverage and telecom shares a day ahead of the central bank's monetary policy announcement, when it is expected to hold rates.
Continued foreign buying, low interest rates and hopes for better earnings from companies helped boost investor sentiment.
Sri Lanka's main stock index rose 0.31 percent, or 22.91 points, to 7,524.00, its highest closing level since April 18, 2011.
"Today, there was lot more retail interest. A lot of funds are getting into the equity market. That is why retail interest is increasing," said Dimantha Mathew, manager, research at First Capital Equities (pvt) Ltd.
Monday's turnover was 2.4 billion rupees ($18.3 million), exchange data showed, well above this year's daily average of 1.43 billion rupees.
The bourse has witnessed foreign inflows of 18.06 billion rupees so far this year through Friday, exchange data showed. Foreign trading figures were not available for Monday due to some technical fault, an exchange official told Reuters.
Nestle Lanka Plc rose 0.13 percent, leading the overall gains, while Dialog Axiata Plc added 4.80 percent.
Access Engineering Ltd rose 5.76 percent. Traders said hopes for a boost in the construction businesses helped the company's shares.
Sri Lanka's central bank is expected to hold its key monetary policy rates steady at their record low level on Tuesday for a tenth straight month as policymakers aim to sustain an economic rebound, a Reuters poll showed. ($1 = 130.9500 Sri Lankan rupee) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)
http://www.reuters.com
Continued foreign buying, low interest rates and hopes for better earnings from companies helped boost investor sentiment.
Sri Lanka's main stock index rose 0.31 percent, or 22.91 points, to 7,524.00, its highest closing level since April 18, 2011.
"Today, there was lot more retail interest. A lot of funds are getting into the equity market. That is why retail interest is increasing," said Dimantha Mathew, manager, research at First Capital Equities (pvt) Ltd.
Monday's turnover was 2.4 billion rupees ($18.3 million), exchange data showed, well above this year's daily average of 1.43 billion rupees.
The bourse has witnessed foreign inflows of 18.06 billion rupees so far this year through Friday, exchange data showed. Foreign trading figures were not available for Monday due to some technical fault, an exchange official told Reuters.
Nestle Lanka Plc rose 0.13 percent, leading the overall gains, while Dialog Axiata Plc added 4.80 percent.
Access Engineering Ltd rose 5.76 percent. Traders said hopes for a boost in the construction businesses helped the company's shares.
Sri Lanka's central bank is expected to hold its key monetary policy rates steady at their record low level on Tuesday for a tenth straight month as policymakers aim to sustain an economic rebound, a Reuters poll showed. ($1 = 130.9500 Sri Lankan rupee) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)
http://www.reuters.com
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